Europe's historical deindustrialization trend and the pressing need for decarbonization in the face of climate change impacts have converged, presenting an opportunity for Spain and Portugal to lead the green industrial revolution. The Iberian region's strategic advantages, such as ample renewable energy sources and a mature industrial base, position it as a potential hub for 'green growth.' However, urgent action is required to capitalize on this opportunity. The European Union's aggressive decarbonization targets, including the Fit for 55 plan and the Paris Agreement, underscore the need for swift and substantial decarbonization efforts. Spain and Portugal have set ambitious targets for cutting greenhouse gas emissions, but significant acceleration is needed to achieve net-zero emissions by 2050. To meet these targets, both countries plan to ramp up renewable energy capacity, particularly in solar and wind power. Additionally, investments in green hydrogen production, electric vehicles, and sustainable fuels are crucial for decarbonizing industries like refining, chemicals, and transportation. The transition to a net-zero energy system would require a massive mobilization of capital, estimated at trillions of euros over the coming decades. Despite the challenges, Spain and Portugal have the opportunity to drive the energy transition, reindustrialize their economies, and emerge as key players in Europe's journey towards net-zero emissions. The time for action is now, as the Iberian region stands on the brink of a transformative shift towards sustainable and competitive industrial growth.