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The IEA says global progress in energy efficiency has returned to pre-pandemic speeds this year, but it is nowhere near putting the world on track to reach net-zero emissions by mid-century
.
According to the International Energy Agency, total annual global investment in energy efficiency needs to triple by 2030 to align with
the goal of achieving net-zero emissions by 2050.
"We consider energy efficiency to be the 'first fuel' because it still represents the cleanest way and, in most cases, the cheapest way
to meet our energy needs.
There is no viable net-zero pathway without more efficient use of our energy resources," said
Fatih Birol, Executive Director of the IEA.
"A one-step change in energy efficiency will give us the opportunity to avoid the worst effects of climate change while creating millions of decent jobs and reducing energy bills
.
"
The report notes that the government has expanded existing employment-intensive efficiency programs, but also highlights the huge untapped
potential for job creation.
For example, investment in building energy efficiency is expected to increase by 20%
in 2021 compared to pre-pandemic levels.
After the worst year of 2020, the Covid-19 pandemic shifted the center of economic activity from services to industry, and the rate of improvement in global energy intensity – a key indicator of energy efficiency in the use of world economic activities – is expected to recover to 1.
9%
in 2021.
This is in line with the average for the past 10 years, but well below the 4% requirement
set out in the IEA's path to net zero emissions by 2050.
The IEA says global progress in energy efficiency has returned to pre-pandemic speeds this year, but it is nowhere near putting the world on track to reach net-zero emissions by mid-century
.
According to the International Energy Agency, total annual global investment in energy efficiency needs to triple by 2030 to align with
the goal of achieving net-zero emissions by 2050.
"We consider energy efficiency to be the 'first fuel' because it still represents the cleanest way and, in most cases, the cheapest way
to meet our energy needs.
There is no viable net-zero pathway without more efficient use of our energy resources," said
Fatih Birol, Executive Director of the IEA.
"A one-step change in energy efficiency will give us the opportunity to avoid the worst effects of climate change while creating millions of decent jobs and reducing energy bills
.
"
The report notes that the government has expanded existing employment-intensive efficiency programs, but also highlights the huge untapped
potential for job creation.
For example, investment in building energy efficiency is expected to increase by 20%
in 2021 compared to pre-pandemic levels.
After the worst year of 2020, the Covid-19 pandemic shifted the center of economic activity from services to industry, and the rate of improvement in global energy intensity – a key indicator of energy efficiency in the use of world economic activities – is expected to recover to 1.
9%
in 2021.
This is in line with the average for the past 10 years, but well below the 4% requirement
set out in the IEA's path to net zero emissions by 2050.
