The business of electrification: Rewiring industry and the workforce for an electrified economy

We are on the cusp of a major shift from an energy system powered by fossil fuels to one increasingly powered by electricity generated from renewable sources. Solar generation is roughly doubling every three years, and clean energy now supplies more than 40% of global electricity.¹ A new wave of ‘electrotech’, including solar photovoltaic and batteries, electric vehicles (EVs) and heat pumps, is revolutionising how electricity is generated, stored and consumed, increasingly at lower cost than fossil fuels.² At the same time, economic uncertainty and geopolitical tensions have made energy security a national and business priority.

Until now, attention has been focused on producing clean power. But an equally important question is how we deploy that power through grids and then use it to light homes and power industries and cities. Electrification of end use is what will ultimately displace fossil fuels and unlock access to the renewable sources of energy.