To promote sustainable economic growth and put the world on a secure and affordable route towards net zero emissions, 45 nations worldwide have adopted the objective of doubling the average global pace of energy efficiency improvements by the decade’s end.
As the IEA calls for doubling energy efficiency progress by 2030, Dr. Birol, the organization’s executive director, said, “It’s hard to overstate the importance of energy efficiency for strengthening energy security and keeping the goal of limiting global warming to 1.5 C in sight.” “This can support efforts to achieve an ambitious outcome at COP28 in Dubai with stronger momentum.”
Governments from across Africa, the Americas, Asia, and Europe highlighted the critical role that energy efficiency can play in improving living standards and energy security as well as in accelerating the clean energy transition toward reaching net zero emissions by 2050 in a ministerial statement released today following the IEA’s 8th Global Conference on Energy Efficiency in Versailles, France. This calls for increasing annual energy efficiency development from 2.2% to 4% annually by 2030. This would have a number of social and economic advantages, including job creation, increased energy availability, lower energy costs, lessened air pollution, and less reliance on fossil fuel imports.
The COP28 Climate Change Conference will be held in Dubai later this year. The Versailles Statement on “the crucial decade for energy efficiency” calls on all parties and stakeholders to increase their ambition and strengthen the implementation of energy efficiency policies following the Paris Agreement. It emphasizes the need for targeted support for people, especially vulnerable and low-income households, and the full exploitation of effective policies to drive consumer and company behavior change. Additionally, investments in modernizing power networks, demand-driven solutions, and digitalization were all named as priorities that will set the stage for energy efficiency to be a part of the clean energy transition in all its forms. The participating ministers emphasized the significance of combating energy poverty, promoting clean cooking methods, and addressing gender-related concerns in the energy sector.
At a roundtable discussion following the IEA Global Conference on Energy Efficiency, which brought together over 600 delegates from 90 countries, including over 30 ministers and 50 CEOs, ministers agreed on the declaration. Governments with official delegations at the event represented 70% of the world’s energy usage.