Credit: USPS
Rapid progress in energy efficiency is essential if we are to reach the 2030 global goal, but a year after countries pledged at COP28 to replicate improvements in energy efficiency by 2030, the International Energy Agency (IEA) says we are still falling short.
A recent report from the IEA, “Energy Efficiency 2024,” shows that global primary energy consumption – a key measure of efficiency – will improve by about 1% in 2024. This is the same rate as in 2023 and about half the average between 2010 and 2019. That is not enough; we need to improve by 4% by 2030 to stay on track.
Energy efficiency is about doing more with the same amount of energy – whether it's getting more out of our electronics or making our buildings and cars smarter. It means less energy consumption, lower carbon emissions, and economic benefits such as lower energy costs and healthier cities.
Countries have started to act. By 2024, governments representing more than 70% of global energy demand have implemented new or revised efficiency policies. The EU is aiming for zero carbon emissions buildings by 2050. China has updated standards for electronics and strengthened national efficiency standards. The US is tightening fuel standards for heavy vehicles, and Kenya is making its building code mandatory for all new construction. These are solid steps, but the pace needs to pick up.
The report also pointed out that efficient technologies such as heat pumps and EVs are on the rise, but more investment is needed. By 2024, direct investment in electricity has grown by 4%, reaching a record $660 billion.
The good news is that technology that works often saves money over its lifetime, and it doesn't cost much upfront. For example, high efficiency air conditioners can save up to 40% in total costs compared to less efficient models.
Global energy think tank Ember's director of global data, Dave Jones, said, “At COP28, renewables and efficiency became a central part of the energy transition, and while renewables are doing well, efficiency is still behind the scenes. Energy efficiency it plays such an important role in reducing debt, reducing waste, and reducing the use of fossil fuels.”
Ember's analysis shows that tripling renewables and doubling the rate of efficiency improvements will deliver 85% of the reduction in fossil fuels needed by 2030.
Read more: Cold-grade heat pumps are targeting the US market
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