COP31 Launches the Electrify Now Finance Coalition: Clean Power Money for Developing Countries
On 10 November 2026, at COP31 (the yearly UN climate summit) in Antalya, Türkiye, governments, development banks and private investors launched the Electrify Now Finance Coalition. Its aim is to bring more money into clean electricity in developing countries.
The coalition is backed by the COP31 Presidency and by Ethiopia, which will host COP32 in 2027. The World Bank Group and the African Development Bank will be its first co-chairs in 2027. It will run until the second Global Stocktake at COP33 in 2028.
The Climate Investment Funds (CIF) announced its AMPLIFi programme: US$94 million of "catalytic" public money that aims to pull in more than US$1.2 billion of private investment for clean power, grids, storage and electrification. Each unit of AMPLIFi money is expected to bring in 6 to 12 units of private money.
A report released at the launch said developing economies make up about 80% of the growth in world electricity demand, but about 90% of energy-transition investment goes to advanced economies and China. Africa gets only about 2%.
The COP31 Presidency's Global Electrification Pledge ("35-by-35") aims to raise electricity's share of final energy use from about 23% today to 35% by 2035. The International Energy Agency (IEA) will run a tracking system for it.
Other steps: a Grids Technical Assistance Solutions Hub, support from the International Renewable Energy Agency (IRENA) through its D-GRIDS programme for distribution grids, and a partnership between Ethiopia and the Global Clean Power Alliance Finance Mission (led by the UK and Brazil).
Electrification of Final Energy Demand
Electrification means using electricity, instead of burning coal, oil, gas or wood, to do everyday work like running vehicles, cooking, heating and powering factories. It is measured as the share of electricity in "final energy", the energy that people and businesses actually use at the end. When that electricity comes from clean sources like solar and wind, electrification cuts greenhouse gas emissions. Electric motors and heat pumps also waste far less energy than engines and furnaces that burn fuel.
The 35-by-35 pledge sets the goal, and the Electrify Now Finance Coalition is meant to supply the money to reach it in poorer countries. Without new grids and clean power plants, developing countries cannot shift their transport, homes and industries to electricity.
Blended Finance: Using Public Money to Attract Private Investment
Blended finance means using a small amount of public or charity money to make a project safe and attractive enough for private investors to put in much larger amounts. The public money takes on the extra risk, or accepts a lower return, so that banks, pension funds and companies feel comfortable joining. In simple words, public money is the "bait" or the "safety net" that pulls private money into places it would normally avoid. It is used mostly in developing countries, for things like clean energy, roads, water, health and small businesses.
The CIF's AMPLIFi programme is a textbook blended finance tool: US$94 million of catalytic public money aims to bring in over US$1.2 billion of private money, a ratio of roughly 6 to 12 private units for every public unit. The Electrify Now Finance Coalition brings together development banks, climate funds and private investors to repeat this model for grids and clean power across developing countries.
Global Stocktake (Article 14, Paris Agreement)
The Global Stocktake (GST) is a check-up, held every five years, of the whole world's progress on climate change under the Paris Agreement. It looks at the combined effort of all countries, not at any one country. It asks whether the planet is on track to meet the Paris goals on cutting emissions, adapting to climate impacts and providing finance. Its findings are meant to push countries to make stronger national climate plans (NDCs) in the next round.
By tying the coalition's life to the second Global Stocktake in 2028, COP31 has set a clear checkpoint. At that stocktake, countries will judge whether money for clean power in developing countries really grew, and whether the world is closer to the Paris goals.
- Electrify Now Finance Coalition launched on 10 November 2026 at COP31, Antalya, Türkiye
- Backed by the COP31 Presidency and Ethiopia (host of COP32 in 2027)
- Inaugural co-chairs in 2027: World Bank Group and African Development Bank; runs until the second Global Stocktake at COP33 (2028)
- CIF AMPLIFi: US$94 million catalytic finance, aiming to mobilise over US$1.2 billion of private investment; expected ratio 1 : 6 to 12
- About 90% of energy-transition investment goes to advanced economies and China; Africa gets about 2%
- Developing economies: about 80% of global electricity demand growth
- Global Electrification Pledge: electricity's share of final energy from about 23% to 35% by 2035; IEA leads the tracking mechanism
- IRENA supports through its Enabling Distribution Grids for Electrification (D-GRIDS) programme
- Members include the World Bank Group, EBRD, EIB, IDB, OECD, IEA, UNIDO, SEforALL, CIF, Energy Transitions Commission and the Green Grids Initiative
- Ethiopia partnered with the Global Clean Power Alliance Finance Mission (led by the UK and Brazil) for its National Electrification Program (NEP 3.0)