Cop31, the coalition for electrification aid arrives

This afternoon at COP31 in Antalya, Turkey, the Electrify Now Finance Coalition will be launched, a coalition of governments, development banks and private finance that aims to unlock investments in clean electrification in emerging and developing countries. The climate think tank Ecco made this known in its newsletter from Cop31. The launch will take place during the ministerial meeting for electrification co-organised by the COP Presidency and the European Commission.

According to the OECD, reaching 35% global electrification by 2035 requires around 3,500 billion dollars in investments per year, compared to 1,800 today. The Energy Transitions Commission estimates that accelerating clean electrification could reduce warming by about 0.3°C.

Developing countries generate around 80% of global electricity demand growth, according to a new analysis from Sustainable Energy for All. Yet, around 90% of investments in the energy transition go to advanced economies and China. About 2% reaches Africa.

The Electrify Now Finance Coalition will work with governments to build portfolios of financeable projects, reduce risk, remove regulatory barriers and improve access to finance. The World Bank will be co-president in 2027. Members at the launch will include EIB, EBRD, BID, OECD, IEA, CIF, IIGCC and Energy Transitions Commission.