COP31 launched the Electrify Now Finance Coalition on November 10 to accelerate clean electricity investment in developing countries.
The Climate Investment Funds announced $94 million in catalytic finance, aimed at mobilising more than $1.2 billion in private investment for clean power, grids, storage and electrification.
Developing economies account for around 80% of global electricity demand growth, but Africa receives only about 2% of global energy-transition investment.
The COP31 Presidency's Global Electrification Pledge aims to increase electricity's share of final energy consumption from 23% to 35% by 2035.
New partnerships and technical assistance initiatives will help countries modernise electricity grids, attract private investment and expand access to affordable clean energy.
To mobilise investment in clean electrification across developing countries, an international coalition of governments, development banks and private financial institutions was launched at the 31st Conference of the Parties (COP31) to the UN Framework Convention on Climate Change (UNFCCC) in Antalya, Turkey, on November 10, 2026.
The Electrify Now Finance Coalition, backed by the COP31 Presidency and Ethiopia, which will host COP32, will put the priorities of developing countries at the centre of international cooperation to mobilise private investment in clean electrification. It will work directly with governments and regional organisations to help emerging markets and developing economies overcome practical barriers to faster adoption of clean electrification.
The coalition will operate for a limited period, until the second Global Stocktake at COP33 in 2028, with the World Bank Group and the African Development Bank serving as its inaugural co-chairs in 2027. Progress will be reviewed at key international and regional meetings ahead of the second Global Stocktake, including London Climate Action Week, COP32 and relevant meetings of the G20, World Bank and International Monetary Fund.
“At the start of our Presidency, we made electrification one of COP31’s top priorities. Today we are bringing together in Antalya the governments, development banks and investors who will finance and deliver real results,” COP31 Presidency Murat Kurum, said. “This coalition will help developing countries build strong project pipelines and attract the investment they need. This is how COP31 is starting a new era of electrification.”
The coalition was launched alongside a report by Sustainable Energy for All (SEforALL), an international organisation, which finds that developing economies account for around 80 per cent of global electricity demand growth, but receive a disproportionately small share of energy transition investments. Around 90 per cent of global energy-transition investment goes to advanced economies and China, with Africa receiving only around 2 per cent of that total.
During the launch of the coalition, the Climate Investment Funds (CIF), a multilateral climate fund, also announced the first five multilateral development bank-led investments under its new AMPLIFi programme. The initiative will deploy US $94 million in catalytic finance to projects in developing countries, with the aim of mobilising more than $1.2 billion in private investment for clean power, electricity grids, storage and electrification.
Tariye Gbadegesin, chief executive officer of CIF, said in a statement: "Every pound of AMPLIFi finance is expected to mobilize six to twelve pounds from the private sector for high-impact clean energy projects in developing countries, making it a highly effective use of public finance. That's a powerful boost for developing countries who need help shifting to cleaner, cheaper, more resilient power. The ongoing energy crisis has revealed the costs of depending on imported fuel, and countries understandably want to build energy systems that ensure greater stability and affordability."
Other announcements at the event showed how the approach could be applied at the country level. Ethiopia announced a new partnership with the Global Clean Power Alliance (GCPA) Finance Mission, led by the UK and Brazil. The partnership will provide expertise, investment plans and project pipelines to help mobilise finance for Ethiopia’s new National Electrification Program (NEP 3.0).
“For Ethiopia, electrification is not only an energy transition agenda; it is a fundamental development imperative. We warmly welcome the launch of the Electrify Now Finance Coalition as an important initiative to accelerate clean electrification. As Ethiopia prepares to host COP32 next year, we look forward to working with the Finance Coalition and international partners to mobilise the finance and support needed to overcome investment barriers, accelerate clean electrification, and ensure that no community is left behind in the global energy transition,” said Habtamu Itefu, Ethiopia’s minister for energy and water.
The UK also announced plans to expand its work across Brazil, the Eastern Caribbean, East Africa and Association of Southeast Asian Nations (ASEAN), supporting green industry, clean power, regional electricity trade and the ASEAN Power Grid.
The event also saw the launch of the new Grids Technical Assistance Solutions Hub. It will connect governments, regulators and grid operators with new world-leading expertise to plan, finance and modernise electricity grids. The aim is to help countries integrate more renewable energy and provide reliable, affordable clean power.
The confirmed members of the Electrify Now Finance Coalition at its launch on November 10th are the World Bank Group (WBG), 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), Organisation for Economic Cooperation and Development (OECD), Green Finance Institute (GFI), Sustainable Energy 4 All (SEforAll), UN Industrial Development Organisation (UNIDO), the International Energy Agency (IEA), the Climate Investment Funds (CIFs), the Energy Transitions Commission (ETC) and the Green Grids Initiative (GGI). The Coalition is open to new members ahead of the launch of its first work programme in 2027.
Establishment of the Finance Coalition is part of the efforts of the COP31 presidency, whose Global Electrification Pledge aims to raise electricity’s share of final energy consumption from around 23 per cent today to 35 per cent by 2035. This will be achieved through electrifying transport, buildings and industry and will support global efforts to enhance energy security, expand energy access, and reduce costs and emissions. The target is based on the analyses of the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA) to keep the world on a pathway consistent with limiting warming to 1.5°C above pre-industrial levels.
The COP31 Presidency also co-hosted the first Electrification Forum with the EU. The Electrification Forum will continue beyond COP as a regular meeting of governments, institutions, businesses and financiers. As part of the initiative, the IEA will lead the Global Electrification Tracking Mechanism to monitor global and regional electrification trends.
The IRENA also announced that it will support the COP31 Presidency through its Enabling Distribution Grids for Electrification (D-GRIDS) programme. The programme will help developing countries identify grid investment needs, prepare projects and access finance.
Strategic partnership with OECD announced
The COP31 Presidency has also established a strategic partnership with the OECD, which is supporting the COP31 Türkiye Presidency and the Australian President of Negotiations with two input notes for COP31 on financing electrification and economic opportunities of accelerated action.
OECD Secretary-General, Mathias Cormann, said, "Electricity demand is rising around the world, including in advanced economies after years of stagnation. Keeping pace will take significantly more investment in generation, grids and storage. Private capital will only flow at the necessary scale with clear, predictable policy, efficient regulation and a strong pipeline of bankable projects. The OECD is helping governments put those conditions in place, for greater energy security and more resilient economies.”
This builds on a wave of private sector support for electrification, with the We Mean Business Coalition mobilising more than 180 companies including Volvo, Uber, IKEA and Siemens with over $1.69 trillion in annual revenue in support of electrification. Maria Mendiluce, CEO of the Coalition said, "Electrification is becoming one of the defining economic shifts of our time, and businesses are ready to drive it forward. At COP31, governments must recognise what is at stake: the countries that move fastest to make electrification affordable and commercially viable will attract the next wave of industrial investment, while those that fall behind risk losing out for decades."
The COP31 Presidency expects to build momentum for electrification throughout the two-week summit, as heads of state and government head to Antalya to attend special sessions on electrifying the global economy.