The data indicates a global tipping point with 97% of mid-market and large company leaders backing a move away from coal and other fossil fuels, with nearly 78% supporting the shift to a renewables based electricity system by 2035 or sooner.
The polling, conducted across economies and emerging markets, by Savanta key and commissioned by E3G, Beyond Fossil Fuels and We Mean Business Coalition, underscores an accelerating corporate shift away from fossil fuels towards renewables. Powering up: Business perspectives on shifting torenewable electricityalso serves as a warning - the majority of businesses suggest they will relocate if governments fail to act.
Business leaders were surveyed in Australia, Brazil, Canada, Germany, India, Indonesia, Italy, Japan, Mexico, Poland, South Africa, South Korea, Türkiye, UK and US.
Stuart Lemmon, Global Head of Practices, Sustainability, Schneider Electric Sustainability Business, Schneider Electric said, "As part of Schneider Electric Sustainability Business, we are dedicated to empowering our clients to invest in renewable energy, energy efficiency, electrification and digitalization. Companies embracing renewable energy today are positioning themselves to succeed tomorrow - driving greater competitiveness, accelerating innovation and unlocking long-term cost savings. Renewable energy isn't merely good sustainability practice; it's an essential strategy for businesses committed to growth, resilience and long-term success."
Key findings:
- Competitiveness at stake: Half of 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.
- Energy security is paramount: Three-quarters (75%) of executives associate renewables with stronger energy security.78% of German business leadersbelieve anaccelerated renewable transitionwill reduce Germany’s exposure to volatile energy imports.
- Economic growth and jobs: 77% link renewables to economic growth, while 75% see them as key to job creation.
- Swift transition from coal: Nearly nine in ten (87%) of business executives who want their government to prioritize investment in renewables want them to stop using coal-fired electricity within the next decade. More than two-fifths (43%) of mid-sized and large businesses plan to transition away from using coal within their own operations by 2030, with over one quarter (27%) intending to follow suit by 2035.
- No room for new gas: Two-thirds (67%) of executives want coal phased out and replaced with renewables, grids and storage- without locking in new gas infrastructure. Even in gas-reliant countries like Mexico, Italy, and Japan, businesses favor a direct transition to renewables. In the United States which has the fourth largest proven gas deposits in the world, almost two-thirds (65%) of those polled would rather see a direct transition to renewables in a post-coal era.
- Government policy is lagging: Despite strong corporate backing, many governments lack clear transition plans. In Japan business leaders say they want clarity on renewable electricity’s role within the country’s climate plans, highlighting corporate uncertainty in the investment outlook of Japan's future power mix. In Canada, where mine closures risk damaging communities, companies are urging workforce reskilling and targeted incentives.
Maria Mendiluce, CEO, We Mean Business Coalition commented,“The shift away from fossil fuels is no longer a debate - it is an economic reality driven by companies that recognize clean energy as the foundation for long-term competitive advantage, job creation, and energy price stability. Business leaders are investing in renewables and would like to do more. They need governments to accelerate planning and the removal of permitting delays for renewable energy, storage and grids.
“The business determination to build a clean energy system is a great opportunity for countries to attract investment and growth. Governments and companies need to work together, reskilling the workforce to benefit from new jobs opportunities.”
Claire Smith, Senior International Campaigner, Beyond Fossil Fuels added, “Fossil gas has delivered chaos and losses — business leaders have seen enough. Access to affordable renewable power is now a deal breaker for boardroom strategists. Politicians that fail to transition away from fossil fuels to renewables-based power in the next decade won’t just miss out on future investment; they’ll drive business out the door.”
Country highlights:
- Brazil: As the host of COP30, Brazil is under pressure to showcase climate leadership. One of the world’s largest economies, it boasts the lowest share of fossil fuels in its energy mix. A striking 89% of business leaders support shifting away from any remaining fossil fuels to a renewables based electricity system by 2035, recognizing the economic and energy security benefits of renewable power. With Brazil’s hydropower sector facing increasing climate-related risks, corporate leaders are looking to wind and solar as the next phase of the country’s energy evolution.
- India & Indonesia: Despite massive coal sectors, 93% of Indian and 94% of Indonesian executives who support new investment in renewables being prioritized, back transitioning away from coal within 10 years.
- Australia: 60% of business executives identified the creation of new jobs as a primary benefit of the transition to a renewables-based power system. If the Australian government fails to transition to renewable energy, more than half (55%) of business executives fear organizations will face sluggish economic growth and a deteriorating investment climate.
- Fossil fuel lobbying as a barrier: In Türkiye, where 81% of business leaders polled want a rapid phase-out of fossil fuels and 55% want to see a renewables-based power system by 2030, corporate frustration is mounting over fossil fuel interests blocking progress, with 39% identifying the strong lobbying influence of fossil fuel companies as a barrier to the country transitioning away from fossil fuels.
- The gas challenge: As well as Mexico, Italy and the US, where gas dominates power generation, businesses in South Africa, Indonesia, Canada and Australia want to see governments shift away from coal and invest directly in renewables without moving first to gas.
- Barriers to delivery: In the UK, where business and government have a strong track record in advancing the transition, more than three-fifths of business executives (62%) see energy security as a benefit from transitioning from fossil fuels to renewables. Almost one third (32%) of UK business leaders also feel the delays in obtaining permits for renewable energy, storage or grid infrastructure projects is a barrier. Of those business leaders surveyed in South Korea 43% want to see accelerated planning and investment into modernizing the grid.
- Poland: A rapid exit from coal has the strong support of business leaders surveyed, especially those who favor the government prioritizing renewables when investing in new electricity generation projects, more than four-fifths (81%) of whom want to see zero electricity from coal within the next 10 years.
In response to the findings, Alice Steenland, Chief Strategy, Sustainability and Marketing Officer, Signify said, "At Signify, we’re already moving away from fossil fuels and sourcing electricity from renewables, while increasing the energy efficiency of our lighting products. This combination – renewables plus energy efficiency – will reduce carbon emissions, lower costs for households and companies, and create millions of local, clean energy jobs."
The findings present a clear mandate for policymakers, with businesses highlighting the need for:
- Clear incentives for renewable energy projects, including financing mechanisms and tax credits.
- Robust roadmaps for national transition, ensuring that the shift is both rapid and strategic.
- Investible NDCs that provide thought-through policy frameworks for the phase out of fossil fuels and upscaling of renewables, that in turn offer long-term stability for corporate decision-making.
- Workforce retraining and job creation plans, particularly in coal-heavy economies, to ensure a just transition.
Methodology
The sample for this research consisted of 1,477 business leaders of medium and large organizations (with revenues of USD$1 million or more) across fifteen global markets. The participants were selected to provide a representative view of business leadership perspectives on energy transition.
The fieldwork was executed through an online survey conducted by Savanta. The survey lasted between 10 and 15 minutes long and was deployed in the local language for each individual market. This approach ensured comprehensive coverage and ease of participation across different geographical regions.
