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Kivanc Gorkem Uclertopragi presented an operator’s view of the forces reshaping energy, transport and industry at the World Business Forum 2026 in Davos
Guests at the Davos Congress Centre warmly applauded Kivanc Gorkem Uclertopragi of Türkiye, one of the distinguished speakers at the World Business Forum 2026, held within Global Business Week in Davos.
His presentation offered a clear and practical overview of the global energy market: where it stands today, which technologies are changing it, what is preventing faster progress and which investment decisions will shape the coming decades.
The central message could be expressed in three words: Electrification is everything.
The transition is no longer limited to replacing coal and gas power stations with wind and solar generation. The next phase is about electrifying entire economic systems: passenger transport, freight, buildings, industrial processes, heating, cooling, data centres and urban infrastructure.
The countries and companies capable of producing affordable electricity, delivering it through modern grids and storing it reliably will gain a significant industrial advantage.
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Electricity is becoming the backbone of the global economy
Global energy demand increased by 2.2% in 2024, but electricity demand rose almost twice as quickly—by approximately 4.3%. In 2025, worldwide electricity consumption grew by a further 3%, adding around 800 terawatt-hours in a single year. This indicates that economic growth is becoming progressively more electricity-intensive. (IEA)
Several forces are driving this acceleration simultaneously:
the expansion of electric vehicles;
the electrification of heating and industrial equipment;
greater demand for air conditioning;
rapid growth in data centres and artificial intelligence;
increased manufacturing of batteries, semiconductors and clean-energy technologies.
Data centres alone consumed approximately 415 TWh of electricity in 2024, equivalent to around 1.5% of global electricity consumption. Their electricity use has been growing by approximately 12% annually since 2017—more than four times faster than total global electricity consumption. (IEA)
This is why electrification should not be understood merely as an environmental programme. It is becoming a core issue of industrial policy, economic competitiveness and national security.
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Renewables are expanding at unprecedented speed
The power system supplying this new electric economy is also changing rapidly.
Around 700 GW of renewable capacity was added worldwide in 2024, with solar photovoltaic systems accounting for almost 80% of the total. Renewable and nuclear generation together supplied more than 80% of the annual increase in global electricity output. For the first time, these low-emission sources produced approximately 40% of the world’s electricity. (IEA)
Solar power has become the fastest-growing major source of electricity. Global solar generation increased by about 480 TWh in 2024, while wind generation grew by approximately 180 TWh. Nevertheless, fossil fuels still generated close to 60% of global electricity, including 35% from coal and more than 20% from natural gas. (IEA)
The transition is therefore advancing rapidly but remains incomplete. The world is building the new energy system while continuing to depend heavily on the old one.
Between 2025 and 2030, the International Energy Agency expects renewable capacity to expand by almost 4,600 GW—approximately twice the amount installed during the preceding five years. Solar PV is projected to represent nearly 80% of that expansion. (IEA)
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Battery storage is moving from supporting technology to essential infrastructure
Mr Uclertopragi placed particular emphasis on the economics of battery storage—and for good reason.
Electricity must be consumed at almost the same moment it is produced. As the share of weather-dependent solar and wind generation increases, energy systems require greater flexibility to balance periods of surplus and shortage.
In 2025, the world installed 108 GW of new battery-storage capacity, 40% more than in 2024. Global installed capacity is now approximately eleven times higher than it was in 2021. Lithium-iron-phosphate technology accounted for around 90% of new deployments because of its falling costs, durability and suitability for frequent charging cycles. (IEA)
Storage can reduce renewable-energy curtailment, shift inexpensive solar electricity into evening demand periods, support grid stability and provide backup capacity.
However, battery storage is not a complete substitute for transmission infrastructure, flexible generation, demand management or long-duration storage. The future power system will require all these elements operating together.
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The greatest bottleneck may not be generation—but the grid
One of the most important realities highlighted by an operator’s perspective is that building renewable generation is often faster than connecting it.
