Key facts
- Over 100 companies, including Nestle, Ikea, Iberdrola, Volvo Cars, and Uber, signed an open statement.
- The businesses urged governments to make electrification a core part of economic strategies.
- They cited exposure to volatile fossil fuel costs and energy security as primary concerns.
- The companies highlighted that reliance on fossil fuels undermines competitiveness and supply chain stability.
- The statement emphasized the need for clear government policy, grid investment, and faster permitting to facilitate the transition.
- The call coincides with London Climate Action Week and Turkey's push for a global electricity demand target.
More than 100 global companies, including major players like Nestle, Uber, and Ikea, have issued an open statement urging governments worldwide to place electrification at the center of their economic strategies. The businesses argue that continued reliance on volatile fossil fuel markets exposes economies to price shocks, disrupts supply chains, and hinders competitiveness.
The coalition, which collectively generates approximately $1.5 trillion in annual revenue, emphasized that a swift transition to electrification is crucial for bolstering energy security and reducing exposure to unpredictable fuel costs. They highlighted that many necessary technologies for electrifying sectors such as transport, buildings, and industry are already commercially available and can lead to lower overall energy demand.
However, the statement stressed that the success of this shift is heavily dependent on clear, predictable government policies and reforms. Key areas identified include improving electricity market design, investing in grid infrastructure, and accelerating permitting processes. The call comes during London Climate Action Week and aligns with Turkey's proposal for a global target of electricity meeting 35% of world energy demand by 2035.
Recent polling suggests strong business leader support for electrification, with 90% expecting their operations to be electrified within the next decade.