Introducing our new program: Electric Advantage
Maria Mendiluce
The volatility we are seeing in global energy markets is a reminder of how exposed modern economies remain to fossil fuel shocks. Electrification, powered by clean electricity, offers a way to reduce that exposure while strengthening competitiveness and energy security.
The conflict around Iran has sent shockwaves through the global economy, with oil and gas prices skyrocketing. But what if this unfolded in a largely electrified world?
In a clean electrified economy, the transmission of geopolitical risk into the global economy would be weaker. Much of the energy powering industry and digital infrastructure would come from clean electricity generated domestically from wind, solar, nuclear and other sources. Transport would rely far more on electricity than oil. Buildings would increasingly be heated and cooled by electric technologies rather than imported fuel.
Through electrification, people and businesses enjoy more affordable and predictable energy services, cleaner air and healthier lives – the only path to lasting prosperity. To accelerate the shift to electrified economies, and all the benefits they bring, We Mean Business Coalition is launching a new multi-year program: Electric Advantage.
Through Electric Advantage, we’ll work with businesses and governments to spur industry action, reform regulations and unlock investment that can drive electrification at scale.
We’ll aim to align electricity demand with clean power supply and grid readiness by building a coordinated business voice on demand-side electrification — the shift in how energy is used across transport, buildings and industry — complementing global efforts to expand clean electricity supply.
We’ll advocate for support from governments, including the right tax breaks, policies and market reforms to create the conditions for business to invest confidently and at scale.
This program has been co-designed with partners, and we look forward to working with all of you in our wide network of partners and companies to deliver on its bold vision.
To complement the launch of this program, the Coalition has published a white paper, Electric Advantage: The Business Case for an Electrified Economy, that highlights how electrification is the fastest, most scalable way to both modernize and decarbonize the economy.
We introduced the program and white paper at CLG Europe’s Green Growth Summit in Brussels this week, alongside their statement supported by major European companies calling for the scaling up of clean electrification in the context of the bloc’s Electrification Action Plan.
The faster countries strengthen electrification readiness, the faster businesses can help deliver the affordability, security, competitiveness and health gains of electrified economies, creating prosperity for all.
The next era of economic growth depends on a different energy foundation. That foundation is electrification.