ANTALYA, Nov 10 – The COP31 Presidency is boosting efforts to electrify the global economy as countries, businesses and investors rally behind Türkiye’s electrification push at the annual UN Climate Summit.
The COP31 Global Electrification Pledge, designed to usher in the “age of electricity”, aims to raise electricity’s share of final energy consumption from around 23% today to 35% by 2035. This will be achieved through electrifying transport, buildings and industry and will support global efforts to enhance energy security, expand energy access, and reduce costs and emissions. The target is based on the IEA and IRENA’s analysis of what is needed to keep the world on a pathway consistent with limiting warming to 1.5°C above pre-industrial levels.
This afternoon, the COP31 Presidency is co-hosting the first Electrification Forum with the European Union. The Electrification Forum will continue beyond COP as a regular meeting of governments, institutions, businesses and financiers. This will be run by the Electrification Board, which is chaired by the COP31 Presidency with the International Energy Agency (IEA) acting as its secretariat.
As part of the same initiative, the IEA will lead the Global Electrification Tracking Mechanism to monitor global and regional electrification trends.
The International Renewable Energy Agency (IRENA) will also support the COP31 Presidency with the Enabling Distribution Grids for Electrification (D-GRIDS) programme to help developing countries identify grid investment needs, prepare projects and access finance.
The Utilities for Net Zero Alliance (UNEZA) is announcing an increase in their annual grid, renewables and storage investment commitment from $148 billion to $156 billion.
The COP31 Presidency is also launching the Global Green Freight Corridors Initiative, in alliance with the International Transport Forum, to build greener and more resilient freight corridors. Further initiatives will be announced during the week, such as on the thematic days for Resilient Cities (12 Nov), Finance (13 Nov), and Industry (16 Nov).
The Presidency expects to build momentum for electrification throughout the two-week summit, as heads of state and government head to Antalya to attend special sessions on electrifying the global economy. Today, the Global Renewables Alliance (GRA) is hosting governments to showcase their national electrification plans.
Each country will have its own pathway and unique challenges, and Türkiye and Australia have worked with Sustainable Energy for All (SEforALL) to assess what the electrification means for developing economies in a report being published today.
The COP31 Presidency is also convening financial actors to catalyse financing for electrification. Today, a new international electrification finance coalition of governments, development banks and private finance is forming to help emerging and developing economies. The World Bank and the African Development Bank will serve as the Electrify Now Finance Coalition’s inaugural co-chairs in 2027.
The COP31 Presidency has also established a strategic partnership with the OECD, which is supporting the COP31 Türkiye Presidency and the Australian President of Negotiations with two input notes for COP31 on financing electrification and economic opportunities of accelerated action. The notes will help guide global efforts to mobilise investment and accelerate electrification.
This builds on a wave of private sector support for electrification, with the We Mean Business Coalition mobilizing more than 180 companies including Volvo, Uber, IKEA and Siemens with over $1.69 trillion in annual revenue in support of electrification.
Marking 10 years of the Marrakech Partnership, the 2026 Yearbook for Global Climate Action has been released. The Yearbook highlights progress and gaps in global climate action, drawing on record NAZCA reporting from 83 cooperative initiatives covering over 200 actions, and showing progress in 84% of Plans to Accelerate Solutions.
Notes to editors
The Global Renewables Alliance (GRA) is a global alliance of renewable energy industry associations. It works with governments, industry, investors and other stakeholders to advance the policies, partnerships and investment needed to accelerate renewable energy deployment in line with the global 3xRenewables target to deliver secure, competitive and resilient energy systems.
Founded by the Global Wind Energy Council, the Global Solar Council, the Green Hydrogen Organisation, the International Geothermal Association, the International Hydropower Association, and the Long Duration Energy Storage Council, GRA provides a unified voice across wind, solar, hydropower, geothermal, green hydrogen, energy storage and grids.
