Hormuz crisis could spur on electrification
The need for energy security alongside technology levels and energy prices mean 33% of global energy consumption could be electric by 2035, says IEA report.
A map showing the Straight of Hormuz
© Shutterstock/AustralianCameraThe Strait of Hormuz crisis means countries are looking to reduce dependence on imported fuels and move toward electrification. Therefore, there is an ability to increase electrification above today’s levels and do it cost-effectively.
The Electrification special report from the International Energy Agency (IEA) served as the basis for the IEA‑COP31 High-Level Energy Transition Dialogue at the UN General Assembly, which centred on the call for a global electrification target of 35% by 2035.
