Investments in energy efficiency have grown by 45% since 2020, according to new research from the International Energy Agency (IEA). Its ‘Energy Efficiency 2023’ market report has also found that policy momentum for energy efficiency is strong, with countries representing three-quarters of global energy demand having strengthened energy efficiency policies or introduced new ones. For example, almost all countries now have efficiency standards for air conditioners, and the number of countries with standards for industrial motors has tripled within the past decade. However, the report found that global improvements in energy intensity – a primary measure of energy efficiency – slowed in 2023. According to the report, this was the result of factors such as an economic rebound in energy-intensive sectors such as petrochemicals and aviation in some regions, as well as booming demand for air conditioning during what is on track to be the hottest year on record. The IEA’s analysis has shown that to achieve net zero emissions from the energy sector by 2050, which is essential to limit global warming to the Paris Agreement target of 1.5°C, annual improvements in energy efficiency need to double – rising from a level of 2% in 2022 to more than 4% per year on average between now and 2030.
And we’re LIVE! 🔴
Join @IEA’s Head of Energy Efficiency & Inclusive Transitions @BrianRMotherway and me as we discuss the key findings of our Energy Efficiency 2023 report ⬇️ https://t.co/W9G1O8J9V4
— Fatih Birol (@fbirol) November 29, 2023
