The International Energy Agency (“IEA”) is urging national leaders around the world to expedite their efforts to promote energy efficiency. A recent IEA report noted that while policymakers have expanded energy-efficiency measures in recent months, their progress isn’t sufficient to meet global climate targets.
Despite Russia’s 2022 invasion of Ukraine setting off a global energy crisis, the recently published Energy Efficiency 2023 market report says the momentum for energy-efficiency policy “continues to build.” The report notes that there was a 45% increase in energy-efficiency investments from 2020 to 2023. Furthermore, the report found that the nations responsible for three-quarters of the world’s total energy demand introduced new energy-efficiency policies or strengthened existing ones in 2023. Such measures are becoming increasingly widespread across the globe, the report says.
The number of nations with industrial motor standards has tripled over the past 10 years while nearly every country now has air-conditioner efficiency standards. However, the IEA notes there was a reduction in global-energy-intensity improvements in 2023, indicating a dip in global-energy efficiency. This was mostly due to economic factors such as rebounds in energy-intensive industries such as aviation and petrochemicals as well as surging demand for air conditioning, thanks to record heat levels. According to the IEA’s analysis, annual energy-efficiency improvements have to double from 2% to more than 4% per year through the decade for the world to achieve net-zero emission targets.
IEA executive director Fatih Birol says meeting climate-change targets calls for a “much more efficient” global-energy system. Birol notes that governments will have to double their energy efficiency between today and 2030 if they wish to reach the Paris Agreement 1.5 °C target, which is essential to curbing global warming.
However, with global energy intensity in 2023 improving by only 1.3%, most national governments are still a long way from the targets they need to reach to achieve net-zero emissions by mid-century. Birol said the recent report’s findings were a “stark warning” to the leaders set to attend the COP28 Dubai climate conference.
Doubling energy-efficiency improvements through the decade will be one of the International Energy Agency’s five pillars for successful outcomes at the upcoming climate conference in Dubai. Additional priorities for the conference include tripling the world’s renewable energy capacity, getting oil and gas companies to commit to the renewable energy transition, and increasing renewable energy investments in developing economies and emerging markets.
As the world works to transition to green energy, enterprises such as Correlate Energy Corp. (OTCQB: CIPI) are helping existing utility companies to enhance energy efficiency so that waste and emissions are minimized.
NOTE TO INVESTORS: The latest news and updates relating to Correlate Energy Corp. (OTCQB: CIPI) are available in the company’s newsroom at https://ibn.fm/CIPI
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