A powerful new report reveals near-unanimous support among global business leaders for a rapid transition to renewable electricity, as companies warn of operational relocations and lost competitiveness if access to clean energy remains limited.
According to Powering Up: Business Perspectives on Shifting to Renewable Electricity, 97% of executives across 15 countries believe governments must accelerate the shift away from fossil fuels. A majority—78%—want to see a full transition to renewables-based electricity systems by 2035 or sooner.
“Renewable energy is no longer just a climate solution—it’s a core business strategy,” said Maria Mendiluce, CEO of the We Mean Business Coalition.
The report highlights a growing consensus that clean power is critical to business continuity. Around 75% of surveyed leaders associate renewables with improved energy security, while 50% cite lower electricity costs and 42% expect stronger profits.
Companies are already taking matters into their own hands. More than 70% are planning to eliminate fossil fuels from their electricity mix within a decade, with 93% considering investment in on-site renewables. Half expect these projects to be operational within five years.
However, the message to policymakers is clear: delay comes at a cost. Over half of respondents (52%) said they are prepared to relocate operations, and nearly as many (49%) their supply chains, if renewable energy access remains insufficient.
Business leaders identified key barriers stalling the transition, including high upfront investment costs (46%), underdeveloped renewable infrastructure (38%), and unclear policy roadmaps (35%). To overcome these, they are calling for targeted support—such as financial incentives, worker reskilling programs, and a shift of fossil fuel subsidies toward clean energy.
As countries prepare their updated Nationally Determined Contributions (NDCs) ahead of COP30, the report calls for stronger alignment between corporate ambition and government action.
“The future is renewable,” the report concludes. “Governments must act with urgency, or risk losing capital, talent, and trust. The business world is moving forward—policymakers must keep pace.”
