The pace of improvement on energy efficiency is rapidly accelerating, fuelling hopes that it will make a major contribution to global efforts to reach Net Zero.
Latest analysis from the International Energy Agency found that after several years of slow progress, governments and consumers have increasingly turned to efficiency measures as part of their responses to fuel supply disruptions and record-high energy prices.
Global investments in energy efficiency increased by 16% on 2021, and preliminary data indicates that in 2022 the global economy used energy 2% more efficiently than it did in 2021, a rate of improvement almost four times that of the past two years, and almost double the rate of the past five years.
The IEA said it the current rate of progress can be built upon further in the coming years, then 2022 could mark a vital turning point for efficiency, which is one of the key areas for international efforts to reach net zero emissions by 2050.
IEA Executive Director Fatih Birol, said: “Amid today’s energy crisis, we are seeing signs that energy efficiency is once again being prioritised. Energy efficiency is essential for dealing with today’s crisis, with its huge potential to help tackle the challenges of energy affordability, energy security and climate change.”
The IEA estimates efficiency improvements need to average about 4% a year this decade to align with its Net Zero by 2050 scenario.