(MENAFN) The International Energy Agency (IEA) emphasized the urgent need to double the pace of energy efficiency progress worldwide by 2030 in order to enhance energy security, affordability, and achieve the goal of limiting global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit). This call to action was outlined in the IEA's new report titled "Energy Efficiency: The Decade for Action," released on Wednesday. The report coincided with the IEA's 8th Annual Global Conference held in Versailles, which brought together representatives from over 80 countries, including ministers and CEOs, to discuss accelerating energy efficiency improvements.
The conference, co-hosted by Agnes Pannier-Runacher, France's minister for energy transition, and Fatih Birol, the IEA's executive director, in collaboration with Schneider Electric, aimed to address the pressing issue of energy efficiency.
The report highlighted that annual energy efficiency progress reached 2.2 percent in 2022, twice the average rate observed in the previous five years. It also emphasized that global energy demand increased by 1% last year; however, without advancements in energy efficiency, this figure would have been nearly three times higher.
To effectively curb greenhouse gas emissions, limit global warming to 1.5 degrees Celsius, and simultaneously create employment opportunities, expand energy access, and reduce energy bills, the report stressed the need for the pace of progress to exceed 4 percent annually by 2030.
Furthermore, the report highlighted the importance of investment in energy efficiency. While current levels of investment are projected to reach a record high of USD600 billion this year, it is crucial for these investments to triple to USD1.8 trillion by 2030 to achieve the desired energy efficiency targets.
The findings of the IEA's report underscore the critical role that energy efficiency plays in mitigating climate change, ensuring sustainable development, and meeting global energy demands. Governments, businesses, and other stakeholders are urged to prioritize and scale up efforts to accelerate energy efficiency improvements in order to achieve a sustainable and resilient energy future.
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