Over 100 global companies, including Nestle and Ikea, have urged governments to prioritise electrification in economic planning to reduce reliance on volatile fossil fuel markets. The group says cleaner electrified systems can improve energy security, lower costs and boost competitiveness, but require strong policy support and infrastructure investment

Major global companies such as Nestle and Mahindra & Mahindra have called on governments worldwide to place electrification at the core of their economic strategies, arguing that it is essential for reducing dependence on volatile fossil fuel markets and improving long-term energy security.

According to a report by Reuters, these companies have issued a statement which is backed by 112 other firms spanning sectors such as industrial goods, consumer products, healthcare, transport and retail.

The group warned that continued reliance on fossil fuels exposes economies to sharp price fluctuations. These price shocks, they said, undermine industrial competitiveness and disrupt supply chains.

The signatories, which together represent around $1.5 trillion in annual revenue, include major multinational firms such as Iberdrola, Volvo Cars, Uber, Ikea, Nikon Corporation and Levi Strauss. The statement was coordinated by the We Mean Business Coalition along with the Global Renewables Alliance.