Yet there has been little progress – and even discussion – of energy efficiency since that commitment, and it is not even a priority at this year’s UN climate change conference.
There are efforts to incorporate renewable energy goals into individual countries’ third nationally determined commitments (NDCs) – the goals by countries to curb emissions – which should be applauded.
Green energy and green energy storage are also an integral part of the upcoming COP29 agenda. But energy efficiency seems to have been left out entirely and this is a grave mistake.
Energy efficiency vital to reducing emissions
Energy efficiency is the largest, cheapest and most beneficial lever for driving emissions reductions and meeting energy demand equitably, and affordably.
According to the International Energy Agency (IEA), energy efficiency could account for nearly half of the emissions reductions needed between now and 2030 to achieve Paris goals to reach resilience 2050.
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By saving energy through efficient technologies and smarter systems across buildings, transport and industry, the world can avoid climate pollution while saving trillions and boosting resillience for all.
There is plenty of proof of its merit and potential. In 2022, energy efficiency measures implemented in dozens of countries saved approximately 15% of their total energy bill in the same year. Embracing an expanded global campaign could yield over 30% and cut global energy costs 20–25% for up to $2 trillion in annual savings.
Giving efficiency space on the COP29 agenda would boost follow-through, as new initiatives that emerge from COP help bring ideas to reality, especially in Global South countries.
Markets can do the work when it comes to growing renewable energy, but they are slow to solve for selling less energy. Policy will be needed to get efficiency rebooted. Heating, cooling, motors, building performance, appliances, vehicles and many more categories require attention.
We have “best practices” and “beyond practices” that can be shared and adopted. We have new solutions to build, existing to spread, and old thinking to abandon.
Energy efficiency in everyone's interests
The good news is that pursuing energy efficiency is in everyone’s interest, regardless of where in the world you sit. It makes energy more affordable and less polluting for equivalent benefits, and promotes energy security and resiliency by minimizing demand.
It also provides for growth and innovation by freeing resources. Whether you want more energy for data centres or development, it is the fastest, cheapest form of new capacity, and should be our first fuel.
That said, it is particularly important in emerging market countries – where the equivalent infrastructure of a New York City is being built every month – because it saves twice: on the bills for long-lived assets like buildings and factories, and on the scale of the infrastructure built to support their construction and operation.
In India, for instance, where the total floor area may double before 2040, efficient design and construction of buildings could save 25% of projected building energy demand by 2050, while reducing emissions-intensive materials by 45%.
These are important and sizeable savings, but even more valuable when we consider how those structures support equity through protecting millions from life threatening temperatures and minimizing their energy burdens in the process.
However, this outcome will only be strengthened if built into the COP29 process, which plays an important role supporting the energy transition in emerging economies.
Clean energy and energy efficiency both key
At RMI, we’ve recognized the imperative of capturing clean energy and energy efficiency together for more than 40 years. Indeed, it was during the first oil crisis when our co-founder, Amory Lovins, suggested both would be best buys in our effort to secure a safer, cooler, and more prosperous planet.
But we’ve lost the plot on the power of pairing. The COP29 Presidency and world leaders would be wise to remedy. Pursuing energy efficiency alongside clean energy will double the pace of progress and keep delivering climate goals that are affordable and within reach.
Sometimes the most obvious ideas are the best ones. The world is ready for an efficiency revolution, where wasting less will lead to abundance for all.
According to weforum.org