112 global firms urge governments to fast-track electrification amid energy uncertainty

By Ambrose Nnaji

More than 100 multinational companies, including Nestlé, Uber, Ikea, Volvo Cars and Iberdrola, have urged governments worldwide to place electrification at the heart of their economic and energy policies as a way to shield economies from recurring fossil fuel price shocks.

The call was made in an open statement endorsed by 112 companies with a combined annual revenue of about $1.5 trillion. The initiative was coordinated by the We Mean Business Coalition and the Global Renewables Alliance, according to Reuters.

The companies argued that recent disruptions in global energy markets, including those triggered by geopolitical tensions in the Middle East, have underscored the vulnerabilities associated with continued dependence on fossil fuels.

“Continued reliance on volatile fuel markets exposes economies to disruptions that drive price spikes, destabilise supply chains and delay investment,” the companies stated.

According to the signatories, fossil fuel-driven price volatility weakens business competitiveness, raises operational costs and creates uncertainty for long-term investment planning.

They maintained that accelerating electrification across transport, industry and buildings would strengthen energy security, reduce overall energy consumption and improve economic resilience. The companies also noted that many of the technologies required for large-scale electrification are already commercially viable and ready for deployment.

The coalition called on policymakers to adopt long-term electrification strategies backed by supportive regulations and investment-friendly frameworks. It further urged governments to modernise electricity market structures, expand grid infrastructure and streamline permitting processes to speed up renewable energy and electrification projects.

The intervention comes as governments and businesses reassess energy security strategies following repeated commodity price spikes and supply disruptions across global markets.

Meanwhile, the World Bank and the African Development Bank recently disclosed that Mission 300, an initiative aimed at providing electricity access to 300 million Africans by 2030, has connected more than 50 million people across 40 countries since its launch.

Mission 300 also announced plans to extend household electricity access to 17.5 million Nigerians as part of its broader electrification drive. In addition, the African Development Bank approved a $3.9 million programme to support Nigeria and 12 other African countries in implementing energy compacts under the initiative, while the World Bank approved $50 million for solar-powered agricultural projects in Nigeria and five other African nations.