A coalition of 112 major global corporations, including industry giants like Ikea, Nestle, Volvo, and Uber, has issued a formal plea for governments to prioritize electrification as a pillar of economic policy. With a combined annual revenue of $1.5 trillion, these businesses argue that the world’s ongoing dependency on volatile fossil fuel markets is a significant threat to long-term competitiveness. They highlight how unpredictable price spikes—exacerbated by recent geopolitical tensions—create systemic instability, disrupt supply chains, and discourage vital capital investment, ultimately driving up operating costs for businesses across every sector.

To successfully navigate this transition, the group emphasizes that public-private cooperation is essential. The statement, released at the start of London Climate Action Week, calls on policymakers to implement clearer regulatory frameworks, modernize aging power grids, and streamline the permitting process for renewable projects. As nations look toward future climate summits, these business leaders are advocating for a unified goal to significantly boost electrification, noting that the necessary technologies for heating, transport, and industry are already accessible. With recent data suggesting that 90% of business leaders anticipate their operations will be fully electrified within the next decade, the message is clear: businesses are ready for change, provided that governments establish a reliable roadmap to facilitate it.