Davos 2026: Energy transition at the centre of the conversation
María Mendiluce
Davos this year has been overshadowed more than ever before by unpredictable geopolitics. Going into this year’s meeting, leaders identified economic conflict between major powers as the biggest risk for 2026 in WEF’s annual survey, closely followed by threat of armed conflict.
The U.S. had announced its withdrawal from shared frameworks that underpin global climate action and provide the common rules and trusted science that business and investors need. President Trump’s comments on Greenland and NATO before the Forum further stoked fears of trade wars and a breakdown of transatlantic cooperation—though the early reading from his speech and announcements seems to have de-escalated the situation.
These are challenging times for business: companies need policy certitude and rule of law to make long-term investments and build stable supply chains.
The energy transition is the real story of 2026. EU President Ursula von der Leyen and French President Macron used their addresses to Davos to reiterate their commitment to the energy transition – vowing to double down on investment and cooperation. Chinese Vice-Premier He Lifeng emphasized multilateralism, WTO-centred trade rules and economic integration, with the clean energy transition framed as industrial and competitiveness policy.
This is not just political rhetoric, it is economic reality. Throughout the world, investment in clean energy continues to grow. Solar and wind deployment reached all-time highs in 2025. Even as geopolitical tensions have flared, the reaction in oil markets has been muted – because diversified supply and weakening growth in demand are dampening the markets’ sensitivity to supply disruptions. The IEA’s World Energy Outlook predicts that peak fossil fuel demand is coming.
Many countries, regions and companies see that renewable energy, clean technologies and electrification deliver energy security and significant economic opportunity.
Business is staying the course. Despite the turmoil, an emerging takeaway from Davos – particularly from the many events, discussions and showcases happening on the margins – is a firm sense that businesses are just getting on with the job.
Companies may be quieter than they once were, but they are still taking action – driven by market fundamentals and because it’s smart business. They will need the right policy and regulation – and consistent collaboration with government – to scale finance and solutions.
The Coalition is stepping up to meet this moment through our new electrification program and evolving work on responsible advocacy, with a strong EU focus.
More on that soon – but for now, as I depart Davos it’s clear that new forms of multilateralism are emerging, building on coalitions of the willing – or coalitions of the doing.
As a community, we will need to stand firm and look beyond the headlines: the energy transition is unstoppable and its benefits are undeniable.