97% Business Leaders Support Shift Towards Renewable Energy: Report

97% Business Leaders Support Shift Towards Renewable Energy: Report

A global survey of business executives across 15 countries shows overwhelming support for a rapid transition from fossil fuels to renewable energy. The poll found that 97 percent of leaders from mid-market and large companies back a move away from coal and other fossil fuels, with nearly 78 percent supporting a renewables-based electricity system by 2035 or earlier.

As governments prepare their next round of national climate plans (NDCs), the findings signal strong backing from the business community for renewables as a pathway to economic growth, energy security and competitiveness.

The survey, carried out by Savanta and commissioned by E3G, Beyond Fossil Fuels and the We Mean Business Coalition, highlights a growing corporate shift away from fossil fuels. It also warns that many firms may relocate operations if governments fail to act.

Executives were polled in Australia, Brazil, Canada, Germany, India, Indonesia, Italy, Japan, Mexico, Poland, South Africa, South Korea, Türkiye, the UK and the US.

Indian support for renewables

In India, nearly all senior executives (99 percent) support a transition to renewables-based electricity generation, with 84 percent calling for the shift within the next decade, the report said.

It noted that fossil fuels currently account for 75 percent of India’s electricity, with coal making up 72 percent.

To encourage the transition, more than two-thirds (68 percent) of Indian executives said they would prefer to move directly to a renewables-based system without relying on fossil gas as a bridge fuel.

“Doing so would align the power sector more closely with the government’s desire to drive national economic growth (59%) and provide reliable and affordable electricity for all (59%), argue almost three-fifths of Indian business leaders,” the report added.

The report said government-backed Firm and Dispatchable Renewable Energy (FDRE) projects could make renewable electricity cost-competitive with coal. It found 93 percent of Indian executives support a coal phase-out by 2035.

“The fact that the recent tenders for Firm and Dispatchable Renewable Energy projects (i.e. renewables backed with storage) are comparable to the cost of new coal power gives weight to this preference,” the report said.

Business leaders call for policy action

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…”

Nick Mabey, CEO of E3G, said: “In contrast to much political commentary, this global poll shows nearly 80% of business executives strongly support a rapid transition to renewable power systems in the next decade…”