April 2025
On the day of the UK/IEA Energy Security Summit, we the undersigned, a global coalition of leading
businesses, associations and investors, call on governments to anchor a modern, inclusive framework of energy security at the heart of national energy policy and delivery of the global stocktake goals. This is one of the most strategic actions governments can take to ensure long-term competitiveness, resilience and prosperity in a rapidly changing world.
Accelerating the deployment of renewable energy and energy efficiency, paired with flexibility and
storage, delivers benefits far beyond emission reductions. These solutions cut costs, protect businesses from price shocks and build competitive economies. In the EU, growth in solar and wind over the past five years helped avoid EUR 59 billion in fossil fuel import costs, lowering wholesale power prices, and improving price predictability for industry. The potential is far greater. Existing technologies can electrify 78% of industrial energy use, with the possibility of reaching 99% with technology in development.
Progress is already underway. Between 2005 and 2022, total GHG emissions from EU buildings fell 34% due to improved efficiency standards. Clean energy investments generate up to three times more jobs per dollar than fossil fuels, contributing to economic growth and businesses that invest in abundant renewables are already seeing returns. RE100 members, for example, are benefiting from stable prices, long-term cost savings and improved resilience from renewable energy procurement.
The global energy system is undergoing a fundamental transformation. A vision of energy security based only on security of fossil-fuel supply is no longer compatible with protecting businesses and consumers or sustained economic growth. Exposure to volatile fossil fuel prices has driven inflation and unpredictable operational costs worldwide. In 2022 alone, fossil fuel price spikes cost businesses and governments USD 1 trillion in unplanned expenses. Public fossil fuel subsidies, totalling $1.5 trillion in 2023, further distort market dynamics. Today, 74% of the global population live in countries reliant on imported fossil fuels. The systemic risks of continued fossil fuel dependence are clear. The solutions are too.
Accelerating these solutions is now a security and business imperative. The private sector is already acting, delivering 75% of global renewable energy investment in recent years, and we remain committed to scaling a resilient global energy system. A new global poll shows 97% of business executives in mid-to-large companies across major economies support moving away from fossil fuels in the power sector and nearly 78% support a shift to a renewable-based electricity system by 2035. Three-quarters of executives see renewables as critical to energy security.
In this decisive decade, governments must embed a modern energy security framework into national strategies and delivery of climate goals, including Nationally Determined Contributions. This is not just about replacing fossil fuels in an orderly, just and equitable manner, it is about upgrading to a smarter, flexible, electrified system that can withstand shocks and meet rising global demand.
A modern energy security framework must include:
- Renewables as the foundation of energy security: Deliver on global goals to triple renewables and double energy efficiency by rapidly scaling wind, solar, geothermal, green hydrogen, storage and hydropower. Remove regulatory and market barriers to corporate procurement—particularly power purchase agreements—and unlock private capital through enabling investment strategies.
- Demand-side solutions, grid buildout and distributed resilience: Advance efficiency, demand
response, storage and strategic grid upgrades, including infrastructure and interconnection, to build decentralised, flexible systems that adapt to variability and reduce peak loads. - Diversified clean energy supply chains: Develop resilient, transparent and diversified supply chains for clean technologies and critical minerals, supported by circularity, local value creation and international cooperation.
- People and skills for a future-ready workforce: Invest and equip a growing workforce with the
technical, digital and industrial capabilities to deliver and operate next-generation energy systems. - Protection against cyber, climate and conflict-related threats: Design infrastructure and systems that are cyber and climate-resilient and capable of withstanding growing physical and digital risks in an electrified world.
- Realignment of incentives: Repurpose fossil fuel subsidies to support clean energy, create a level playing field, enable a more affordable and secure transition and reduce wasteful spending.
- Affordable and inclusive energy access: Expand clean energy access to underserved and energy-poor regions, unlocking productivity, economic opportunity, and social resilience worldwide.
Renewables and energy efficiency are the bedrock of a secure future. The business community is ready to partner with governments to deliver clean, fair and resilient energy systems needed to power global prosperity.
To support the statement, please submit your logo via this form.
Supporters so far – see attached document.