Governments, energy agencies and businesses have pledged to accelerate global electrification, with an annual investment commitment of $156 billion for power grids, renewable energy and storage announced at the COP31 climate summit on Tuesday.
The COP31 35-by-35 Global Electrification Pledge aims to raise electricity’s share of global final energy consumption from around 23% to at least 35% by 2035, accelerating the shift to electric transport, buildings and industries. It has received backing from 180 companies with combined annual revenues of $1.69 trillion.
COP31 President Murat Kurum said electrification was essential to strengthen energy security, reduce emissions and support economic growth, particularly amid growing concerns over dependence on imported energy.
The Utilities for Net Zero Alliance (UNEZA) raised its annual investment commitment from $148 billion to $156 billion. The International Energy Agency (IEA) will track progress through a global monitoring mechanism, while the International Renewable Energy Agency (IRENA) will help developing countries identify investment needs and access financing.
The COP31 presidency is also establishing an Electrify Now Finance Coalition, bringing together governments, development banks and private financial institutions to mobilise funding for emerging and developing economies. The World Bank and African Development Bank are set to serve as its inaugural co-chairs in 2027.
However, campaigners have questioned whether rising electricity demand will be met with renewable energy or additional fossil fuel generation.
Claire Smith of the civil society coalition Beyond Fossil Fuels warned that electrification could increase fossil fuel consumption unless accompanied by renewable energy expansion, stronger grids and storage facilities. The pledge does not explicitly require all additional electricity to come from clean sources, leaving countries to determine their own energy mix.
Türkiye's continued investment in oil and gas has also raised questions about the consistency of its climate ambitions. President Recep Tayyip Erdoğan recently announced two new oil fields with an estimated combined potential of 135 million barrels, while reporting daily production of 84,000 barrels in the Gabar region.
Climate Action Tracker rates Türkiye's overall climate action as “critically insufficient”, citing continued investment in fossil fuels despite progress in wind and solar energy.
The debate has particular significance for developing countries such as Bangladesh, where dependence on imported fossil fuels, limited access to affordable finance and inadequate infrastructure remain major challenges. Expanding renewable energy, upgrading distribution networks and securing technology and investment will be crucial to a sustainable transition.
Further discussions on climate finance are scheduled for November 13. The broader challenge for COP31 will be to turn investment pledges into measurable action and ensure that electrification delivers affordable, reliable and cleaner energy without deepening debt or prolonging fossil fuel dependence.
**This story was produced as part of the COP31 Climate Change Media Partnership, a journalism fellowship organised by Internews' Earth Journalism Network, Informed Earth and the Stanley Center for Peace and Security.
