Lagos — Companies from across sectors are calling for electrification to be accelerated amid sustained market volatility and rising pressure on energy prices.
In an open statement, 112 businesses from sectors including food, farming, transport, consumer goods, energy, utilities, healthcare, manufacturing, technology say that ‘electrification powered by clean, locally generated energy can provide an efficient, common-sense solution’ to rising and volatile energy prices.
Companies including ACCIONA, Coca-Cola Europacific Partners, Decathlon, dsm-firmenich, EDF, Enel, E.ON, Fortescue, H&M Group, Hitachi, Iberdrola, IKEA, Levi Strauss, Natura, Nestle, Nikon, Roche, Scania, Schneider Electric, Signify, Siemens, Uber and Volvo Cars – with a total annual revenue of $1.5 Trillion USD – are calling on governments to establish clean electrification as a central pillar of economic and industrial strategy.
The statement says: ‘[..] continued reliance on volatile fuel markets exposes economies to disruptions that drive price spikes, destabilize supply chains and delay investment. For business, this exposure creates persistent uncertainty, raising operating costs and undermining competitiveness.
‘Electrifying transport, buildings and industry is one of the fastest and most cost-effective ways to reduce exposure to fossil fuels and strengthen energy security. This can build more stable and competitive economies, lower energy prices over time, improve resilience to external shocks and unlock new sources of growth.’
The statement – coordinated by We Mean Business Coalition and Global Renewables Alliance (GRA) – will be discussed at the Global Energy Transition & Electrification Summit at London Climate Action Week. It argues many of the technologies needed to electrify economies are already commercially available and can deliver lower overall energy demand, improved efficiency and reduced exposure to fossil fuel volatility.
Olivier Blum, CEO, Schneider Electric said: “Electrification, amplified by digitalization and automation, is our fastest route to a more resilient, competitive, and low‑carbon energy future. It empowers industries, businesses, and homes to eliminate waste and unlock new efficiency. Clean electricity is more than a resource. It is the foundation of affordability, the pillar of sovereignty, and the engine of a truly sustainable world with electricity shared by all.”
Lena Julle, Chief Sustainability Officer, Inter IKEA, and Karen Pflug, Chief Sustainability Officer, Ingka Group, IKEA’s largest retailer, said: “At IKEA, we see electrification powered by renewable electricity as one of the most effective ways to reduce emissions across our value chain. The challenge today is not a lack of solutions, many of the technologies we need are already available. The challenge is scaling them fast enough. By accelerating focus on renewable electricity, modernising infrastructure and creating the right policy frameworks, we can make these solutions more affordable, scalable and turn ambition into real emissions reductions.”
Kim Hellström, Senior Sustainability Climate Manager, H&M Group said: “At H&M Group, we are committed to reach 100% renewable electricity sourced within our garment production supply chain – from spinning to finished product – by 2030. Our decarbonization strategy focuses on electrifying factory processes that rely on thermal energy sources, such as fossil fuels or biomass, alongside increased availability and usage of renewable electricity. To reach the required scale, the transition to electrification notably needs to be accelerated through predictable and enabling policy frameworks.”
Ana Costa, VP of Sustainability, Legal and Corporate Affairs, Natura, said: “The energy transition is an urgent priority for business continuity and competitiveness. At Natura, our decarbonization strategy integrates electrification as a core pillar. Operating in emerging markets, such as Latin America, demands pragmatism: we cannot wait for the ideal energy grid. We are investing today in the infrastructure and culture needed to thrive in a low-carbon economy tomorrow.”
Sofie Runius Cederberg, Sustainability Director, SKF Group, said: “Electrification powered by renewable electricity is a critical enabler for both resilience and competitiveness in industry. At SKF, we are accelerating the electrification and decarbonisation of our own operations, while developing solutions that help our customers reduce energy use and transition to a net-zero future. Clear and stable policy frameworks are essential to scale these proven solutions at the pace required.”
Nina Elomaa, Chief Sustainability Officer, S Group, said: “A well-functioning electricity market with reliable supply is essential for companies’ long term investment decisions. This supports emission reduction objectives and the transformation towards clean and sustainable energy solutions.”
The statement comes after Türkiye’s COP31 President-designate Murat Kurum called for the world to increase the share of final energy demand met by electricity to 35% by 2035, and an International Energy Agency (IEA) report found repeated energy shocks are reshaping government and company investment priorities.
The call from businesses comes amid growing evidence the private sector is already making the shift to electrification with a recent poll across 18 countries indicating that 90% of business leaders surveyed expect their operations to be electrified within a decade. The polling also showed 88% say electrification is likely to make their business more competitive, with 84% saying electrification would reduce long-term operating costs.
Maria Mendiluce, CEO, We Mean Business Coalition said: “After repeated fossil fuel shocks, businesses are saying loud and clear they do not want greater exposure to volatile fuel markets. They want faster electrification, stronger electricity systems and clear long-term policy signals that support investment. The countries that move fastest will be better placed to attract industry and investment, strengthen competitiveness and build resilience against future shocks.”
Bruce Douglas, CEO of the Global Renewables Alliance said: “Companies have no appetite to keep repeating the financial pain of the 2022 and 2026 energy shocks. The truth is more businesses are now open to ditching volatile and expensive fossil fuels. They want to be on the winning team reaping the economic and security benefits of renewable powered electrification.”
The business statement calls on governments to:
– Prioritise affordability by realigning fiscal incentives, taxation and energy efficiency measures.
– Deliver effective design of electricity markets.
– Invest in modern electricity systems.
– Streamline permitting and grid connection processes.
– Develop electrification plans with clear timelines and targets.
