Majority of mid-market and large firms back shift from coal, fossil fuels

Indian and Indonesian execs want more capital in RE despite their massive local coal sectors.

Nearly all, or 97% of mid-market and large company leaders in 15 countries, support efforts to move away from coal and other fossil fuels.

According to a new poll by Savanta and commissioned by E3G, Beyond Fossil Fuels and We Mean Business Coalition, nearly 78% of the business leaders also support the shift to a renewables-based electricity system by 2035 or sooner.

Despite coal's prominent role in their domestic markets, a striking 93% of Indian and 94% of Indonesian executives favour prioritising new renewable investments and advocate for a transition away from coal within a 10-year timeframe.

In Australia, 60% of business executives said job creation is a primary benefit of the transition to a renewables-based power system.

“If the Australian government fails to transition to renewable energy, more than half (55%) of business executives fear organisations will face sluggish economic growth and a deteriorating investment climate,” the poll said.

Despite this strong support from companies, many governments lack clear transition plans.

For instance, Japanese companies said they want clarity on renewable electricity’s role within the country’s climate plans, highlighting corporate uncertainty in the investment outlook of Tokyo’s future power mix. 

“The business determination to build a clean energy system is a great opportunity for countries to attract investment and growth. Governments and companies need to work together, reskilling the workforce to benefit from new jobs opportunities,” said We Mean Business Coalition CEO Maria Mendiluce.