The 35 by 35 Goal: How Geopolitics is Accelerating Global Electrification

The International Energy Agency projects that electricity could feasibly account for 33 percent of final energy consumption by 2035, up from the current 23 percent. This trajectory is supported by electricity demand growth that has outpaced overall energy needs by a factor of two over the last decade. While the 35 percent target requires an additional push beyond current baseline projections, the shift is increasingly viewed as a mechanism for economic competitiveness and national security.

Commissioned by Türkiye and Australia, the findings suggest that the transition is no longer solely a climate imperative. For emerging economies in Southeast Asia, Latin America, and Africa, the closure of the Strait of Hormuz has highlighted the risks of fossil fuel dependency. Countries such as Indonesia and Malaysia are rapidly deploying rooftop solar, viewing domestic renewable generation as an energy source that cannot be embargoed or weaponized by foreign powers.

This shift is already visible in emerging markets, where nations like Brazil, Chile, and Kenya are outpacing the United States in clean energy integration. By 2025, 63 percent of emerging markets in these regions sourced a larger share of power from solar than the U.S. As S&P Global warns that energy demand in developing nations may grow by 60 percent by 2060, the economic incentive for electrification becomes stark. The IEA estimates that accelerating this transition could save the global economy over $400 billion by 2035, decoupling national growth from volatile oil and gas import markets.