BATHINDA: A global poll of business executives across 15 countries shows overwhelming support for a rapid transition away from fossil fuels to renewable electricity.
The data indicates a global tipping point with 97% of mid-market and large company leaders backing a move away from coal and other fossil fuels, with nearly 78% supporting the shift to a renewables-based electricity system by 2035 or sooner.
The polling, conducted across key economies and emerging markets, by Savanta and commissioned by E3G, Beyond Fossil Fuels and We Mean Business Coalition, underscores an accelerating corporate shift away from fossil fuels towards renewables.
Almost all senior executives (99%) in Indian companies support a transition from fossil fuels to renewables-based electricity generation, with most (84%) wanting such a move within the next decade. This will require a large-scale ramping up of renewables in the national grid, where fossil fuels currently account for 75% of electricity generation (mostly in the form of coal, at 72%). Recent years have seen a major uptick in the installation of new renewables generation, with renewable electricity now comprising 23% of total electricity generation. This growth trend is particularly evident for solar; in 2024, India added about 24.5GW of solar capacity, its highest ever yearly amount. Supporting this trend is the obligation on the country’s electricity distribution companies to source nearly 44% of their supply from renewable sources by 2030, among other measures.
As world leaders finalise their next round of national climate plans (NDCs), the message from business is unequivocal – renewable energy is the best path to economic growth, energy security, and long-term competitiveness.
Business leaders were surveyed in Australia, Brazil, Canada, Germany, India, Indonesia, Italy, Japan, Mexico, Poland, South Africa, South Korea, Türkiye, UK and US.
In response to the findings, Gonzalo Sáenz de Miera, Director of Climate Change and Alliances at Iberdrola said: “A rapid shift from fossil fuels to renewable power and electrification makes strong business sense and ensures energy security and resilience. Enabling policy environments for investments in clean energy, grids and storage; market mechanisms and long-term contracts to provide price stability; and an acceleration of permitting for projects will be paramount to this aim.”
Stuart Lemmon, Global Head of Practices, Sustainability, Schneider Electric Sustainability Business, Schneider Electric said: “As part of Schneider Electric Sustainability Business, we are dedicated to empowering our clients to invest in renewable energy, energy efficiency, electrification and digitalisation. Companies embracing renewable energy today are positioning themselves to succeed tomorrow – driving greater competitiveness, accelerating innovation and unlocking long-term cost savings. Renewable energy isn’t merely good sustainability practice; it’s an essential strategy for businesses committed to growth, resilience and long-term success.”
Liz Minné, Director and Head of Global Sustainability at Interface said: “The polling insights show that more global businesses understand the urgent need to shift from fossil fuels to renewables. Interface prioritises energy efficiency and renewable energy to reduce our impact. It’s necessary if we’re going to reach our carbon negative by 2040 goal. In fact, 80% of the energy we source at our manufacturing sites is renewable, and we’ve achieved our goal of sourcing 100% renewable electricity in manufacturing.”
As per findings of the poll, half of business leaders say they will relocate their operations (52%) and supply chains (49%) to markets with better access to renewables-based power systems within five years. Three-quarters (75%) of executives associate renewables with stronger energy security. 78% of German business leaders believe an accelerated renewable transition will reduce Germany’s exposure to volatile energy imports. 77% link renewables to economic growth, while 75% see them as key to job creation. Nearly nine in ten (87%) of business executives who want their government to prioritise investment in renewables want them to stop using coal-fired electricity within the next decade. More than two-fifths (43%) of mid-sized and large businesses plan to transition away from using coal within their own operations by 2030, with over one quarter (27%) intending to follow suit by 2035.
Two-thirds (67%) of executives want coal phased out and replaced with renewables, grids and storage- without locking in new gas infrastructure. Even in gas-reliant countries like Mexico, Italy, and Japan, businesses favour a direct transition to renewables. In the United States which has the fourth largest proven gas deposits in the world, almost two-thirds (65%) of those polled would rather see a direct transition to renewables in a post-coal era. Despite strong corporate backing, many governments lack clear transition plans.
