According to the International Energy Agency (IEA), the global energy efficiency market is worth at least USD 310 billion a year and is growing fast, presenting major economic opportunities not least for developing countries.
An IEA report published this week finds that energy efficiency finance is becoming an established market segment with innovative new products and standards helping to overcome risks and bringing stability and confidence to the market.
The maximum use of energy efficiency is essential for the international community to achieve its goal of staying below a maximum 2 degrees Celsius global average temperature rise.
Speaking at the launch of the Energy Efficiency Market Report 2014, Maria van der Hoeven, Executive Director of the IEA said:
Energy efficiency is the invisible powerhouse in IEA countries and beyond, working behind the scenes to improve our energy security, lower our energy bills and move us closer to reaching our climate goals.
The authors of the report highlight the huge potential for energy efficiency in emerging economies and write that efficient vehicles and transport infrastructure are two key areas of opportunity.
The cumulative avoided energy consumption over a decade from energy efficiency in IEA countries in 2012 was 1.7 billion tonnes of oil equivalent – larger than the energy demand of the United States and Germany combined in a single year.
IEA image. “TFC” stands for “total final consumption” of energy
Governments meeting under the umbrella of the UN Framework on Climate Change (UNFCCC) have this year been discussing energy efficiency as one key area in which greater ambition to curb greenhouse gas emissions can be acheived before 2020, when a new universal climate change agreement is to take effect.
Inspiring examples of energy efficiency were showcased at a so-called “Technical Expert Meeting” of the UNFCCC earlier this year in Bonn.
Other key areas already discussed this year Technical Expert Meetings were land use, agriculture, urban areas and renewable energy.
In October in Bonn, countries and relevant stakeholders will focus on accelerating and ramping up climate action in the areas of carbon capture storage and use along with non-C02 greenhouse gases.
Read the executive summary of the IEA’s Energy Efficiency Market Report 2014
See also the relevant IEA press release
Read about the UNFCCC’s Technical Expert Meetings