According to BCG estimates, as much as 90% of the estimated US$18tn net zero funding gap to 2030 is linked to the electricity and end use sectors. This concern spans value chains, impacting industrial inputs and outputs alike. A range of industrial sectors will be unable to meet net zero commitments without an expansive and joined-up programme of electrification.

Historically, energy networks for electricity, gas and LNG, and oil have been developed independently from each other. But the global electrification challenge is unique in that it will require a high degree of interaction with other energy vectors. Governments need to create policies that foster multilateral cooperation. Grid modernisation will be a collaborative effort, demanding a renewed commitment to research and development (R&D) and knowledge sharing. The international community must work together to disseminate successful electrification models, ensuring that all regions can benefit from collective advancements and achieve significant results more quickly.

This was crucial finding of the recent GET Congress 2024 Leadership Roundtable “Power demand surge: Net zero and the global electrification challenge”.

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