Global Leaders Rally For Energy Efficiency: A Key To Affordability And Competitiveness

The International Energy Agency’s (IEA) 10th Annual Global Conference on Energy Efficiency has brought together ministers, CEOs, and experts from nearly 100 countries to discuss ways to strengthen energy security, lower bills, and reduce emissions through efficiency gains.

The two-day conference in Brussels explores effective policies to unlock investment and improve affordability and competitiveness, particularly for small businesses and low-income households.

A key focus area is industrial efficiency, where improvements have stalled since 2019, accounting for 80% of the growth in global energy demand without significant energy intensity progress.

However, the conference highlights the potential of digital technologies, including artificial intelligence, to optimize operations and reduce consumption.

Increasing industrial efficiency can help safeguard jobs, lower operating costs, and enable small and medium-sized enterprises to compete more effectively amid energy price fluctuations.

IEA Executive Director Fatih Birol emphasized that energy efficiency is not just about energy; it delivers clear benefits for people, lowering bills, improving businesses’ competitiveness, and creating jobs.

European Commissioner for Energy and Housing Dan Jørgensen added that energy efficiency can bring immense gains in affordability and decarbonization.

The conference also focuses on buildings and appliances, discussing ways to expand building codes, retrofit existing stock, and raise efficiency standards. With the global sale of five air conditioners every second, most of which are only half as efficient as the best available models, there is significant room for improvement.

The conference builds on momentum from previous events, including the COP28 conference in Dubai, where nearly 200 countries pledged to double the global rate of energy efficiency improvements by 2030. However, the latest IEA data shows progress remains well below that goal.

The conference aims to catalyze faster implementation and deeper collaboration across borders, with delegates reviewing national progress, sharing policy innovations, and identifying next steps to unlock efficiency’s full potential.

Source:https://energynewsafrica.com