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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
Investing in energy efficiency is key to meeting climate goals
15/5/2024
8 min read
As the International Energy Agency (IEA) has clearly stated, we need to double the rate of energy efficiency progress and triple total renewable power capacity by 2030. Today, energy efficiency is the single largest measure the world can take to reduce energy demand, and can provide around one-third of all emission reductions, writes Alan Baird, Country Manager, UK and Ireland, Danfoss.
By doubling the rate of energy efficiency improvements by 2030, we can save the equivalent of all worldwide oil used in road transport today – saving 40mn b/d of oil, according to IEA estimates. What’s more, the technology needed to do this already exists and it’s the quickest and most cost-effective carbon abatement option.
What’s needed is an update on the narrative around energy efficiency and UK policy, to better reflect the role of energy efficiency in a future energy system based on renewables. This so-called ‘Energy Efficiency 2.0’ policy demands more than simply reducing demand and will become even more important as the clean energy transition accelerates.
In a world dominated by clean electricity, we must begin to think about how we can use that electricity as efficiently as possible. We need to electrify as many elements of our energy system as possible, while still aiming to decarbonise hard-to-abate sectors through hybrid electric technologies and the application of hydrogen and e-fuels.