Key facts
- 90% of global businesses expect to electrify operations by 2035.
- Geopolitical instability and fossil fuel price volatility are driving electrification.
- Businesses anticipate improved energy security and competitiveness from electrification.
- Business leaders express concern over slow government policies.
- About 25% of British factories have relocated or are considering moving production abroad.
- Soaring energy bills are impacting the UK manufacturing sector.
- Factories are considering overseas relocation due to rising energy costs.
A new survey indicates that 90% of global businesses are planning to electrify their operations by the year 2035. This projected widespread adoption of electrification is largely attributed to ongoing geopolitical instability and the fluctuating prices of fossil fuels. Businesses are motivated by the prospect of enhanced energy security and increased competitiveness. Despite these anticipated benefits, business leaders have voiced concerns regarding the slow pace of government policies that could facilitate this transition.