A landmark global survey of business executives across 18 countries shows overwhelming support for a rapid transition to electrified economies run predominantly on renewables-based electricity. 

The findings suggest geopolitical instability is accelerating an existing business shift toward clean electrification, but that power systems, grids and policy frameworks are not keeping pace. 

As geopolitical tensions continue in the Middle East, and G7 leaders gather in Evian amid growing concern over economic resilience and global vulnerabilities, 91% of business leaders say electrification would improve energy security, and 79% say instability has made their own business shift to electrification more urgent. 

Collected during late April as the Strait of Hormuz remained closed, the data indicates business executives across all polled countries support a rapid move away from fossil fuel systems, with 90% expecting their operations to be electrified by 2035. 

The polling comes after an International Energy Agency (IEA) report found repeated energy shocks are reshaping government and company investment priorities, while the Turkish and Australian COP31 hosts and the International Renewables Agency (IRENA) have called for a stronger global push to run vehicles, industry and buildings on electricity rather than fossil fuels.

The data shows that 90% of business leaders surveyed say transitioning to a renewables-based electricity system in their country is likely to boost economic growth and 88% say electrifying their operations will make their business more competitive.

However, 72% of those surveyed say government policies are lagging behind. 

Powering Up: Business Perspectives on Electrification warns that countries failing to electrify risk losing out to more electrified economies, with 62% saying they would consider moving operations if their government did not offer sufficient support to electrify.

The polling, conducted across key economies and emerging markets, was commissioned by E3G, We Mean Business Coalition and the Global Renewables Alliance, and underscores growing business demand for clean electrification as a strategy for energy security, competitiveness and economic growth, as well as tackling climate change. 

Electrification replaces fossil fuel-powered technologies and processes across the economy with electric alternatives powered increasingly by clean electricity. This includes shifting from petrol and diesel vehicles to EVs, from gas and oil boilers to heat pumps, and from fossil fuel-based industrial systems to electric technologies. 

Business leaders of medium-sized and large organisations were surveyed in Australia, Brazil, China, Colombia, France, Germany, India, Indonesia, Japan, Kenya, Nigeria, Philippines, Poland, South Africa, South Korea, Turkey, United Kingdom and United States.

Key findings 

• Business demand is growing: 90% of businesses expect to be largely electrified by 2035, with 73% expecting to be largely electrified by 2030 and 77% say their business should prioritise replacing fossil fuel-powered systems with electric alternatives in the next decade. 

• Clean electrification linked to energy security and economic growth: 91% say electrification will improve energy security, 79% say instability has made their own business shift to electrification more urgent, and 90% say the shift to a renewables-based electricity system in their country is likely to boost economic growth. 82% of global business leaders say they want their country powered mainly by renewables-based electricity.

• Electrification linked to competitiveness: 88% say electrification is likely to make their business more competitive, with 84% saying electrification would reduce long-term operating costs and 80% expecting electrification to create jobs in their business 

• Government policy is moving too slowly: 72% say government policies are moving too slowly on electrification to support the pace businesses need, with 62% indicating they would move their operations if their government did not offer enough support to electrify their operations.

• Grids are key: Expanding and future-proofing electricity grids ranked as the top policy measure businesses say would help them accelerate electrification, with 89% supporting electricity grid upgrades. More than half of businesses (54%) cite insufficient grid capacity as a barrier to electrification, and 69% say businesses are electrifying faster than governments are preparing power systems for. 

• Policy barriers and solutions are clear: The top 5 electrification policy barriers highlighted in the polling are: insufficient government incentives or support; insufficient government investment in grid upgrades; policy instability when governments change; delays or unpredictability in permitting processes; carbon pricing/taxation uncertainty. While the top 5 solutions are: expanding and future-proofing electricity grids, government grants and subsidies to reduce upfront costs, clear long-term government planning and timelines, lower electricity prices and faster grid connection and planning approvals.  

• Emerging markets are aligned: Businesses in Indonesia and Nigeria are among the most ambitious on electrification globally, with 99% expecting to electrify operations by 2035 or earlier. India and the Philippines follow closely at 96% and 97%, while Colombia and South Africa both stand at 95%. Indonesian businesses are among the most ambitious globally, with 63% expecting to electrify by 2027 and 91% by 2030. Nigeria also stands out, with 59% expecting to electrify by 2027. 

