The IEA Global Conference on Energy Efficiency has emphasised the urgent need for significant advancements in energy security and efficiency by 2030 in order to reach net zero targets.
Not only increasing, but doubling the rate of current progress will be vital for enhancing global energy systems while limiting global warming to 1.5°C, warns a recent report titled “Energy Efficiency: The Decade for Action”.
It also highlights the importance of increasing annual energy efficiency progress to over 4% by 2030 from the current rate of 2.2%.
This will not only lead to substantial reductions in greenhouse gas emissions but also yield numerous social and economic benefits, including job creation, improved energy access, reduced energy bills, decreased air pollution, and decreased reliance on fossil fuel imports.
Despite a slight decline in year-on-year growth, the investment in energy efficiency is projected to reach unprecedented heights in 2023. Based on current policies and expectations, investments in efficiency-related projects are expected to increase by 50%. However, to achieve a doubling of annual progress, the sector requires a significant rise in investments from the current US$600 billion to over US$1.8 trillion by 2030.
Fatih Birol, the Executive Director of the IEA, acknowledges the strong momentum behind energy efficiency, with over 70% of the world’s energy-consuming countries implementing new or improved efficiency policies since the global energy crisis began. Birol emphasises the need to accelerate progress and achieve a doubling of energy efficiency by the end of the decade.
Doubling efforts in energy efficiency would bring about numerous positive impacts on society and emphasise the need to leverage the power of electrification and digital energy-efficiency technologies without delay.
Increasing energy efficiency initiatives can create an additional 12 million jobs by 2030, contributing to global employment. It also enhances access to affordable and modern energy in emerging and developing economies, thereby fostering economic growth and development.
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