To get back on course, world must deliver the efficiency goal
(Source: Sustainable Energy for All)
Baku, Azerbaijan, November 14, 2024 – The world is off track in reaching the global goal to double energy efficiency by 2030 that was adopted at COP 28 in Dubai. A coalition of countries, businesses and organizations is urging world leaders at COP 29 in Baku to commit to actionable measures to unlock the energy efficiency investment that is crucial to meeting climate targets.
To stay aligned with collective climate goals, investment in energy efficiency must triple by 2030 and primary energy intensity needs to improve from 1% to 4%. Global investment in new renewable energy generation is nearly double that of investment in energy efficiency, despite efficiency’s crucial role in reducing energy demand. In fact, efficiency improvements in 2022 reduced energy use equal to 3x the amount of solar and wind capacity brought online.
While efforts to incorporate renewable energy goals into individual nations’ nationally-determined contributions (NDCs) should be applauded, energy efficiency seems to have been left out entirely. This is an immeasurable missed opportunity.
Improving energy efficiency in industry, buildings, transport, and power sectors could generate 40% of the emissions reductions required by the Paris Agreement. Seeking to keep efficiency goals on track, the Mission Efficiency coalition has come together in unified support to champion efficiency as a cornerstone of the energy transition. This coalition calls on governments and businesses to:
- CALL on the COP presidency, governments, and businesses to make energy efficiency a priority at COP 30
- DOUBLE the rate of global energy efficiency improvement by 2030
- INCLUDE actionable energy efficiency measures in updated NDCs, including ambitious national efficiency targets, roadmaps, and initiatives
- INVEST more than USD 1.8 trillion per year in energy efficiency measures by 2030
Meeting the efficiency target will make the energy transition cheaper, faster, and fairer, while simultaneously promoting growth, profitability, health and safety, enhanced energy security, and access to affordable energy.
“We cannot meet our climate goals by focusing on growing renewable energy only,” said Jon Creyts, CEO of RMI. “We critically need to address demand, particularly as electricity usage is projected to increase with new technologies.”
Mission Efficiency calls for other organizations and countries to join us in this call as we stand ready to provide support and expertise to advance these efforts in Baku and beyond, fostering collaboration to achieve concrete progress.
“Now is the time to act,” said Lisa Jacobson, President of the Business Council for Sustainable Energy (BCSE). “If we do not raise energy efficiency as a priority now, we are at risk of missing our collective climate goals.
“With increasing electricity demand, the world needs the powerful combination of energy efficiency and renewable energy to avoid adding more fossil fuel generation. Doubling energy efficiency by 2030 can help ensure a lower cost energy transition and not an expensive, polluting energy addition,” said Bruce Douglas, CEO of the Global Renewables Alliance.
“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. Efficiency can cut those peak costs and bolster resilience as we move to clean electricity,” Douglas added.
Mission Efficiency partners discussed this Call to Action and COP 29’s impact on energy efficiency during a press conference on November 14. Watch the recording here.
Media contacts:
Lizzie Stricklin
Business Council for Sustainable Energy
lstricklin@bcse.org
Giorgia Pasqualetto
Sustainable Energy for All
giorgia.pasqualetto@seforall.org