COP31 Puts Money Behind the ‘Age of Electricity’ as Finance Coalition and Utilities Pledge $156bn a Year

COP31 has moved from setting an electrification target to paying for it. On 10 November 2026, the COP31 Presidency in Antalya announced a finance package to back its 35-by-35 electrification pledge, including a new international finance coalition co-chaired by the World Bank and the African Development Bank, and a rise in utilities’ annual investment in grids, renewables and storage to $156 billion.

The announcements came on the second day of the summit, as governments, businesses and investors rallied behind the Presidency’s plan to raise electricity’s share of global final energy use from around 23 per cent today to 35 per cent by 2035. COP31 President Murat Kurum called it the moment the summit “flicked the switch” on the age of electricity.

FAKTA

• What was announced: the Electrify Now Finance Coalition, a new international coalition to fund electrification in emerging and developing economies; the World Bank and the African Development Bank will be its inaugural co-chairs in 2027.
• Utilities’ pledge: the Utilities for Net Zero Alliance (UNEZA) raised its annual investment commitment for grids, renewables and storage from $148 billion to $156 billion.
• Business backing: more than 180 companies with combined annual revenues of over $1.69 trillion are supporting faster electrification at COP31.
• The target: electricity to reach 35 per cent of global final energy consumption by 2035, up from around 23 per cent today.
• When and where: announced on 10 November 2026 at COP31 in Antalya, Türkiye.

A finance coalition for the countries that need it most

The Electrify Now Finance Coalition brings together governments, development banks and private finance to help emerging and developing economies pay for electrification. The World Bank and the African Development Bank will serve as its inaugural co-chairs in 2027, and the coalition is set to run through to COP33 in 2028, when countries take stock of progress towards climate goals.

The need is starkest in Africa. According to the International Energy Agency, around 600 million people in Africa still lack access to electricity, and nearly $150 billion in cumulative investment — about $15 billion a year — will be needed to reach universal electricity access in Sub-Saharan Africa by 2035.

Alongside the coalition, the Climate Investment Funds will deploy $94 million in catalytic public finance through its AMPLIFi programme to support five development bank-led investments in clean power, grids, storage and electrification, with the aim of mobilising around $1.2 billion in private money. The funds will also provide $15 million in junior equity to a South African grid investment platform developed with the African Development Bank.

Utilities raise the stakes to $156 billion a year

The biggest single financial signal came from the Utilities for Net Zero Alliance, whose members raised their combined annual investment commitment for grids, renewables and storage from $148 billion to $156 billion — an increase of $8 billion a year.

The alliance, which has 89 member utilities serving more than 320 million customers across six continents, says its members built more than 21,000 kilometres of new grid in 2025, up from 14,000 kilometres in 2024. The group aims to mobilise more than $1 trillion in energy transition investment by 2030.

Martin Pibworth, chief executive of SSE and a co-chair of the alliance, said clean electrification was “the pathway not just to decarbonisation but to lower bills, energy security and resilience”, adding that the utilities community stood ready “to turn that ambition into real investment and delivery on the ground”.

Business backs the switch

The We Mean Business Coalition has mobilised more than 180 companies — including Volvo, Uber, IKEA and Siemens — with combined annual revenues of over $1.69 trillion in support of faster electrification at COP31.

Maria Mendiluce, chief executive of the coalition, said electrification was becoming “one of the defining economic shifts of our time”, warning that “the countries that move fastest to make electrification affordable and commercially viable will attract the next wave of industrial investment, while those that fall behind risk losing out for decades”.

The machinery behind the pledge

The Presidency also set out the institutions that will carry the electrification agenda beyond Antalya. The first Electrification Forum, co-hosted with the European Union, met on 10 November and will continue as a regular meeting of governments, institutions, businesses and financiers, run by an Electrification Board chaired by the COP31 Presidency with the International Energy Agency (IEA) as secretariat. The IEA will also lead a Global Electrification Tracking Mechanism to monitor progress.

