By CJAM News Desk

A global push to expand electricity use in transport, buildings and industry is gathering momentum at COP31, with new investment commitments and a finance coalition intended to support emerging and developing economies.

According to a COP31 Presidency statement released on Tuesday, the Global Electrification Pledge aims to increase electricity’s share of final energy consumption from around 23 per cent to 35 per cent by 2035.

The initiative combines electrification with cleaner power, stronger grids and energy storage to improve energy security, expand access and reduce emissions.

For African countries, a significant development is the proposed Electrify Now Finance Coalition, bringing together governments, development banks and private financiers. The World Bank and African Development Bank are expected to serve as its inaugural co-chairs in 2027.

The statement did not specify how much funding the coalition would mobilise or how countries would access support.

Investment in grids and renewable power

The Utilities for Net Zero Alliance is increasing its annual investment commitment for grids, renewables and storage from $148 billion to $156 billion, the Presidency said. The figure represents a commitment, rather than money already disbursed.

Separately, more than 180 companies with combined annual revenues exceeding $1.69 trillion have backed faster electrification through the We Mean Business Coalition. Their combined revenues are a measure of the businesses involved, rather than a financing pledge.

COP31 President of Negotiations Chris Bowen stressed that expanding electricity use must be supported by infrastructure and investment.

“Ambition matters, but it must be backed by investment, infrastructure and implementation,” he said.

The International Renewable Energy Agency will lead the Enabling Distribution Grids for Electrification programme, known as D-GRIDS. It is designed to help developing countries identify grid investment needs, prepare projects and access finance.

Distribution networks carry electricity to homes, businesses and public services, making their development central to translating additional generation into usable power.

An opportunity for jobs and industrial development

Damilola Ogunbiyi, Chief Executive of Sustainable Energy for All, linked electrification to wider development opportunities.

“Electrification presents an opportunity to industrialize, create jobs, improve livelihoods and strengthen energy independence,” she said.

A new report developed with the COP31 Presidency, The Electrification Opportunity, examines the challenges and opportunities for emerging markets and developing economies.

The Presidency also announced an Electrification Forum, co-hosted with the European Union, intended to continue beyond the summit. The International Energy Agency will support the forum and lead a mechanism to track global and regional electrification trends.

For Africa, the practical test will be whether these initiatives help countries develop reliable, affordable electricity systems that support local businesses, public services and industrial growth.

The announcements set out proposed delivery mechanisms and investment intentions. Their impact will depend on funding reaching viable projects and electricity reaching the people and enterprises that need it.

Source: COP31 Presidency press release, 10 November 2026.