As COP28 approaches on December 2, the spotlight turns to a paramount yet overlooked solution for climate change — doubling the annual rate of energy efficiency improvements by 2030.
Understanding Energy Efficiency: Beyond Conservation
Energy efficiency, defined as using less energy while maintaining or enhancing service quality, transcends basic conservation practices. For example, conventional cars waste up to 80% of the energy in their fuel, emphasizing the need for change.
Ukraine War and Economic Dynamics
The aftermath of Russia’s invasion of Ukraine saw a surge in energy prices, prompting increased investments. However, 2023 presents challenges with a slight drop in investments due to inflation and higher interest rates. Governments at COP28 are urged to commit to doubling global efficiency, sending a resolute message to climate targets.
Global Progress and Innovation
Experts highlight potential progress in various sectors, especially the built environment. Despite a 40% increase in heat pump adoption in Europe in 2022, there is still room for improvement. The IEA identifies sectors like lighting, emphasizing the substantial energy savings achievable by transitioning to LEDs in the US.
While larger businesses are actively addressing energy efficiency, small and medium-sized firms struggle despite holding significant potential for industry-wide savings.
As the COP28 unfolds, the urgent call to double energy efficiency resonates globally, highlighting its pivotal role in shaping a sustainable future.
Source：channelnewsasia.com
