The 31st UN Climate Change Conference (also known as COP31) is currently underway in Turkey. And one of the pledges being championed is a goal to increase electricity’s share of global energy consumption from about 23% to 35% by 2035 (the tagline is “35 by 35”).
Of course, the electrification of the global economy is already underway. Here’s a fascinating chart from Bloomberg:
Seeing what China has accomplished in 25 years is extraordinary. About a third of its total energy consumption is now electricity. Here in Toronto, I can also say that on all of our new infill rental projects, we are aiming to be 100% electric and have solar panels on the roof. We’ve also been exploring photovoltaic facades, and there’s a business case to be made for it.
But the rubber does eventually meet the road somewhere, and the big challenge we are facing — one that I have blogged about before — is the high cost of new electrical services. It can be prohibitive on both small and large housing projects, where offers to connect can come with a bill that reaches into the high seven figures!
The electrification of the global economy is the right direction, but it’s going to take a concerted effort across many different stakeholders.