The World Bank and African Development Bank will jointly chair a new COP31 coalition from 2027 to bring governments, development banks and private investors together to raise money for electrification in developing economies.
The coalition, called the “Electrify Now Finance Coalition,” was announced in Antalya. It is part of a wider effort to turn climate promises into investment and infrastructure. The COP31 Global Electrification Pledge aims to increase electricity’s share of the energy used worldwide from about 23% to 35% by 2035.
It targets sectors including transport, buildings and industry. The conference presidency says faster electrification can help more people gain access to energy, improve energy security and cut emissions. The pledge’s target draws on analysis by the International Energy Agency and the International Renewable Energy Agency.
IRENA is also expected to help developing countries improve their electricity grids, prepare investment projects and get financing. For African countries, the initiative comes amid continued needs for electricity access and infrastructure. There are also questions about how funding will reach projects and support economic development.
The coalition’s launch creates a forum to bring in investment money. The wider challenge will be turning its goals into affordable, reliable electricity and actual investment.