World Bank Call for Further Investment in Energy Efficiency

A WORLD Bank report, Sustainable Energy for All Global Tracking Framework, released yesterday, highlighted that energy efficiency investment needs to increase, despite promising advances recently.

The report noted that 1.2 billion people do not have access to electricity, about 17 percent of the world’s population, and 2.8 billion rely on inefficient energy sources, such as wood or other solid biomass for cooking and heating.

To be able to even consider supplying electricity, or expanding and improving supply, energy efficiency worldwide has to improve - the report noted that in 2010 investment in energy efficiency, renewables and energy access was around $400 billion. The findings in the report reveal that the investment in energy efficiency needs to reach $600-800 billion annually.

“Demand continues to outpace supply of electricity: That electricity needs to be affordable, and generated more and more in a sustainable way, and used more efficiently,” said World Bank Vice President, Rachel Kyte, in launching the report. “To rise to this challenge – to meet peoples’ basic needs and to do so sustainably clearly requires a scale of effort we have never seen before.”

The report also showed that energy efficiency measures in 2010 meant that the very high cost of developing 2,300 exajoules of new energy capacity was avoided, as energy efficiency reduced energy use by a third in 2010.

Picture of high voltage lines by Wtshymanski [CC-BY-SA-3.0 or GFDL], via Wikimedia Commons

Thursday 30th May 2013

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