Business coalition calls for urgent electrification policies ahead of COP31
A group of corporate leaders has urged the COP31 presidency to prioritize clean electrification and heavy industry decarbonization to limit global temperature rise.
A collective of international business leaders has formally requested that the COP31 presidency accelerate policy support for clean electrification and the industrial sector. According to the signatories, current global warming projections are on track to reach 2.6°C by 2100 if deployment of clean technologies remains tied strictly to market-based cost competitiveness.
The coalition argues that reaching the 2°C target requires a fundamental shift in energy consumption, specifically advocating for electricity to account for more than 50% of final energy demand by 2050. Proponents of the appeal suggest that waiting for clean energy technologies to achieve price parity naturally will prove insufficient to meet existing climate goals.
The letter emphasizes the role of heavy industry in this transition, noting that high-emission sectors currently lack the policy frameworks necessary to justify large-scale capital investment in low-carbon infrastructure. The group expects these recommendations to influence the agenda for the upcoming climate summit, pushing for binding commitments rather than voluntary corporate action.