More context:

“Incumbents crowd out the innovators in many sectors and markets,” Jackson said. “It wasn’t the Post Office [the U.K.’s public mail service] that invented email. The music industry held back streaming and digital music for 10 to 20 years. What you need is routes to market for new technologies, and I think that can be a challenge in Europe because so many of the big industries essentially have a stranglehold on policy.

“Economists have said that nearly all productivity growth comes from new companies. If we want more growth, we need to allow creative destruction so new companies can deliver the productivity we need.”

I think the target of the “creative destruction” here is the companies holding back growth in electrification.