IEA report: Global electrification target of 35% within reach by 2035

electrification energy security IEA report COP31 grid infrastructure

A new report from the International Energy Agency (IEA) indicates that the world is entering a new ‘Age of Electricity.’ Prepared at the request of COP31 President Türkiye and COP31 Negotiation President Australia, the analysis suggests that electricity could cost-effectively meet 33% of global final energy consumption by 2035, up from 23% today. This trajectory brings the proposed global electrification target of 35% within reach.

However, significant barriers remain. To achieve these goals, power grids must expand 40% faster than historical rates. Currently, over 2,500 gigawatts of renewable and storage projects are stalled in grid-connection queues worldwide. Additionally, infrastructure bottlenecks are being exacerbated by rising costs; for example, transformer costs in the United States have increased by approximately 80% over the last five years.

The report emphasizes that while electrification enhances energy security and reduces emissions, equitable progress requires addressing institutional and financial gaps, particularly in developing regions where utility companies often face poor financial health.

Entities

Australia · COP31 · Chris Bowen · International Energy Agency · Turkey · Türkiye

Claims

What the coverage asserts, and how many sources carry each claim.

[● 5 SOURCES] Electricity currently represents approximately 23% of global final energy consumption. www.pv-magazine-australia.com · www.smartgridsinfo.es · www.sostenible.cat · www.downtoearth.org.in
[○ 1 SOURCE] Over 2,500 gigawatts of renewable and storage projects are currently stalled in grid-connection queues globally. www.downtoearth.org.in
[● 5 SOURCES] The target of 35% electrification is considered achievable with current technologies. www.pv-magazine-australia.com · www.smartgridsinfo.es · www.sostenible.cat · www.downtoearth.org.in
[○ 1 SOURCE] To reach the 35% electrification goal, power grids must expand 40% faster than historical rates. www.downtoearth.org.in
[○ 1 SOURCE] Transformer costs in the United States have increased by approximately 80% over the last five years. www.downtoearth.org.in
[● 4 SOURCES] Electricity could cost-effectively meet 33% of global final energy consumption by 2035. www.pv-magazine-australia.com · www.smartgridsinfo.es · www.sostenible.cat