The International Renewable Energy Agency (IRENA) will support the Presidency through its Enabling Distribution Grids for Electrification (D-GRIDS) programme, helping developing countries identify grid investment needs, prepare projects and access finance. IRENA Director-General Francesco La Camera said the programme would strengthen distribution grids “and unlock electrification”.

Sustainable Energy for All published a new report, The Electrification Opportunity, on 10 November, setting out the challenges and opportunities of electrification for emerging markets and developing economies. The COP31 Presidency has also formed a strategic partnership with the Organisation for Economic Co-operation and Development, which is providing two input notes on financing electrification and the economic opportunities of faster action.

Why it matters — and the caveats

The case for speed is economic as well as climatic. Bruce Douglas, chief executive of the Global Renewables Alliance, said every day of the latest fossil fuel crisis cost importers an extra $1.8 billion, while renewable-powered electrification “insulates consumers from high and volatile fossil fuel prices”. UN Climate Change Executive Secretary Simon Stiell has pointed to IRENA figures showing that 90 per cent of large renewable energy projects are now cheaper than fossil fuel alternatives, and that renewables have overtaken coal in global electricity generation.

There are honest limits to what was announced. The 35-by-35 pledge is voluntary and non-binding, and the finance coalition has not yet set out how much money it aims to raise or which countries and projects will benefit first; its formal work programme begins in 2027. Critics, including Greenpeace Türkiye and Pacific island states, have also warned that the pledge does not require the new electricity to come from renewable or low-carbon sources. The test, as Chris Bowen, COP31 President of Negotiations, put it, is whether “ambition matters, but it must be backed by investment, infrastructure and implementation”.

The electrification push continues through the summit. A high-level dialogue on 35-by-35, organised by the IEA and the COP31 Presidency, takes place on 11 November, with further announcements expected on the thematic days for Resilient Cities on 12 November, Finance on 13 November and Industry on 16 November. For background on the pledge itself, see Watan News’ report on COP31’s Energy and Transport Day, and on the related Global Rooftop Solar Declaration for 300 million homes.

Conclusion

COP31’s second day turned an electrification target into a financing plan: a World Bank and African Development Bank-led coalition, $156 billion a year from utilities, and the backing of 180 major companies. The money is not yet flowing, and the pledge remains voluntary — but the institutions, the tracking and the first funds are now in place, and the leaders’ summit on 11–12 November will show whether governments match the finance with national plans.

Frequently asked questions

What is the Electrify Now Finance Coalition?

It is a new international coalition of governments, development banks and private finance formed at COP31 to mobilise funding for electrification in emerging and developing economies. The World Bank and the African Development Bank will be its inaugural co-chairs in 2027, and it will run through to COP33 in 2028.

What is the 35-by-35 pledge?

It is the COP31 Presidency’s Global Electrification Pledge, which aims to raise electricity’s share of global final energy consumption from around 23 per cent today to 35 per cent by 2035, by electrifying transport, buildings and industry. The target is based on analysis by the IEA and IRENA and is voluntary and non-binding.

How much are utilities investing?

Members of the Utilities for Net Zero Alliance raised their combined annual investment commitment for grids, renewables and storage from $148 billion to $156 billion at COP31. The alliance has 89 member utilities and aims to mobilise more than $1 trillion in energy transition investment by 2030.

Why does electrification matter for developing countries?

Around 600 million people in Africa still lack access to electricity, according to the IEA, and nearly $150 billion in cumulative investment is estimated to be needed for universal access in Sub-Saharan Africa by 2035. Electrification can also cut household energy costs, reduce pollution and protect economies from volatile fossil fuel prices.

What happens next at COP31?

A high-level dialogue on 35-by-35 takes place on 11 November, followed by the World Leaders’ Summit on 11–12 November and thematic days on Resilient Cities (12 November), Finance (13 November) and Industry (16 November), where further announcements are expected.