Power Up

The document asserts that clean energy technologies now have the potential to replace 75% of existing fossil fuel demand, with renewable electricity exceeding 40% of the global power mix in 2024. It highlights that solar and wind are increasingly cost-competitive, displacing over 650 TWh of fossil fuel use between 2023 and 2024. The report notes a strong business preference for renewables, with over 90% of polled executives viewing access to renewable electricity as critical for investment decisions. It specifically warns that oil demand is expected to peak and decline this decade as electric vehicles (EVs) scale, and that gas infrastructure risks becoming stranded as renewables and electrified heat reduce demand. Additionally, it identifies China as the first 'electrostate' due to its rapid electrification and clean tech production.

• Clean energy investment now doubles that of fossil fuels, and renewable electricity accounted for more than 40% of the global power mix in 2024. Current clean energy technologies are capable of replacing 75% of existing fossil fuel demand.
• Solar and wind power, supported by battery storage, are displacing fossil fuels at a rapid rate; between 2023 and 2024, they displaced over 650 TWh of fossil fuel use, an amount exceeding the total electricity demand of South Korea.
• Business leaders strongly favor a transition to renewables; a survey of over 1,400 executives across 15 countries revealed that more than 90% consider renewable electricity access critical for new investments, and 50% would relocate operations if governments fail to transition.
• Oil demand is projected to peak and then decline within this decade, driven by the scale of electric vehicles, which currently replace 1.3 million barrels of oil per day and are expected to replace 5 million barrels per day by 2030.
• The growth of gas demand is slowing, creating a risk of stranded LNG assets as renewables, electrified industrial heat, and heat pumps replace gas. Similarly, planned coal capacity has dropped by 65% over the last 10 years.

APA

We Mean Business Coalition (n.d.). Power Up. https://www.wemeanbusinesscoalition.org/wp-content/uploads/2025/09/Power-Up-Fossil-Fuel-Demand-in-Doubt-Executive-Summary.pdf

Chicago

We Mean Business Coalition. Power Up. n.d. https://www.wemeanbusinesscoalition.org/wp-content/uploads/2025/09/Power-Up-Fossil-Fuel-Demand-in-Doubt-Executive-Summary.pdf.

Wikipedia

{{cite report |author=We Mean Business Coalition |title=Power Up |url=https://www.wemeanbusinesscoalition.org/wp-content/uploads/2025/09/Power-Up-Fossil-Fuel-Demand-in-Doubt-Executive-Summary.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{wemeanbusinesscoalitionndpower, author = {{We Mean Business Coalition}}, title = {{Power Up}}, institution = {We Mean Business Coalition}, url = {https://www.wemeanbusinesscoalition.org/wp-content/uploads/2025/09/Power-Up-Fossil-Fuel-Demand-in-Doubt-Executive-Summary.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }