Prime Highlights
- More than 112 global companies, including Nestlé, Uber and IKEA, urged governments to make electrification a core economic priority.
- Business leaders said faster electrification can strengthen energy security, reduce exposure to fossil fuel price shocks and boost competitiveness.
Key Facts
- The companies backing the initiative generate a combined $1.5 trillion in annual revenue.
- A recent survey found 90% of business leaders expect their operations to be electrified within the next decade.
Background
Over 100 leading businesses, including Nestlé, Uber, IKEA and Volvo Cars, are calling for electrification to become a key pillar of economic policy, citing the impact of fossil fuel volatility on competitiveness and energy stability.
The open statement, coordinated by the We Mean Business Coalition and the Global Renewables Alliance, carries the backing of 112 businesses drawn from industrials, consumer goods and healthcare.
Together, the group holds combined annual revenues of around $1.5 trillion. Other signatories include Iberdrola, Mahindra Group, Nikon Corporation and Levi Strauss.
The companies said exposure to fossil fuel price shocks disrupts supply chains, drives up operating costs and creates persistent uncertainty that delays investment.
They pointed to recent price spikes linked to the Iran conflict as a fresh example of how volatile energy markets translate into real economic damage for businesses across sectors.
The group said moving to electrification would cut that exposure and strengthen energy security, but made clear that the shift depends on governments delivering clear, predictable policy.
Specific calls include improving electricity market design, investing in grid infrastructure and speeding up permitting processes.
The statement noted that the technologies needed to electrify transport, buildings and industry already exist commercially and would help reduce overall energy demand if deployed at scale.
A recent poll found that 90% of business leaders expect their operations to be fully electrified within a decade.
The intervention landed at the start of London Climate Action Week, which is expected to draw more than 75,000 attendees across more than 1,000 events.
It also aligns with Turkey’s push, as host of the COP31 climate talks in November, for countries to agree a global target for electricity to meet 35% of world energy demand by 2035.