90% of businesses expect to largely electrify by 2035
María Mendiluce
90% of businesses expect to have largely electrified their operations by 2035. Why? Among many compelling reasons, 91% say they expect electrification to increase their energy security, 88% that electrification will make their business more competitive, and 80% expect lower bills.
These findings – and more – are contained in the second Powering Up poll, released today by We Mean Business Coalition, E3G and Global Renewables Alliance and covered in the Financial Times and Reuters.
Last year’s poll documented overwhelming support for renewable electricity. This year’s poll of nearly 2000 business leaders across 18 markets focusses on how business views the shift from fossil fuel-powered systems to electric alternatives across heating, buildings, transport and industry.
The poll makes concrete what I have been hearing for some time: business leaders are linking clean electrification with energy security and stability.
Following the second major energy shock in four years companies are focussed on reducing exposure to volatile fossil fuels – with 79% of leaders surveyed saying political instability makes electrification more urgent.
This confirmation that business is prioritizing electrification comes as the topic rises up the political agenda. The Turkish and Australian COP31 hosts have called for a stronger global push to run vehicles, industry and buildings on electricity rather than fossil fuels. The COP31 Presidency of Türkiye last week announced a target to raise share of final energy demand met by electricity from just over 20% today to 35% by 2035.
Scenarios from the IEA and IRENA show that a rapid increase of electrification in final energy use to around 35% in 2035 is possible with the right policies.
But turning electrification’s promise into economic gains will require governments to match ambition with action. While momentum is building, 72% of business leaders say the policies needed to scale electrification are not being delivered at the speed required.
This poll presents clear evidence that business is serious about electrifying and wants to close the policy gap. Governments pushing through ambitious policies need companies to speak up publicly – and I am thankful that they do.
Last week, business leaders across the value chain who are early supporters of the Electric Advantage program joined us and CLG Europe in sending a letter to the European Commission, expressing support for their work on electrification and providing recommendations for the upcoming Electrification Action Plan.
Next week, the Coalition and our partners will be creating space for business, policymakers and other stakeholders to come together at London Climate Action Week (LCAW) to build on the momentum captured by this poll. We’ll be having the conversations about what is needed and how we can roll up our sleeves and make it happen. Find out more about Coalition and founding partner events at LCAW 2026.
In the meantime, please help us share this landmark evidence that business is powering up – and seizing the electric advantage.