COP31 starts a new era of electrification
Down To Earth · Published 11 November 2026 · Last updated
The Electrify Now Finance Coalition was launched at COP31 on November 10, 2026, to mobilize private investment and address severe funding gaps for clean electricity in developing economies.
Key points
- The Electrify Now Finance Coalition was officially launched on November 10, 2026, at the 31st Conference of the Parties (COP31) in Antalya, Turkey, to accelerate clean electricity investment in developing countries.
- The Climate Investment Funds (CIF) announced $94 million in catalytic finance under its new AMPLIFi programme to mobilize over $1.2 billion in private investment for clean power, grids, storage, and electrification.
- A report by Sustainable Energy for All (SEforALL) released at the launch revealed that developing economies account for around 80 percent of global electricity demand growth but receive only about 2 percent of global energy-transition investment in Africa.
- The COP31 Presidency's Global Electrification Pledge aims to raise electricity's share of final energy consumption from 23 percent to 35 percent by 2035.
- The World Bank Group and the African Development Bank will serve as inaugural co-chairs of the coalition in 2027, operating until the second Global Stocktake at COP33 in 2028.
- Ethiopia announced a new partnership with the Global Clean Power Alliance (GCPA) Finance Mission, led by the UK and Brazil, to support its National Electrification Program (NEP 3.0).
- The Grids Technical Assistance Solutions Hub was launched to connect governments, regulators, and grid operators with global expertise to modernize electricity grids and integrate renewable energy.
- Confirmed members of the coalition at launch include the World Bank Group, African Continental Free Trade Area (AfCFTA), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), Institutional Investors Group on Climate Change (IIGCC), OECD, Green Finance Institute, SEforAll, UNIDO, IEA, CIFs, Energy Transitions Commission, and Green Grids Initiative.
Background
- Advanced economies and China historically capture around 90 percent of global energy-transition investments, leaving emerging markets structurally starved of capital for power sector transformation.
- Prior international climate summits established various multilateral funds, but financing mechanisms specifically targeted at scaling up clean electrification and grid modernization in developing regions remained severely underfunded.
- Growing energy crises exposed the severe economic and fiscal vulnerabilities of developing countries relying heavily on imported fossil fuels for baseline power generation.
- The International Energy Agency (IEA) and International Renewable Energy Agency (IRENA) previously conducted analyses highlighting that achieving a 35 percent electrification rate by 2035 is a prerequisite for keeping global warming within the 1.5°C limit.
- The COP31 Presidency structured this initiative to bridge the gap between high-level climate pledges and practical project pipeline development in emerging economies.
Prelims facts and Mains angle for this issue are in the full SWAदेSH note.
Original report: Down To Earth