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Global Energy Efficiency Pace Must Double – IEA

A 4% annual increase in global energy efficiency is needed between now and 2030 to deliver the emissions reductions necessary for achieving net zero by 2050, as well as ensuring energy security. This is double current increases in energy efficiency (2.2% per annum), according to the International Energy Agency’s (IEA) new report on global energy efficiency, developed with the support of Schneider Electric’s Sustainability Research Institute and published today (7 June) at the IEA Global Conference on Energy Efficiency in France. Increasing energy efficiency will also contribute to the creation of jobs, expand energy access, and reduce energy bills, the report added. Energy efficiency in 2023 is expected to reach “record levels”, the IEA has forecast, noting that current expected and announced policies will prompt efficiency-related investment to increase by 50%. However, if annual global progress is to grow by 4% every year, investments in energy efficiency will need to increase from US$600 billion today to over US$1.8 trillion by 2030, the IEA said. Fatih Birol, the IEA’s Executive Director, said: “Today, we are seeing strong momentum behind energy efficiency. Countries representing over 70% of the world’s energy consumption have introduced new or improved efficiency policies since the global energy crisis began over a year ago. We now need to push into a higher gear and double energy efficiency progress by the end of this decade.” 

 

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