Which major companies are backing the call for governments to prioritize electrification in economic strategy, and what is their stated rationale?

More than 100 companies—including Nestlé, IKEA, Iberdrola, Volvo Cars, Uber, Mahindra Group, Nikon Corporation, Levi Strauss, and H&M—have jointly urged governments to make electrification central to economic strategy. Their stated rationale is that continued reliance on volatile fossil fuel markets exposes economies to disruptive price spikes, destabilizes supply chains, delays investment, and undermines competitiveness—especially amid recent energy price shocks linked to geopolitical events like the Iran conflict.

What key policy actions do these businesses say are necessary to accelerate electrification, and who coordinated this initiative?

The businesses emphasize that accelerating electrification depends heavily on clear and predictable government policy and reforms, specifically citing the need to improve electricity market design, invest in grid infrastructure, and speed up permitting processes. This open statement was coordinated by the We Mean Business Coalition and the Global Renewables Alliance, and it comes ahead of London Climate Action Week and aligns with Turkey’s COP31 proposal for electricity to supply 35% of global energy demand by 2035.

Global Business Leaders Back Faster Electrification Shift

Jun 21, 2026

More than 100 companies, including Nestle and Volvo, urge governments to prioritize electrification to mitigate fossil fuel volatility and enhance energy security via clearer policy frameworks.

reuters

2026-06-21

Global Business Leaders Back Faster Electrification Shift

Global Business Leaders Back Faster Electrification Shift

FAQ