Signals of Change – July 2026
We Mean Business Coalition
Read on for more signals of change toward…
AN ACCELERATED TRANSITION FROM FOSSIL FUELS TO CLEAN, ELECTRIFIED SOLUTIONS
Electrification had a moment at London Climate Action Week, beginning with the release of a statement signed by 110+ leading businesses, coordinated by the Coalition and partners, calling on governments to accelerate electrification.
The latest Business Breakthrough Barometer from WBCSD showed 92% of business leaders see sustainable solutions as a source of competitive advantage, with technologies such as EVs creating new sources of growth and consumer demand.
Next, the Global Energy Transition and Electrification Summit – co-hosted by the Coalition – marked the official launch of ElectrifyNow, a global movement of governments, business groups including the Coalition, and other stakeholders. It aims to supercharge the shift to electrification powered by renewables. Since the event, both Canada and Australia joined the initiative.
The Summit also saw the handover of the Santa Marta report to the COP30 presidency, summarising discussions of the ‘coalition of the willing’ who met in Colombia earlier this year to identify strategies for a rapid and pragmatic transition from fossil fuels.
Energy
During LCAW, Bloomberg Philanthropies committed $285 million to help scale clean energy to meet rising electricity demand in emerging and developing economies. The funding targets countries responsible for nearly 70 per cent of global power sector emissions, with the aim of helping solar and wind generate more than half of electricity in these markets by 2030.
Meanwhile, in the Philippines, surging electricity prices driven by Middle East supply disruptions are pushing residents toward solar energy in record numbers. Despite minimal government subsidies, panel imports reached $407 million USD in the three months through May, a 145% increase year-on-year.
In Ireland, Google and Italian startup Energy Dome are supporting a new 23-megawatt battery project using new technology that compresses CO2 and releases it back into a gas to generate electricity, without emitting any greenhouse gases. A second 200-megawatt-hour battery is also planned once the current project is completed in 2028.
Staying with storage, the FT reports that battery start-ups are scaling up to meet exceptional demand from AI data centre operators. US sodium-ion start-up Alsym Energy, UK-based Nyobolt and Volkswagen-backed QuantumScape are among those pivoting toward this fast-growing market, where specialist batteries have become an essential component for securing grid access.
Buildings
In the US, heat pumps are on track to outsell air conditioning (AC) units for the first time this year, with sales up 1 percent while AC sales have fallen by nearly 8 percent. A decade ago, two air conditioners were sold for every one heat pump.
And Maryland is investing $72.6 million in heat pump upgrades for low- and moderate-income households through the state’s new Utility RELIEF Act, which will allow households to access funding to transition to heat pumps.
POWERING COMPETITIVENESS: WHY ELECTRIFICATION IS THE UK’S NEXT ECONOMIC OPPORTUNITY
Electrification is emerging as one of the UK’s biggest economic opportunities – with new evidence showing that accelerating electrification is essential to strengthening competitiveness, energy security and long-term growth. But the pace of delivery is failing to match business ambition. Read a new blog by Andrew Prag, We Mean Business Coalition and Beverley Cornaby, UK Corporate Leaders Group.
Industry
At a London Climate Action Week event, Volvo showcased a successful pilot project with FM Conway and Transport for London demonstrating how pioneering zero-emission construction equipment can replace high emitting diesel machines commonplace in the construction site.
Australia is set to get its first new steel plant in 30 years, using fully electric induction furnace technology. The plant is due to begin production in 2028, with the decision to invest attributed to key policies introduced by federal and state governments.
Transport
In Colombia, a 1,200 kilometre zero-emission freight corridor connecting Bogotá to Cartagena is being developed by the government alongside DHL, BYD and others, with electric truck charging stations installed every 100 kilometres. The project aims to have 1,000 electric trucks operating by 2032, saving an estimated 185,000 tonnes of carbon annually.
Meanwhile, Chinese battery giant CATL has launched a partnership with Octopus to build more than 30 battery swapping stations for electric trucks in Europe by 2035, with the first battery-swapping hubs opening in the UK in 2027. The initiative is expected to serve more than 300,000 electric trucks and generate private investment of more than £30 billion in the region.
In the US, General Motors and Rivian are expanding vehicle-to-grid capabilities, allowing EV batteries to feed power back into the grid. With more than 7 million EVs on American roads, utilities are increasingly viewing EVs as a significant tool for managing peak grid demand.
And finally to the UK where more EVs have been sold than petrol cars in the 12-month period to May 2026. British consumers bought 516,490 new EVs compared to 504,010 new petrol cars. In May 2026 alone EV sales grew by 34 percent, while petrol cars were down 14 percent.
Policy and Incentives
UK Energy Secretary Ed Miliband used LCAW 2026 to announce a £100bn increase in clean energy investment in the country since 2024. While a report released by the UK government’s official climate advisers recommended that electric cars and heat pumps can “put money back into people’s pockets”, emphasizing electrification as the best route to lower energy bills and stronger energy security.
Moving to the EU, last week a leaked draft of the EU’s Electrification Action Plan – due to be formally released on 17 July – showed the Commission is set to propose a binding electrification target for 2040, with the aim of cutting the bloc’s fossil fuel import bill by €200bn.
Under the EU’s Emissions Trading System review – also due on 17 July – the bloc is considering tightening its rules for the shipping industry by expanding the list of non-EU ports covered by the scheme. Currently, ships can stop at nearby non-EU ports, such as those in Egypt, Morocco, Jordan and the UK, before entering the EU to reduce their carbon allowance costs without actually cutting emissions, a loophole the revised rules aim to close.
And staying in Europe, 22 member states committed to increasing annual energy storage deployment from 12 GW in 2025 to 45 GW across 2026 to 2028. The European Commission expects the deal to deliver 30 to 35 GW of new storage capacity in a bid to reduce exposure to fossil fuel price shocks and accelerate the clean energy transition.
Regulation and reporting
In India, the government launched a new sustainability certification initiative to help its export sectors meet environmental reporting standards in key markets, particularly in Europe and North America, which together account for around 40% of India’s merchandise exports.
In the EU, the European Financial Reporting Advisory Group (EFRAG) has launched a field test for a new sustainability reporting standard for non-EU companies with significant EU operations that will require them to disclose their environmental and social impacts for the first time. A public consultation is expected in late July 2026, with the standard set to apply from 2028.
Latest from the Coalition
In a statement coordinated by We Mean Business Coalition and Global Renewables Alliance (GRA), 112 businesses called for electrification to be accelerated amid sustained market volatility and rising pressure on energy prices.
To support Indian businesses as they navigate the energy transition, We Mean Business Coalition launched two new practical guidance resources, developed to help companies of all sizes unlock benefits.
Companies taking action
Meanwhile 24,043 companies of all sizes continue to take credible and ambitious climate action through Coalition and partner initiatives. See a snapshot of this action below.
See all companies who have committed in the past month on the We Mean Business Coalition website.
Companies setting their ambition for net zero include:
- 13,820 companies working to cut their emissions in line with science through SBTi
- 10,410 small and medium-sized enterprises working to cut emissions with the SME Climate Hub
- 690 companies who have now signed the Climate Pledge, to reach net zero by 2040
Companies are also driving down emissions through the following demand-side initiatives:
- 128 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
- 38 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