Nearly 90% of businesses worldwide expect to electrify their operations by 2035 as concerns over fossil fuel supply disruptions and price volatility continue to grow, according to a new international survey released on Monday.
The survey, conducted by consultancy Public First and commissioned by E3G, the We Mean Business Coalition, and the Global Renewables Alliance, highlights a strong shift among businesses toward electrification and renewable energy solutions.
The poll surveyed 1,994 senior business leaders,including CEOs, vice presidents, directors, and other executives,from medium and large organizations across 18 countries. The research was carried out in late April and examined business perspectives on electrification amid ongoing concerns about oil and gas supply disruptions, particularly around the strategically important Strait of Hormuz.
Countries included in the survey were Australia, Brazil, China, Colombia, France, Germany, India, Indonesia, Japan, Kenya, Nigeria, the Philippines, Poland, South Africa, South Korea, Turkey, the United Kingdom, and the United States.
Businesses Increasingly Embrace Electrification
According to the findings, 90% of respondents expect their organizations’ operations to be electrified by 2035. In addition, 91% of business leaders said electrification would improve energy security, while 79% believe geopolitical instability and energy market disruptions have made the transition to electrification more urgent.
The survey also found broad support for renewable energy-based electricity systems. Most respondents said a transition to renewable power would strengthen economic growth and improve the competitiveness of their businesses.
Concerns Over Slow Government Action
Despite strong business support for electrification, many executives expressed concerns about the pace of government action. About 72% of respondents said current government policies are moving too slowly to support the level of electrification businesses require.
Furthermore, 62% indicated they would consider relocating operations if their governments fail to provide adequate support and infrastructure for electrification initiatives.
Fossil Fuel Dependence Seen as a Strategic Risk
Commenting on the findings, José Manuel Entrecanales, Chairman and CEO of ACCIONA, emphasized the risks associated with dependence on imported fossil fuels.
“This is not the first fossil fuel crisis, and it will not be the last,” Entrecanales said.
He added that reliance on imported fuels represents a strategic vulnerability and places an unnecessary burden on countries that do not produce fossil fuels domestically.
Energy Transition Gains Momentum
The survey underscores growing momentum behind the global energy transition, with businesses increasingly viewing electrification and renewable energy as essential strategies for improving resilience, reducing exposure to fossil fuel price fluctuations, and strengthening long-term competitiveness.
As governments and industries work toward climate and energy security goals, business leaders appear increasingly committed to accelerating the shift toward cleaner and more reliable energy systems.
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