• Momentum in complex systems: Even in coal-reliant and fossil fuel-exposed economies, businesses increasingly see electrification as central to future competitiveness and economic resilience. In Indonesia, 97% say electrification would make their business more competitive, while 94% of Indian businesses say shifting to a renewables-based electricity system in India would boost economic growth. In Poland, 72% say more electric systems would protect the country better from shortages and price shocks, while 79% of South African businesses say businesses are electrifying faster than governments are preparing for. In Japan, 59% say electrification would make their business more competitive.

• Wider benefits recognised: Companies link national electrification to (top 10) improving energy security; reducing reliance on energy imports; boosting economic growth; reducing environmental damage; improving air quality; lowering energy bills; supporting innovation and new technologies; tackling climate change; stabilising energy prices during instability; improving public health. With 85% of business executives saying they expect electrification to improve public health.

• Renewables over fossil fuels: Globally 82% want their country powered mainly by renewables, with 63% wanting their governments to shift away from fossil fuels by 2035. 90% support greater investment in solar (89%) and onshore wind (81%). Support for renewables-based electricity systems is particularly strong across emerging economies, where 86% of business leaders preferred renewables over fossil fuels – above the global average (82%) and ahead of several advanced economies including the US (77%), UK (76%), Australia (75%), Germany (73%), and Japan (69%).

Country highlights 

China – State of the electrostate: Chinese businesses are among the strongest supporters globally of rapid electrification, with 92% expecting to electrify operations by 2035 or earlier and 91% saying electrification would make their business more competitive. The data show 92% expect it to create new jobs in their business, and 93% expect it to help their business grow. Businesses increasingly associate electrification with energy security and industrial competitiveness, with 91% saying it would improve energy security. Support for enabling infrastructure is also extremely strong, with 91% backing further investment in grid upgrades. 

COP31 leadership – Australia and Türkiye: Businesses in both countries strongly associate clean electrification with energy security, affordability and economic resilience as they take on leadership of COP31. In Türkiye, 93% expect to electrify operations by 2035 or earlier and 95% say switching from fossil fuel-powered equipment to electric alternatives would help stabilise prices during geopolitical instability, with 97% expecting electrifying their operations to improve their energy security. In Australia, 91% of business leaders expect to electrify by 2035 or earlier, 82% expect electrification would lower their energy bills, and 85% expect it would make their business more competitive. The polling shows 65% of Australian business leaders polled would consider moving operations overseas if the government failed to support their business to electrify – the highest among advanced economies. 

Europe: European businesses increasingly see electrification as central to competitiveness, energy security and long-term economic resilience – but warn infrastructure and policy systems are not moving fast enough. Across the European countries polled, an overwhelming majority expect to electrify operations by 2035 or earlier (UK 90%, France 87%, Germany 81% and Poland 83%), while 93% of UK businesses and 90% of French businesses say electrification would improve energy security. At the same time, 78% of German businesses, 75% in France and 74% in Poland say governments are moving too slowly on electrification. Support for grid investment is overwhelming, reaching 90% in the UK and 88% across France, with Poland at 88% and Germany 87%, while 60% of UK businesses would consider moving operations if their government did not offer enough support to electrify their operations.

Emerging markets: Electrification is increasingly being viewed across emerging economies as a route to greater energy security, resilience and competitiveness. Among business leaders surveyed, 96% said electrification would improve energy security, (Brazil 97%, India 96%, South Africa 98%), 94% said it would help stabilise energy prices during periods of geopolitical instability (South Africa 96%, Brazil 95%, India 94%), and 91% said it would reduce reliance on imported energy. Businesses also see major economic upside, with 95% saying electrification would make them more competitive (South Africa 92%, India 92%, Brazil 92%), 91% expecting lower long-term operating costs and 97% saying it would support business growth. At the same time, 60% said there is not enough grid capacity today, while businesses identified grid investment, stable long-term policy planning and support for upfront equipment costs as critical to accelerating electrification.