Mission Efficiency has called on governments and businesses to significantly accelerate energy efficiency over the coming years to ensure that 2030 goals remain ‘on track’.
Commenting at COP29, the coalition of governments and organisations committed to driving a more energy-efficient economy said that actionable measures to unlock energy efficiency investment were crucial, in order to stay aligned with collective climate goals.
Energy efficiency investment
Investment in energy efficiency must triple by 2030 and primary energy intensity needs to improve from 1% to 4%, the group said, noting that global investment in renewable energy is currently double that of energy efficiency,
While investment in renewables is no doubt welcome, the group noted that energy efficiency can play a similarly ‘crucial’ role in reducing demand. As it stated, efficiency improvements in 2022 reduced energy use equal to 3x the amount of solar and wind capacity brought online.
“We cannot meet our climate goals by focusing on growing renewable energy only,” commented Jon Creyts, CEO of RMI. “We critically need to address demand, particularly as electricity usage is projected to increase with new technologies.”
Emissions reduction
Improving energy efficiency in industry, buildings, transport, and power sectors could generate 40% of the emissions reductions required by the Paris Agreement, Mission Efficiency said.
It is calling on the COP presidency, governments and businesses to make energy efficiency a priority at COP30 in Brazil next year, for a doubling of global energy efficiency improvements by 2040, and for the inclusion of actionable energy efficiency measures in updated NDCs.
It is aiming for an additional $1.8 trillion to be invested in energy efficiency measures by 2030, to help facilitated the energy transition.
“With increasing electricity demand, the world needs the powerful combination of energy efficiency and renewable energy to avoid adding more fossil fuel generation,” added Bruce Douglas, CEO of the Global Renewables Alliance. “Doubling energy efficiency by 2030 can help ensure a lower cost energy transition and not an expensive, polluting energy addition.
“Energy efficiency could save $2 trillion annually by 2030, helping our grids meet demand when it matters most. This is especially true for peak demand, in a year where record heat waves led to record grid demand in most of the world.”
The Mission Efficiency Global Ambition Taskforce is led by RMI and Sustainable Energy for All and supported by the Alliance to Save Energy, the Business Council for Sustainable Energy (BCSE), CLASP, Energy Efficiency Movement, E3G, European Alliance to Save Energy, Global Renewables Alliance, Metrus Energy, International Copper Association, IEC Global Impact Fund, Johnson Controls, and the Solar Impulse Foundation. Read more here. [Photo: UN Climate Change]
