Business leaders overwhelmingly back a transition to clean energy
A new global survey has revealed that executives overwhelmingly support the transition to clean energy, with 97% saying that they back the change[i].
The research ‘Global Business Poll: Powering Up’, which was released ahead of the IEA (International Energy Agency) Summit on the Future of Energy Security (24th-25th April), surveyed almost 1,500 business leaders across 15 countries. Nations chosen were ‘top coal markets, gas consumers and other major emitters’, and include Brazil, Germany, India, the UK, and the USA. Undertaken as a collaboration between We Mean Business Coalition, E3G and Beyond Fossil Fuels, the study sought the attitudes and opinions of executives at mid-market and large organisations (with revenues of US$ 1 million or more)[ii].
The study found that as well as the vast majority (97%) of executives being in favour of shifting towards renewables-based electricity, almost four-fifths (78%) of respondents support this change taking place within the next decade (by 2035 or sooner). Further, just over two thirds (67%) of respondents agreed that governments should phase out coal and replace it exclusively with new renewables, grids, and storage[iii]. In addition, of those business leaders who want their government to prioritise investment in renewables, 87% also want them to stop using coal-fired electricity completely within the next decade.
Renewables as a driver for investment
Crucially, the research revealed that renewables are acting as a driver for investment, with businesses across the world helping deliver the shift to clean energy. More than half of executives say they will relocate their operations (52%) and supply chains (49%) to markets with better access to renewables-based power systems within five years[iv]. The researchers state that this is essential for governments to consider as they aim to bolster national competitiveness, energy security and investment. More than eight in ten (85%) of the executives polled said they wish for their governments to prioritise new investments in solar and wind over other renewable sources[v].
In addition, business leaders are taking matters into their own hands, with the vast majority (93%) considering investment in on-site renewables to aid their operations in the coming years, of which half expect to do so within the next five years.
Business leaders say that they associate renewables with stronger energy security (75%), lower electricity bills (50%) and higher profits (42%). Over three-quarters (77%) of those polled positively associate renewables with economic growth, for instance, with a similar proportion (75%) making the link between renewables and job creation. In part, this is due to the rapid fall in the cost of solar and wind technologies, which is making renewables increasingly cost-competitive[vi] the report authors claim.
References
[i] 97% of business leaders back the renewables transition - We Mean Business Coalition
[ii] Powering-up_Business-perspectives-on-shifting-to-renewable-electricity_Report.pdf
[iii] Ibid
[iv] Ibid
[v] Ibid
[vi] Ibid
