Global Survey: Business Leaders Back Rapid Shift to Renewable-Based Electrification

A landmark global survey of business executives across 18 countries reveals overwhelming support for a rapid transition toward electrified economies powered primarily by renewable electricity. The findings suggest that rising geopolitical instability is accelerating businesses’ move away from fossil fuels, although power systems, electricity grids, and government policies are struggling to keep pace.

As geopolitical tensions continue in the Middle East and G7 leaders gather in Evian amid growing concerns over economic resilience and global vulnerabilities, 91% of business leaders say that electrification would improve energy security. Meanwhile, 79% believe recent geopolitical instability has made their own transition to electrification even more urgent.

The survey, conducted in late April while the Strait of Hormuz remained closed, indicates strong support across all participating countries for moving away from fossil fuel-dependent energy systems. Nine out of ten executives (90%) expect their business operations to be electrified by 2035.

The findings follow a report by the International Energy Agency (IEA), which concluded that repeated energy shocks are reshaping government and corporate investment priorities. At the same time, the hosts of COP31, Türkiye and Australia, together with the International Renewable Energy Agency (IRENA), have called for stronger global efforts to electrify transport, industry, and buildings using clean electricity instead of fossil fuels.

Strong Business Case for Electrification

The survey highlights that business leaders view electrification not only as an environmental necessity but also as an economic opportunity.

Key findings include:

• 90% believe transitioning to a renewables-based electricity system would boost economic growth in their country.
• 88% say electrifying their operations would improve their company’s competitiveness.
• 91% believe electrification strengthens national energy security.
• 90% expect their own operations to be electrified by 2035.

These results indicate growing confidence that clean electricity can support both long-term economic performance and business resilience.

Government Policies Seen as Falling Behind

Despite strong business support, many executives believe public policy is not advancing quickly enough.

According to the report Powering Up: Business Perspectives on Electrification, 72% of respondents say government policies are lagging behind the pace required to support electrification.

The report also warns that countries failing to accelerate electrification could lose investment to more forward-looking economies.

Notably, 62% of business leaders said they would consider relocating their operations if their governments failed to provide sufficient support for electrification.

Global Demand for Clean Electrification Continues to Grow

The survey was commissioned by E3G, the We Mean Business Coalition, and the Global Renewables Alliance, covering both advanced economies and emerging markets.

The findings underscore growing business demand for clean electrification as a strategy to:

• Strengthen energy security.
• Improve economic competitiveness.
• Drive sustainable economic growth.
• Reduce dependence on fossil fuels.
• Support global climate goals.

What Electrification Means

Electrification involves replacing fossil fuel-powered technologies and processes with electric alternatives powered increasingly by renewable electricity.

Examples include:

• Replacing petrol and diesel vehicles with electric vehicles (EVs).
• Switching from gas and oil heating systems to electric heat pumps.
• Converting fossil fuel-based industrial processes to electric technologies powered by clean energy.

As renewable electricity becomes more widely available, electrification is increasingly viewed as a cornerstone of the global transition toward a more secure, competitive, and low-carbon economy.

Home