The 31st United Nations Climate Change Conference (COP31) opened on 9 November in Antalya, Türkiye, bringing together representatives from nearly 200 countries to discuss the future of global climate policy. Running until 20 November, the summit focuses on accelerating the energy transition, reducing emissions and strengthening international cooperation.
At the centre of the Turkish presidency’s agenda is the proposed “35-by-35” target, which aims to increase electricity’s share of global final energy consumption from just over 20% today to 35% by 2035. The initiative seeks to reduce dependence on fossil fuels by expanding electrification across transport, buildings and industry.
Electrification and renewable energy: the economic opportunities
According to the International Energy Agency (IEA), faster electrification could significantly improve energy security while reducing dependence on imported fossil fuels. In an accelerated electrification scenario, global energy import bills could fall by more than $400 billion by 2035 compared with 2025 levels.
Achieving these benefits would require substantial investment in electricity networks, energy storage and renewable generation. The growing adoption of electric vehicles, heat pumps and industrial electrification technologies could also contribute to lower emissions and greater energy efficiency.
However, increasing electricity consumption alone will not guarantee environmental benefits. The transition must be accompanied by cleaner electricity generation to prevent continued reliance on coal and natural gas.
Fossil fuels and climate finance remain major challenges
Despite broad support for renewable energy development, negotiations remain complicated by disagreements over fossil fuel policies and financial assistance for developing countries. Governments must balance climate commitments with energy affordability, industrial competitiveness and security of supply.
Another priority at COP31 is the growing electricity demand associated with artificial intelligence and data centres. The Turkish presidency is promoting initiatives to encourage greater transparency in energy consumption and the adoption of cleaner technologies.
The conference will test whether governments can translate international climate ambitions into practical commitments. Its outcome could influence energy investment strategies and the pace of the global transition over the coming decade.
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