With geopolitical tensions once again exposing the economic and security risks of fossil fuel dependence, governments and business leaders gathered at the Global Energy Transition and Electrification Summit today during London Climate Action Week.

Together they advanced practical solutions and political support for an accelerated energy transition, including through a new Electrify Now initiative.

Speaking at the official launch, Irena Director-General Francesco La Camera welcomed global efforts: “The next phase of the energy transition will not be defined by how much renewable electricity we generate, but by how much of our economies we electrify. As the organisation to call for a global electrification target, I am delighted to see Irena’s data helping to shape collective action worldwide.”

Under Irena’s transition pathway, electricity’s share of final energy consumption rises from around 23 per cent today to 35 per cent by 2035, with most of the additional demand met by renewable energy.

At the same time, the share of fossil fuels declines across all sectors, falling from around 80 per cent today to 50 per cent by 2035.

Irena’s recently published report Transitioning away from fossil fuels: A roadmap based on renewables, electrification and grid enhancement confirms electrification as one of the most immediate, scalable and cost-effective solutions.

As energy demand continues to rise rapidly across transport, industry, buildings and digitalisation, the energy transition must now focus on electrifying these end-use sectors.

La Camera continued: “Our roadmap explicitly proposes a global electrification target of 35 per cent by 2035, supported by grid development and targeted investment. Electrification is a no-regret solution that simultaneously reduces emissions, enhances energy security, improves affordability, and supports green industrialisation and competitiveness.”

Irena has been working closely with the COP31 Presidencies of Türkiye and Australia to help ensure that renewable energy deployment and electrification accelerate across all regions.

“Building on the strength of Irena’s global membership, we will continue to drive momentum and strengthen international cooperation among governments, industry, financial institutions, and development partners”, La Camera concluded.

Governments were supported by business leaders who signed a business statement backing faster electrification. By bringing together governments, business and other allies, the Electrify Now seeks to overcome the hurdles on implementation and investment that will enable modern energy systems running on clean electricity.