Australia has joined a coalition of governments and international agencies to a new global push to combat fossil fuel volatility called ‘Electrify Now’.
The new global platform aims to rapidly accelerate the electrification of homes, transport, and heavy industries.
The launch features a joint commitment from the European Commission, the United Kingdom, Canada, South Korea, the Philippines, and the upcoming UN climate change presidency nations: Brazil (COP30), Ethiopia (COP32), and joint hosts Australia and Türkiye (COP31).
The platform arrives as a direct economic response to the ongoing global energy crisis. Leaders argue that transitioning away from unreliable, imported fossil fuels towards clean energy and flexible storage is a priority to protect household energy bills and boost industrial competitiveness.
According to data cited by the coalition, the momentum is already shifting. Global electric car sales are projected to reach 23 million this year, making up 28 per cent of all car sales.
Furthermore, global investments in electricity supply and infrastructure are expected to hit US$1.6 trillion (AU$2.4 trillion) in 2026.
Under current policies, electricity demand is forecast to grow four times faster than overall energy demand through to 2035.
Central to the initiative is a push by the incoming COP31 presidency to establish a formal global target to raise electrification to 35 per cent of final energy demand by 2035.
“Dependence on volatile imported fossil fuels leaves our economies exposed and our citizens paying the price,” European Commission President Ursula von der Leyen said.
“Electrification is another way to shift from reliance to resilience.”
The platform will focus on breaking down regulatory and policy barriers, upgrading grid infrastructure, and helping emerging markets secure the private and public finance required to fast-track their domestic energy resilience.
Chris Bowen, Australia’s Minister for Climate Change and Energy, added that the global energy crisis has reinforced the important role of electrification.
“Electrification is a practical way to lower energy bills, reduce emissions, and strengthen energy security,” Bowen said.