Key takeaways

Electric Advantage, a multi-year programme led by We Mean Business Coalition, highlights the economic, environmental and social opportunities of clean electrification. These benefits include lower operating costs, greater energy efficiency and security, reduced fossil fuel dependence and improved public health. To expedite acceleration and market growth, issues of affordability, infrastructure readiness, workforce capacity and accessibility must be addressed. Taking an inclusive and equitable approach helps businesses move to an electrified economy more effectively, reducing implementation risks, expanding market uptake and building long-term competitiveness.

Toward clean and inclusive electrified economies

The global economy is becoming increasingly electric, with the International Energy Agency (IEA) projecting that electricity consumption will grow at least 2.5 times faster than overall energy demand through 2030. Powered by clean energy, electrification can improve efficiency, strengthen energy security and reduce exposure to volatile fossil fuel markets. These benefits are evident across various sectors. In the EU, buildings account for approximately 40 per cent of energy use, with 75 per cent performing poorly. Accelerating retrofits could reduce energy demand by nearly 30 per cent. In India, electric vehicle (EV) deployment reduces air pollution, supported by a projected sixfold increase in global EVs by 2030. Furthermore, electrifying industrial processes in the EU and UK could reduce final energy use by up to 24 per cent, which is particularly relevant for SMEs facing cost pressures.

Access and affordability

Electrification can serve large, underserved customer and SME markets, but products often remain out of reach. Globally, 665 million people live without electricity. Barriers such as high upfront costs, weak financing and limited infrastructure prevent households and communities from adopting heat pumps, EVs and industrial upgrades. Evidence from electrification markets illustrates the commercial importance of addressing these barriers. A UK survey found that 57 per cent of non-EV owners considered new EVs too expensive, while 52 per cent perceived public charging as unreliable. Similarly, 70 per cent of surveyed homeowners would be more inclined to adopt heat pumps if installation costs were lower. Inclusive design and fair pricing can help address energy poverty, which currently affects over 41 million Europeans.

Jobs and livelihoods

Electrification creates new roles across EV systems, building retrofits and energy management. However, workers in internal combustion engine maintenance and conventional heating may face displacement if transition planning is weak. Subcontracted, migrant, gig and informal workers, as well as women in male-dominated technical sectors, are particularly exposed. To secure necessary skills, companies should make career pathways visible through outreach, paid training and reskilling. For instance, the EU forecasts that 750,000 additional heat-pump installers will be needed by 2030, while the UK estimates between 10,000 and 66,000 new tradespeople will be required annually for associated retrofit works.

Health and safety

New technologies introduce potential exposure to high-voltage systems, batteries and installation hazards. Managing health and safety procedures is essential for installers, maintenance workers and local communities hosting new infrastructure. Conversely, electrified systems unlock societal benefits, including cleaner air and safer industrial environments. These improvements lead to stronger workforce performance, talent retention and community trust by reducing exposure to fossil-fuel pollution.

Recommended actions and the way forward

The report identifies three primary business actions to drive clean and inclusive economies. First, businesses must invest in inclusive workforce development. This involves assessing where reskilling, upskilling and certification are needed across direct and indirect workers. Second, companies should expand access to information, products and services. This can be achieved through educational campaigns, customer toolkits and designing products that respond to different user needs. Third, improving affordability is critical to unlock broader uptake. Businesses can work with governments to develop targeted incentives and financing mechanisms that reduce initial adoption costs, or design tailored pricing models like leasing and pay-as-you-go solutions.

Recommended approach for implementation

Acting on these priorities requires strong enterprise-wide governance, including senior-level oversight and clear accountability. Responsibilities should be assigned across relevant business functions to monitor stakeholder impacts and establish grievance mechanisms. Additionally, an enabling internal environment is necessary to translate commitments into coordinated planning across operations, finance, procurement and human resources. Finally, inclusive multistakeholder engagement ensures solutions are trusted and responsive to local needs. Businesses should involve affected stakeholders in the design and monitoring of electrification systems, respecting free, prior and informed consent where Indigenous Peoples’ rights may be affected.

Call to action

Governments are urged to create stable, inclusive conditions through clear policy signals and targeted incentives. For companies, electrification should be treated as a strategic business transformation. Organisations can support this movement by signing the ‘Seizing the Electric Advantage’ statement to advocate for ambitious, predictable and inclusive policies that support electrification at scale.