We Mean Business Coalition: New Survey Shows Strong Global Business Support for Green Electrification
London, (ANTARA/PRNewswire) - A historic global survey involving business executives in 18 countries shows overwhelming support for a rapid transition towards an electric-based economy, largely powered by electricity from renewable energy sources.
The findings indicate that geopolitical instability is accelerating the ongoing business shift towards clean electrification; however, power systems, electrical grids, and policy frameworks have not yet been able to keep up with these developments.
Amidst ongoing geopolitical tensions in the Middle East, and as G7 leaders gather in Evian amidst rising concerns regarding economic resilience and global vulnerability, 9
1% of business leaders stated that electrification would enhance energy security, while 79% said that such instability has made their business transition to electrification more urgent.
Data collected at the end of April, while the Strait of Hormuz remained closed, shows that business executives across the surveyed countries support a rapid shift away from fossil fuel systems, with 90% anticipating that their operations will transition to electric power by 2035.
The poll was conducted following reports from the International Energy Agency (IEA) finding that repeated energy shocks are altering the investment priorities of governments and corporations. Meanwhile, the hosts of COP31, Turkey and Australia, alongside the International Renewable Energy Agency (IRENA), have called for stronger global efforts to power vehicles, industries, and buildings using electricity instead of fossil fuels.
Data shows that 90% of surveyed business leaders believe that the transition to renewable-based electricity systems in their countries is likely to drive economic growth, and 88% stated that electrifying their operations would make their businesses more competitive.
However, 72% of respondents stated that government policies are still lagging behind.
The report, ‘Preparing for the Future: Global Business Perspectives on Electrification’, warns that countries failing to implement electrification risk falling behind more advanced nations. Notably, 62% of respondents stated they would consider moving their operations if their governments do not provide adequate support for electrification.
The survey, conducted across various major economies and emerging markets, was organised under the initiative of E3G, the We Mean Business Coalition, and the Global Renewables Alliance. It demonstrates the increasing demand from the business community for clean electrification as a strategy to achieve energy security, competitiveness, and economic growth, as well as an effort to combat climate change.
Business leaders from medium and large organisations were surveyed in Australia, Brazil, China, Colombia, France, Germany, India, Indonesia, Japan, Kenya, Nigeria, the Philippines, Poland, South Africa, South Korea, Turkey, the United Kingdom, and the United States.