The world is still committed to investing in green technologies, despite low energy prices, a report published by the International Energy Agency (IEA) says.
Titled Energy Efficiency Market Report 2016, the report underlines progress which energy efficiency policies made globally in 2015, citing great strides particularly in like China and other emerging markets (Non-OECD countries).
Ironically, in 2015, the height of low energy prices, growth in energy intensity, the amount of energy used per unit of GDP, was 1.8%, triple the past decade’s average. Remarkably, this was a significant improvement on the 1.5% gain of 2014.
On the progress, says Dr Fatih Birol, the IEA Executive Director: “Energy efficiency is the one energy resource that all countries possess in abundance. I welcome the improvement in global energy efficiency, particularly at a time of lower energy prices. This is a sign that many governments push the energy efficiency policies, and it works.”
Looking ahead, Dr Birol predicts further improvement. “The large emerging economies are moving to centre stage in the clean energy transition, and the fight against air pollution, driven by energy efficiency and renewables,” he says.
In the biggest scheme of things, nonetheless, the IEA acknowledges that there is quite some ground yet to be covered. An acceptable rate of energy intensity improvement would be at the very least 2.6%.
According to the IEA analysis, energy efficiency policies aim to deliver the maximum amount of social and economic benefit from the energy the world uses. For that reason, they are essential tools for government action that have a real impact on global energy demand. For instance, car fuel economy standards around the world saved 2.3 million barrels a day of oil last year, or 2.5% of the global oil supply.
For an indepth analysis about the report visit: https://www.iea.org/newsroomandevents/pressreleases/2016/october/energy-efficiency-gains-ground-despite-lower-energy-prices-new-iea-report-says.html