A major international study of company leaders from 18 nations reveals broad endorsement for a swift move to electricity-based economies powered mainly by renewable sources.

The results point to geopolitical tensions speeding up an ongoing corporate move toward clean electrification, even as energy infrastructure, transmission networks and regulatory setups struggle to match the pace.

With ongoing regional conflicts in the Middle East and G7 officials meeting in Evian over worries about economic stability and worldwide risks, 91 percent of executives believe electrification would strengthen energy security, while 79 percent note that recent instability has increased the need for their firms to pursue electrification.

Gathered in late April while the Strait of Hormuz stayed shut, the information shows executives in every surveyed nation favor a fast departure from fossil fuel reliance, and 90 percent anticipate full electrification of their activities by 2035.

This comes after an International Energy Agency analysis highlighted how repeated energy disruptions are altering investment plans for both governments and firms, alongside calls from Turkish and Australian COP31 hosts and the International Renewables Agency for greater global efforts to power transport, manufacturing and structures with electricity instead of fossil fuels.

The findings indicate 90 percent of leaders believe a shift to renewables-based power in their nation would likely spur economic expansion, and 88 percent expect electrifying their activities to enhance competitiveness.

Yet 72 percent report that official policies are falling short.

Powering Up: Business Perspectives on Electrification cautions that nations slow to adopt electrification may fall behind more advanced peers, as 62 percent indicate they might relocate operations without adequate government backing for the transition.

The survey, carried out in major economies and developing markets, was requested by E3G, We Mean Business Coalition and the Global Renewables Alliance, highlighting rising corporate interest in clean electrification to support energy security, market position and growth while addressing climate issues.

Executives from medium and large firms took part in Australia, Brazil, China, Colombia, France, Germany, India, Indonesia, Japan, Kenya, Nigeria, Philippines, Poland, South Africa, South Korea, Turkey, United Kingdom and United States.

SOURCE We Mean Business Coalition