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Doubling energy efficiency measures could help global industry save around $437 billion by the end of the decade, the Energy Efficiency Movement said in a new report.
The modeling in the report commissioned by the Energy Efficiency Movement to Development Economics, an independent economic impact assessment provider, incorporated the best available data and included input from experts at leading industrial players including ABB, Alfa Laval, and Microsoft. The International Energy Agency (IEA) also provided expert advice.
In the report, the Energy Efficiency Movement estimates that if applied across industry 10 simple measures for energy efficiency could save almost 2 million metric tons (gigatons) of carbon emissions a year by 2025, and more than 4 gigatons by 2030. This would be equal to taking around three-fifths of the world’s internal combustion vehicles off the roads—while saving roughly $437 billion by the end of the decade, according to the report.
The 10 key energy efficiency measures include the installation of high-efficiency motors, usage of variable speed drives, electrification of industrial vehicle fleets, switching to heat pumps, and deployment of smart building management systems.
The Energy Efficiency Movement was launched by ABB in 2021 and has received a positive reaction throughout industry, with more than 400 companies joining as of 2023.
“Ahead of COP28, it is important to demonstrate that there are mature and concrete technology solutions readily available to address the global warming issues we are facing,” ABB executive committee member Tarak Mehta told Reuters, commenting on the energy efficiency report.
“Since renewables can only provide a part of the answer, the critical role energy efficiency plays in accelerating the energy transition toward reaching net-zero emissions by 2050 is undeniable,” Mehta added.
The IEA said earlier this year that “This decade will be crucial for energy efficiency, with accelerated action and ambitious policy implementation are vital to addressing energy security and affordability whilst keeping us on track to achieve net zero emissions.”
By Tsvetana Paraskova for Oilprice.com
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.