Global Electrification Pledge Proposed at COP31
Governments face calls to lift electricity’s share of global energy consumption from 23% to 35% by 2035 at the COP31 climate summit, rte.ie reported.
The target forms the core of the Turkish presidency’s climate agenda to curb fossil fuel use.
COP31 President Murat Kurum pointed to the global energy crisis as proof that imported fossil fuels leave nations vulnerable. “The age of electricity is taking shape,” Kurum said, adding that the summit should mark the moment the world “flicked the switch.”
Industrial Backing and Financial Alliances
More than 180 major companies, including Volvo, Uber, IKEA, and Siemens, back the push for faster electrification. These firms generated a combined annual revenue of $1.69 trillion.
An international alliance of electricity utilities raised its annual investment commitment for networks, renewables, and storage from $148 billion to $156 billion. Meanwhile, a new international finance coalition aims to secure funding for developing nations to expand their power grids.
| Entity / Alliance | Previous Figure | New Commitment |
|---|---|---|
| International Electricity Utilities Alliance | $148 billion | $156 billion |
| Backing Corporate Revenue (180+ Companies) | Not specified | $1.69 trillion |
Carbon Dioxide Emissions Drop as Fossil Fuel Use Falls
Global carbon dioxide emissions from fossil fuels will drop by 0.4% this year to 38.2 billion tonnes, according to research from the Global Carbon Project presented at the summit. This is the first annual decline since the Covid-19 pandemic in 2020.
Higher oil prices stemming from the US-Israeli war on Iran drove down petroleum consumption, contributing to the drop. However, Professor Corinne Le Quéré of the University of East Anglia warned that high petrol prices do not offer a sustainable way to tackle climate change.
“Global emissions of carbon dioxide that cause climate change are set to decrease this year,” Le Quéré said. “This should be good news, but effectively in part it’s caused by the high petrol prices and oil prices that are reducing the use of petrol.”
Finance Coalition Leaders Assume Roles Amid Activist Warnings
The World Bank and the African Development Bank will assume roles as inaugural co-chairs of the new international finance coalition in 2027. This framework seeks to help developing nations replace fossil fuel technologies with expanded electricity infrastructure.
Climate activist Greta Thunberg warned attendees that decisions made at the negotiating tables carry life-or-death consequences. Thunberg stated that the world is passing irreversible tipping points beyond human control.
What Is the 35 by 35 Global Electrification Pledge?
What is the 35 by 35 Global Electrification Pledge?
It is a central COP31 initiative aiming to raise electricity’s share of global energy consumption from 23% to 35% by 2035 to reduce fossil fuel dependence.
Why are global carbon dioxide emissions projected to fall this year?
The Global Carbon Project estimates a 0.4% decline due to reduced oil consumption driven by high oil prices and the continued expansion of renewable energy and electric vehicles.
Who will lead the new international finance coalition?
The World Bank and the African Development Bank will take over as inaugural co-chairs of the coalition in 2027.