More than 2,500 GW of renewable, storage and large electricity-demand projects are currently delayed in grid-connection queues worldwide. In 2024, the IEA identified around 1,650 GW of advanced solar and wind projects awaiting connection. (IEA)
The problem is becoming increasingly physical:
insufficient transmission capacity;
long planning and permitting procedures;
shortages of transformers and high-voltage cables;
limited availability of qualified engineers;
connection queues lasting several years;
regulatory systems designed for a slower, centralised energy market.
Prices and procurement times for important grid components have almost doubled within four years. Global transmission investment reached approximately $140 billion in 2023, but the IEA estimates that annual spending must rise beyond $200 billion by the mid-2030s under current policy needs—and to as much as $250–300 billion in scenarios fully aligned with international energy and climate objectives. (IEA)
This means that the winners of the energy transition will not necessarily be the countries that announce the most renewable projects. They will be those that can connect, finance and operate them.
Electric mobility is moving into the mainstream
The transformation of transport is another major source of electricity demand.
Global electric-car sales exceeded 20 million vehicles in 2025, increasing by approximately 20% in one year. Electric models accounted for around 25% of all new cars sold worldwide. (IEA)
The next challenge is more complex: the electrification of commercial fleets and heavy transport.
Electric-truck sales in Europe increased by approximately 40% in 2025, reaching almost 17,000 vehicles. Yet they represented only about 3% of total truck sales, demonstrating both the scale of the opportunity and the distance still to travel. (IEA)
Türkiye as a strategic emerging-market case
Mr Uclertopragi’s perspective from Türkiye was particularly relevant because the country combines rapid economic growth, rising electricity demand, manufacturing capacity and considerable dependence on imported fossil fuels.
Türkiye has significantly diversified its power system. Renewable electricity generation has tripled over the past decade, although the wider economy remains dependent on imported oil and gas. (IEA)
Wind and solar generated approximately 22% of Türkiye’s electricity in 2025, while combined installed wind and solar capacity reached about 40 GW. At the same time, coal remained the country’s largest source of electricity, supplying around 34% of generation. (ember-energy.org)
Türkiye therefore illustrates the central challenge facing many emerging markets: demand is growing, renewable resources are strong, and investment opportunities are significant—but grids, storage, financing costs and continued fossil-fuel dependence complicate the transition.
Electrification could reduce exposure to imported fuels, support domestic industry and create new export opportunities. However, success will require bankable projects, predictable regulation and access to affordable long-term capital.
From Davos to COP31 in Antalya
The discussion was especially timely because COP31 will take place in Antalya, Türkiye, from 9 to 20 November 2026. The conference will place Türkiye at the centre of international negotiations concerning energy investment, emissions reduction, climate finance and implementation. (unfccc.int)
The central challenge for COP31 will be to move from declarations to delivery. Governments may agree on global ambitions, but implementation depends on millions of physical decisions: substations, transformers, batteries, charging hubs, industrial equipment and transmission lines.
Electrification targets must therefore be supported by measurable commitments on infrastructure, supply chains, finance and grid reform.
A presentation grounded in reality
The strongest aspect of Kivanc Gorkem Uclertopragi’s address was its practical orientation. Rather than treating the energy transition as an abstract debate, he focused on the physical systems that will determine its success:
energy generation, storage, grids, vehicles, charging infrastructure and capital.
The Global Business Week 2026 team expresses its sincere appreciation to Mr Uclertopragi for a powerful, timely and highly informative presentation.
The World Business Forum in Davos brought together speakers and delegates representing 42 countries and 27 industries, demonstrating that the energy transition cannot be addressed by the energy sector alone. It requires cooperation between technology companies, manufacturers, financial institutions, governments, educators, infrastructure operators and entrepreneurs.
Business has no borders when leaders are united by a common vision—and the future will belong to those who can turn electrification from an ambition into working infrastructure.
#EnergyMarket #EnergyEfficiency #Electrification #GlobalBusinessWeek #Davos #WorldBusinessForum #WorldDiplomacyForum #EnergyTransition #RenewableEnergy #BatteryStorage #ElectricVehicles #COP31 #BusinessDiplomacy #BossClub100
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