Tashkent, Uzbekistan (UzDaily.uz) — At the COP31 UN Climate Change Conference in Antalya, the presidency unveiled a global initiative to accelerate the electrification of the world economy. The initiative aims to increase electricity's share of final energy consumption from approximately 23% today to 35% by 2035.
The initiative, known as “35 by 35,” seeks to expand the use of electric technologies across transport, industry, and buildings. Electrification, combined with the development of low-carbon power generation, is expected to reduce greenhouse gas emissions, strengthen energy security, and decrease dependence on imported fuels.
COP31 President Murat Kurum said the energy crisis had exposed the vulnerability of economies dependent on energy imports. According to Kurum, accelerating electrification should become a key instrument for strengthening energy security and stimulating economic growth.
COP31 President of Negotiations Chris Bowen emphasized that achieving these targets would require not only political commitments but also investment in energy infrastructure, including electricity grids and energy storage systems.
International Financial Institutions Form Coalition to Finance Electrification
One of the key initiatives announced at COP31 is the establishment of an international Electrification Finance Coalition bringing together governments, development banks, and private financial institutions.
The World Bank and the African Development Bank are expected to become the coalition's inaugural co-chairs in 2027. Its activities will focus on expanding developing countries' access to financing for energy projects.
Meanwhile, the International Renewable Energy Agency (IRENA) will support the D-GRIDS programme, which focuses on strengthening electricity distribution networks. The programme is designed to help developing economies identify investment needs, prepare infrastructure projects, and mobilize financing.
The International Energy Agency (IEA) will lead a global electrification tracking mechanism to monitor global and regional trends. A regular Electrification Forum is also planned, bringing together governments, businesses, and financial institutions.
Energy Companies Increase Investment Commitments
The Utilities for Net Zero Alliance (UNEZA) announced an increase in its annual investments in electricity grids, renewable energy, and energy storage systems from $148 billion to $156 billion.
In addition, more than 180 companies with combined annual revenues exceeding $1.69 trillion have expressed support for accelerating electrification. They include Volvo, Uber, IKEA, and Siemens.
According to participants in the initiative, the wider adoption of electric technologies could reduce consumers' exposure to fluctuations in global fossil fuel prices while creating new opportunities for industrial development.
What Does This Mean for Uzbekistan?
For Uzbekistan, the global electrification agenda is particularly relevant in the context of expanding electricity generation, modernizing grid infrastructure, developing renewable energy, and improving energy efficiency.
Increasing electricity's share in transport, industry, and the residential and utility sectors will require not only the construction of new generating capacity but also the development of distribution networks, energy storage facilities, and demand management mechanisms.
However, accelerating electrification does not automatically guarantee emissions reductions. Its environmental benefits depend on the electricity generation mix, infrastructure efficiency, and the energy sources used to meet growing demand.
The financial initiatives presented at COP31 could potentially create additional opportunities for developing economies, including countries in Central Asia. However, specific participation requirements and financing arrangements for projects in Uzbekistan under the new mechanisms have not yet been announced.
COP31 is taking place in Antalya, Türkiye, from November 9 to 20, 2026. The conference brings together representatives of governments, international organizations, financial institutions, and businesses to discuss climate policy and the energy transition.
Kamila Fayzieva, Antalya, reporting exclusively for UzDaily.uz
