🚨 This is HUGE ⚡
COP31 Türkiye announces global #electrification target
1️⃣ HUGE signal - this sends a very powerful market signal of the direction of travel and the importance global leaders now place on this topic.
2️⃣ HUGE target - 35% of final energy by 2035 up from 23% today is a very ambitious and challenging target - but is aligned with 1.5 degrees, & backed by IRENA report - see below.
3️⃣ HUGE opportunity - renewable electrification is the fastest & cheapest way to bring #secure and #affordable energy to all, and insulate consumers from high and volatile fossil fuel prices.
It is also one of the largest economic, climate & energy access opportunities of this generation.
4️⃣ HUGE win - we (a group of 30 or so NGOs - see below) have been calling for this increased ambition for 6 months
🤔 Some caveats:
⚡ The target is currently part of the Action Agenda, not the negotiations - lets see how that progresses - the press release below explains that in more detail.
⚡ The metric - % of "Final Energy" - is very confusing and downplays the role electrification plays - since it is many times more efficient than fossil combustion. Other more expert commentators can explain it better than me - but we ideally need an annual metric showing % of "Useful Energy".
What makes me think it is possible:
👉 Economics: Electrotech is on average 40 % cheaper than it was just 4 years ago
👉 Precedent : China increased their electrification rate 10 % in the last 10 years
👉 Acceleration: Countries in the world are now ramping up electrification in response to the energy crisis. See our tracker in comments.
"We strongly welcome the COP31 Presidency's focus on electrification. It is one of the most powerful levers to reduce exposure to volatile and expensive fossil fuels and deliver on all the Global Stocktake goals.
Electrification turns renewable power into real economic value, lowering costs, improving energy security, expanding energy access and boosting competitiveness. The challenge now is scale. A clear global focus on electrification helps align policy, finance and industry around a common implementation agenda and gives businesses and investors greater confidence to scale investment and action across the real economy."
Renewable Electrification must be a central pillar of energy strategies. Scaling renewables, grids, storage & electrified end uses together will be critical to delivering a resilient, reliable and affordable energy future.
Huge thanks Anna Freeman for leading the group of powerful partners: Adrian Hiel, Kaarina Kolle, Natasha Green, Leo Roberts, Mustafa Özgür Berke, Thom Woodroofe, Kingsmill Bond, Dave Jones, Jan Rosenow, Ita Kettleborough, Phoebe O'Hara, Kate Levine, Camilla Born MBE, Luke Menzel, Molly Walton, Andrew Prag, Gillian N., María Mendiluce, Sean Rai-Roche, Matt Webb, Faustine Delasalle, Vicki Harding, Mike Umiker, Anna Hall
