On the margins of the 8th London Climate Action Week, on 23 June, the European Commission launched “Electrify Now”, a global initiative attempting to respond to the current energy crisis and fossil fuel volatility, as well as to address the “electrification gap” by promoting the acceleration of clean electrification. It notably intends to support the industry, transport and buildings sectors reduce their dependence on fossil fuels, while increasing energy security and tackling price volatility, in a context where only about 20% of global energy demand is met by electricity, and where current trajectories predict that electricity supply will not follow the expected growing demand. 

Specifically, this international platform will facilitate practical exchanges, and showcase replicable national and regional initiatives. It will also participate in securing commitments and strengthening delivery plans thereby helping to mobilise investment. Addressing policy, regulatory and investment barriers, it will focus on scaling up generation, strengthening supply chains, expanding storage, and modernising grids.

Open to all, Electrify Now intends to gather governments, financial institutions, industry representatives as well as other partners. Several parties have already joined the initiative at its inception, including  Brazil (which held the COP30 Presidency), Türkiye and Australia (which share the COP31 Presidency), Ethiopia (holding the incoming COP32 Presidency), Canada, the Philippines, South Korea, the United Kingdom, the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA). It is indeed part of a larger push to accelerate electrification, notably characterised by the COP31’s presidency new global target to raise electrification to 35% of final energy demand by 2035.

Signatories welcomed the initiative, recalling that electrification is a secure pathway towards energy security, affordability and climate action together, and recognising the support it can provide to developing countries, where high financing costs continue to slow down the clean energy transition. Electrify Now notably builds on findings and data from both the IEA and IRENA, who had long been calling for the establishment of a global electrification target. In particular, the IEA had coined the term “Age of Electricity”, describing the period into which our societies are entering, and which designates a new energy system characterised by soaring electricity demand – notably caused by rapid expansion of AI, and rising demand for air conditioning and electric vehicles.

The Electrify Now initiative will also be highlighted at UNGA Climate Week in September, and at the COP31 Summit in Antalya in November. In addition, the IEA is currently preparing a new Special Report to be released ahead of COP31 to help countries navigate the changes brought by increased electrification.

EERA welcomes the launch of the initiative, having long supported the objectives of energy security and independence, decarbonisation, and the accomplishment of the clean energy transition, and recognising electrification as one of the most efficient ways of achieving these goals.