Energy Efficiency the Answer for the Economy and Climate Change

THE UK’s CarbonTrust released a new report at the end of the UN’s COP22 climate talks in Marrakech last week which shows how critical energy efficiency is to battling climate change and expand economies.

The Trust states that despite the availability of the technology and the energy cost savings possible, energy efficiency remains an area of enormous untapped potential. The report calls for an urgent need to increase investment in energy efficiency and ensure sufficient levels of funding are directed towards creating a supportive environment to mobilise this capital investment.

The report lays out the argument: “The IEA estimates that to achieve a 2°C scenario, energy efficiency must account for 38% of total cumulative emissions reductions to 2050 (compared to 32% projected for renewables) and require global spending on energy efficiency to reach $550 billion a year by the 2030s. In 2015, multi-lateral development banks (MDBs) committed just $2.9 billion to energy efficiency programmes. This investment was less than half the amount invested in renewables, at just 14% of their climate change mitigation investments.”
 
“The most cost effective way of tackling climate change is through energy efficiency,” said the Director at the Carbon Trust and report author Simon Retallack.

He added: “Yet too little is being invested in it and the programmes that are being funded are frequently not having the impact they should. Public funding from multi-lateral developments and governments has a critical role to play, but there needs to be a change in approach. To succeed with energy efficiency, more needs to be invested in getting the right policies in place to drive change and in providing the technical support companies and households need to deploy energy efficient technology at scale. Making capital available for investment is not enough. Demand for it needs to be stimulated and a pipeline of projects created.” 
  
Please read further - visit www.carbontrust.com/available-attractive-too-slow.
Download the full report: Available, attractive, too slow? How to accelerate energy efficiency by getting the financing for it right (PDF)
Download the infographic: Available, attractive, too slow? energy efficiency financing infographic (PDF)

Monday 21st November 2016


Add New Comment:

Comments

To Comment you must be a member of The ESA, please login or register to join

There are currently no comments, be the first to comment above.