Global economy could be 33% more energy efficient by 2030

Energy efficiency improvements in buildings should be among the main priorities for global decarbonisation, says the International Energy Agency (IEA).

The IEA pushes for businesses and nations to drive energy efficiency improvements by 2030, a move that will see great cost and environmental benefits, as well as economic benefits for businesses.

Why we need faster action on energy efficiency

The current challenges regarding energy security, energy prices and the cost of living intersect with the climate crisis to remind us that energy efficiency is more indispensable than ever.

The IEA Net Zero Emissions by 2050 Scenario (NZE) sees the average annual rate of global energy intensity (i.e., energy use per unit of GDP) improvement – a key measure of the economy’s energy efficiency – doubling from around 2% achieved between 2010-2020 to just over 4% from 2020-2030. With accelerated action, the global economy by 2030 could be around one third more energy efficient than in 2020.

Most of the efficiency measures in the Net Zero Scenario, beyond those in the current policy case, are already cost effective and pay for themselves through energy savings, even more so at today’s energy prices. Put simply, a more efficient building, car or industrial facility, requires less energy to perform the same function, with cost savings that are larger than the investment required to achieve them.

Businesses looking to improve their energy efficiency across their operations should contact ClearVUE.Business. The sister company of Northern Gas and Power provides industry-leading energy management and efficiency consultancy services, in addition to net zero guidance.

Find out more

For more information, visit Northern Gas and Power‘s Daily Market Report here.

Below, our Head of Flexible Purchasing and Energy Strategy, Latif Faiyaz, breaks down the key drivers affecting market behaviour this year.

Latif provides analysis of UK, European and global factors and provides a forecast for the remainder of the year.

Here’s the video 👇

 

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