Annual investment plan of 156 billion dollars for "35 percent electrification" from 89 international companies

The Alliance, formed by 89 electricity companies from various regions of the world, announced an annual investment plan of at least 156 billion dollars in grids, renewable energy and storage in order to support the 35 percent electrification target by 2035, which is one of the main agenda items at the global climate summit COP31.

The action agenda of the 31st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP31), hosted by Türkiye and held in Antalya on 9-20 November, includes the target of increasing the global electrification rate to 35 percent by 2035 (35x35). An international commitment to this goal is expected to be adopted at COP31.

According to the statement made by the Electric Utilities Alliance for Net Zero Emissions (UNEZA) on Energy and Transport Day, the second thematic day of the summit, in order to support the 35x35 target, businesses, cities and civil society are increasing investments in clean energy production and electricity networks, while accelerating the electrification of freight transport, vehicle fleets and industry in major markets.

In this context, UNEZA members announced an annual investment plan of at least 156 billion dollars in the fields of networks, renewable energy and energy storage. This amount is 5 percent higher than last year and 35 percent higher than 2024.

According to the data of the Alliance of 89 electricity and energy service companies of the world, co-chaired by Abu Dhabi National Energy Company TAQA and UK-based SSE, last year a record was broken with the construction of new electricity networks exceeding 21 thousand kilometers in the world.

This development stands out as one of the key elements that made it possible to achieve the 35x35 target. This installation corresponds to a 50 percent increase over the 14 thousand kilometer installation carried out in 2024.