Achieving energy efficiency is a multifaceted goal with major benefits

Global energy intensity improved by just over 2% in 2022, but it needs to double to 4% annually by 2030 to meet global efficiency targets, according to the International Energy Agency (IEA).
If achieved, this would result in a 40% increase in economic output per unit of energy used around the world.
More than half of the 150 countries analysed by the IEA have achieved a 4% improvement at least three times in the past decade, and five G20 countries – China, France, Indonesia, Japan, and the UK – have sustained an average of 4% or more over a five-year period.
The global energy crisis after the Russia-Ukraine war led to a new focus on energy efficiency according to analysts. This was seen as a way to tackle energy security, affordability, and the climate crisis all at once and governments responded by implementing measures to promote energy efficiency while offering incentives for efficient technology.
According to IEA, over 70% of the global economy introduced new or strengthened efficiency measures. As a result, there has been a surge in investment in energy efficiency and consumers are more interested in reducing their energy use than ever before.
The agency says its ‘Energy Efficiency Policy Toolkit’ can help guide governments towards taking the necessary steps to achieve these targets.
Experts say the right technologies exist in key areas like air conditioners, lighting, building codes, car fuel economy, electric motors and heavy industry; so now is the time for the right policies, support and incentives to be implemented.
The global target to triple renewable capacity by 2030 was in the spotlight at a recent meeting of ministers in the United Arab Emirates ahead of COP28, but achieving the goal certainly requires significant financial support and reforms.
The good news however, is that renewable energy is becoming economically competitive with fossil fuels. But a report suggested that to reduce fossil fuel consumption quickly enough to combat global warming, a plan for managed decline is necessary.
Meanwhile, the UK-based Energy Networks Association (ENA) and the Global Renewables Alliance have launched a report that outlines a roadmap to fast-track the energy transition by tripling renewable energy power and at the same time doubling energy efficiency by 2030 – a key pillar of the COP28 Presidency’s Action Agenda.
Achieving energy efficiency is crucial for various reasons, and its importance extends across environmental, economic, and social dimensions.
Although, energy powers global economies, its production and consumption certainly contributes to greenhouse gas emissions. Improving energy efficiency reduces the overall demand for energy, thereby lowering emissions and helping mitigate climate change.
Energy-efficient technologies and practices often result in cost savings for businesses, industries, and households.
By using less energy to achieve the same or better results, individuals and organisations can reduce their energy bills.
Energy efficiency measures contribute to making energy more affordable and accessible, especially for marginalised communities.
Therefore, achieving energy efficiency is a multifaceted goal with far-reaching benefits. It plays a pivotal role in addressing environmental challenges, promoting economic development, ensuring energy security, and enhancing the well-being of individuals and communities worldwide.