97% of business leaders back the renewables transition
We Mean Business Coalition
Business leaders overwhelmingly support moving away from fossil fuels, with 97% advocating for a rapid shift to renewables-based electricity. This is just one of the key findings from new global polling launching today ahead of the International Energy Agency’s upcoming Summit on the Future of Energy Security (April 24-25).
Businesses around the world are driving this shift – not in the distant future, but now. Half of business leaders say they will relocate their operations (52%) and supply chains (49%) to markets with better access to renewables-based power systems within five years. This is essential for governments to consider as they aim to bolster national competitiveness, energy security and investment.
The transition to renewable energy is a market reality, economic inevitability and smart approach to manage growing climate risks. Business leaders associate renewables with stronger energy security (75%), lower electricity bills (50%) and higher profits (42%). As the cost of renewables has fallen dramatically, businesses are moving away from fossil fuels to achieve the stability they need over the long-term to continue thriving. The momentum is unstoppable.
Spanning 15 countries and polling nearly 1,500 business executives, Powering up: Business perspectives on shifting to renewable electricity is a research collaboration between We Mean Business Coalition, E3G and Beyond Fossil Fuels, with polling conducted by Savanta. The countries polled, chosen from top coal markets, gas consumers and other major emitters, were Australia, Brazil, Canada, Germany, India, Indonesia, Italy, Japan, Mexico, Poland, South Africa, South Korea, Türkiye, the UK, and the USA.
Together, business and government can be a powerful catalyst for change. While businesses are taking steps to decarbonize, they need policymakers to keep pace. This is the moment for governments to lay out clear, investible roadmaps – aligning their Nationally Determined Contributions (NDCs) with corporate ambition, scaling up incentives, and ensuring support for workers and communities.
Business leaders told us they support a direct transition to renewable electricity, without the need for other fuels as a bridge. 67% of executives want coal phased out and replaced with renewables, grids and storage without locking in new gas infrastructure.
This new research is a wake-up call on current business sentiment and support for a rapid global shift to renewables. Global business is moving forward – and governments now have an opportunity to benefit from one of the greatest economic opportunities of our time by investing in this transition.
It is clear: the future is renewable.