Signals of Change – December 2025
We Mean Business Coalition
Accelerating the transition from fossil fuels to clean solutions
We start with continued momentum for renewable energy, as a new report into transition financing from IRENA and Climate Policy Initiative shows record solar investment of $554 billion in 2024 – 69% of total renewable financing. This means average annual investment in solar is at a level close to what’s required under IRENA’s 1.5 C scenario. Growth has been driven by falling costs and strong policy support – and China, Europe and the US led the way.
Despite federal policy rollbacks, the US clean energy market continues to attract capital, with investment funds targeting solar, wind, and battery storage projects to meet rising electricity demand and grid modernization needs.
In Europe, notable new investments from business include Apple’s 15-year Power Purchase Agreement with Engie to build 173 MW of new solar and wind capacity in southern Italy. The facilities, operational by 2026–2027, will produce over 400 GWh annually, with Apple receiving 80% of the output and the rest feeding into Italy’s grid.
In Spain, Microsoft’s 95.7 MW solar projects with Zelestra will support a Community Fund for education and sustainability programs. Microsoft also announced plans to back 270 MW of new solar in Brazil and Mexico, working with Powertrust to support deployment of distributed projects.
A rapid growth in grids and storage is needed to match the growth in renewables. A new report predicts the global battery energy storage systems (BESS) market will reach nearly USD 100 billion by 2033, driven by rising demand for grid flexibility and renewable integration as well as government incentives.
At COP30, a coalition of 72 global utilities under the Utilities for Net Zero Alliance (UNEZA) raised their annual energy‑transition investment target by more than 25% to USD 148 billion, with around USD 82 billion per year earmarked for grids and storage. This means they will mobilize over USD 1 trillion in energy transition investments by 2030
And innovation is helping overcome barriers to rollout of transmission infrastructure. Utilities in the U.S. and Europe, including in California, Texas, the U.K., New York and Massachusetts, are using AI to spot trees and vegetation likely to spark wildfires by hitting power lines, providing a cheaper alternative to burying cables.
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Deep dive: Seven COP30 takeaways for business
Though a missed opportunity in many ways, the emergence of a ‘coalition of the willing’ on fossil fuel roadmaps and the recognition of the importance of ambitious business voices meant COP30 also gave us much to build on.
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A wealth of new research shows that the transition isn’t just good for business, it’s creating jobs, improving energy security and building prosperity.
The IEA’s World Energy Employment Outlook shows that the Age of Electricity is gathering pace: electricity is now the largest energy employer, with solar PV driving half of new job additions. New research from Systemiq and the World Resources Institute shows that the low-carbon transition could create 375 million jobs over the next decade, spanning renewable energy, resilient infrastructure, and nature-based solutions.
At a national level level, IRENA’s Regional Energy Transition Outlook for South America, released at COP30, finds that scaling up renewables could generate over 12 million energy-sector jobs and boost GDP by 1.1% per year through 2050.
The UK Government has announced plans to launch a new ‘North Sea Jobs Service’ in 2026, providing oil and gas workers with comprehensive support to enter fast-growing industries such as renewables and advanced manufacturing.
Finally, new research from the Oxford Smith School highlights that distributed solar and wind can expand access to affordable energy, create skilled, well-paid jobs, and raise GDP by up to 12% in low- and middle-income countries, while community benefit funds and co-ownership models ensure local populations share in the gains.
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Latest from the Coalition
- On the Financial Times podcast, The Next Five, our CEO María Mendiluce talks with host Tom Parker about the changes and challenges of the energy transition over the next five years. Listen here.
- COP30 may have inched the world forward on climate action, but as our CEO María Mendiluce warns in her latest piece in Reuters, the process risks losing business engagement unless it delivers clearer and more practical pathways for implementation.
- Gonzalo Sáenz de Miera, Global Director of Climate Change and Alliance at Iberdrola, speaks to us at COP30 on how electrification can provide clean, secure and competitive energy.
- Mahindra Group is racing toward 100% renewables. With better policy, it could get there even faster, and save $30-40M/yr, according to CSO Ankit Todi.
- Nina Campbell of Consumers International, discusses the challenges consumers face in the energy transition and ways to make electrification affordable and accessible.
- Read our statement on the EU Parliament vote on the Deforestation Regulation (EUDR).
- Working with food and beverage manufacturing suppliers to reduce emissions? Discover SME Climate Hub’s new Food & Beverage Manufacturing Space with tailored courses and resources.
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Companies taking action
Over 21,633 companies are taking action through Coalition partner initiatives. See all companies who committed in the past month on the We Mean Business Coalition website. Companies setting their ambition for net zero include:
- 12,099 companies working to cut their emissions in line with science through SBTi
- 9,784 small and medium-sized enterprises working to cut emissions with the SME Climate Hub
- 623 companies who have now signed the Climate Pledge, to reach net zero by 2040
Meanwhile, companies are driving down emissions through the following demand-side initiatives:
- 116 companies are accelerating the transition to electric vehicles through EV100
- 107 companies are committed to improving their energy efficiency through the Smart Energy Coalition
- 445 companies have committed to 100% renewable energy with RE100
- 36 companies have joined ConcreteZero to create a market for net zero concrete
- 43 companies have committed to SteelZero to create a market for net zero steel
Events
- WEF Annual Meeting 2026: 19 – 23 January
- Mumbai Climate Week: 17–19 February
- First International Conference on the Just Transition Away from Fossil Fuels: 28-29 April 2026
- London Climate Action Week: 20 – 28 June
- COP31. Antalya, Türkiye: 9-20 November 2026