Leaders gather in Paris to accelerate wringing more out of every ounce of fuel

2023-06-07 05:14:09  • 4 mins

As 30 energy environment and trade ministers plus 50 CEOs assemble in Paris for the 8th international conference on energy efficiency, the International Energy Agency is urgently calling for greater investment in energy efficiency for factories, cars and appliances to meet international climate goals.

The agency touted recent global progress: A report released Wednesday says that demand for energy is growing, yet emissions are not growing as fast. Efficiency is increasing every year as technology improves, and last year that increase was twice the average of the previous five years.

Were at a real juncture where more efficient, more clean, more affordable technology is starting to dominate, said Brian Motherway, chief of energy efficiency at the IEA, during a press conference Tuesday.

Eliminating wasted energy is the most affordable way to bring goods and services to the people who need them while slowing greenhouse gas emissions the main driver of global warming, energy experts say.

Government policies that encourage energy efficiency are driving the trend. Japan has strengthened laws that favor energy efficient buildings. The European Union agreed this year to reduce its total energy consumption by some 12% compared to its 2020 forecast, by improving buildings, heavy industry and private transportation. The United States allocated a record 95 billion dollars over ten years through the Inflation Reduction Act to increase energy efficiency in power generation, buildings and cars. And India passed important legislation to decrease the amount of energy used by homes.

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