Most business executives across 15 countries are reluctant to remain in countries that lack access to renewable electricity and are considering relocating their supply chains to markets with stronger clean energy infrastructure within five years, according to a new survey on Tuesday.
Half of the 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, according to the polling, conducted across key economies and emerging markets, by market research agency Savanta.
The survey commissioned by E3G, Beyond Fossil Fuels, and We Mean Business Coalition, underscores an accelerating corporate shift away from fossil fuels towards renewables.
Titled Global Business Poll: Powering Up, the survey highlights business leaders' push for renewable electricity and warns that most companies may relocate operations if governments fail to act on clean energy access.
Business leaders were surveyed in Australia, Brazil, Canada, Germany, India, Indonesia, Italy, Japan, Mexico, Poland, South Africa, South Korea, Türkiye, the UK and the US.
According to the survey shared with Anadolu, companies back the shift to renewable electricity and are swiftly transforming their operations to align with the transition.
The data points to a global tipping point, with 97% of mid-market and large company leaders supporting a move away from coal and other fossil fuels, and nearly 78% backing a transition to a renewables-based electricity system by 2035 or earlier. Three-quarters (75%) of executives associate renewables with stronger energy security.
Economic growth and jobs remain top priorities, with 77% of respondents linking renewables to economic growth and 75% viewing them as critical to job creation.
A swift transition from coal is also gaining momentum, with 87% of executives urging their governments to end coal-fired electricity within the next decade.
Meanwhile, 43% of mid-sized and large companies plan to phase out coal in their own operations by 2030, and an additional 27% aim to do so by 2035.
- More than half of executives in Türkiye call for full transition to renewables in 5 years
While 98% of Turkish business executives surveyed support ending the use of fossil fuels in electricity generation, 81% favor a full transition to renewable energy within the next 10 years, with more than half calling for the shift to happen within five years.
Most senior executives believe expanding renewable energy generation will enhance Türkiye's economic competitiveness and support long-term economic growth.
In addition to the climate benefits of a rapid transition to clean energy, 60% of senior executives view the shift from fossil fuels to renewables as a means to enhance energy security, while 62% see it as a way to prevent stranded assets.
While nearly three-quarters of executives in Türkiye expect the majority of their electricity to come from renewable sources by 2035, some believe current government policies to expand renewables fall short of what is needed.
Nick Mabey, CEO of E3G (Third Generation Environmentalism), said that nearly 80% of business executives strongly support a rapid transition to renewable power systems in the next decade.
'Business also wants stronger government policies to facilitate the shift to renewable electricity, access to which is a top priority when deciding where to invest,' Mabey said.
'This strong endorsement of the economic and security benefits of renewables should give governments confidence to set ambitious, 1.5 degree aligned NDCs ahead of COP30,' he added.
Reporting by Nuran Erkul in London
Writing by Handan Kazanci
Anadolu Agency
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