Global Coalition Advocates for Electrification Amid Energy Instability
Over 100 companies, including Nestlé and Uber, are urging governments to prioritize electrification to mitigate risks from fossil fuel volatility. The coalition, representing annual revenues of $1.5 trillion, emphasizes that immediate government action is necessary to enhance energy resilience and competitiveness.
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A coalition of 112 companies, including Nestlé, Uber, and Volvo Cars, has urged governments to prioritize electrification in energy strategies to reduce reliance on fossil fuels and mitigate economic risks. Recent energy market disruptions, particularly those related to geopolitical tensions, underscore the urgency of this transition.
The companies argue that electrification can lower energy demand and enhance resilience, with many required technologies already available for widespread deployment. They call for supportive government policies, improved electricity market designs, and increased investments in power grid infrastructure. The World Bank's Mission 300 initiative aims to provide electricity to 300 million Africans by 2030 and has already connected over 50 million people across 40 countries.
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