LONDON—Global progress toward energy efficiency has slowed to its lowest rate in 10 years due to subdued prices amid the COVID-19 pandemic, the International Energy Agency said on Dec. 3, dealing a setback to efforts to curb climate change.
“As a result of the crisis and continuing low energy prices, energy intensity is expected to improve by only 0.8% in 2020, roughly half the rates (last year),” to levels last reached in 2010, the Paris-based watchdog said in a report.
“This is well below the level needed to achieve global climate and sustainability goals” which the group puts at more than 3%.
Emptier flights, cheaper fuel, distancing measures hampering building insulation upgrades and smart meter installation as well as slower car sales due to mobility restrictions explain the slowdown, the IEA said.
The agency recommended earlier this year that policymakers use the economic pause inflicted by the pandemic to prioritize renewable energy to curb carbon emissions.
But the IEA found that squeezed state and corporate budgets have led to investment in new energy-efficient buildings, equipment and vehicles being projected to be down 9% in 2020.
“It is especially worrying because energy efficiency delivers more than 40% of the reduction in energy-related greenhouse gas emissions over the next 20 years” according to the organization’s models, it added.
Recommended Reading
Xerion CEO: Battery Industry Infrastructure Buildout Must be Holistic
2024-04-12 - John Busbee, CEO and co-founder of Xerion Advanced Battery Corp. tells Jordan Blum, Hart Energy’s editorial director, that the whole battery industry must advance at the same time in order to be successful.
Schneider Electric’s Heather Cykoski: Infused AI is Everywhere
2024-04-09 - Schneider Electric puts sensors in the technology it provides customers, creating the ability to gather data, predict operations and drive efficiency.
AI Copilot, Not Captain: Pragmatic Cybersecurity to Protect Grid
2024-04-01 - AI experts at CERAWeek by S&P Global issued a wake-up call for the energy sector, suggesting AI could help secure critical infrastructure in a hostile geopolitical landscape.
Gas Executives: US Pipe Dreams ‘Not Dead,’ but Challenging
2024-03-27 - Regulators could pivot as “market signals that may come may be worse than regulators are looking for,” Sempra Infrastructure’s president of LNG said.