A coalition of 112 major corporations, representing combined annual revenues of roughly $1.5 trillion, is urging governments around the world to place electrification at the heart of their economic strategies.
The open statement, coordinated by the We Mean Business Coalition and the Global Renewables Alliance, was released Monday and includes companies such as Nestle, Ikea, Iberdrola, Volvo Cars, Uber, Mahindra Group, Nikon Corporation, and Levi Strauss, spanning industries from consumer goods and healthcare to industrials.
The businesses warned that continued dependence on fossil fuel markets creates serious risks. “Continued reliance on volatile fuel markets exposes economies to disruptions that drive price spikes, destabilise supply chains and delay investment,” the statement read.
The group noted that recent price volatility, including spikes tied to the Iran conflict, can translate into what they described as “persistent uncertainty,” raising operating costs and weakening competitiveness for businesses and economies alike.
While the companies expressed strong support for faster electrification, they acknowledged that success would hinge on clear, reliable government policy. Key steps they identified include improving electricity market design, investing in grid infrastructure, and speeding up permitting processes.
Kim Hellström, Senior Sustainability Climate Manager at retailer H&M, emphasized the need for policy action. “To reach the required scale, the transition to electrification notably needs to be accelerated through predictable and enabling policy frameworks,” Hellström said.
The statement pointed out that many of the technologies needed to electrify major sectors — including transportation, buildings, and industry — are already commercially available and could help reduce overall energy consumption.
The announcement coincides with the opening of London Climate Action Week, where more than 75,000 attendees are expected across more than 1,000 events, bringing together policymakers, investors, and corporate executives.
The push also aligns with an initiative by Turkey, which is hosting the COP31 climate talks in November, to secure a global agreement targeting electricity as the source of 35% of the world’s total energy demand by 2035.
A survey released last week found that 90% of business leaders anticipate their operations will be fully electrified within the next ten years.
