Despite lower energy prices, there has been progress in increasing energy ef¬ficiency across the world but not fast enough, revealed a report released by the International Energy Agency (IEA) recently, emphasizing that much more could be achieved.
The 'Energy Efficiency — Market Re¬port 2016' highlights the threat of a continuation of lower energy prices to the energy efficiency agenda and pointed out that strong, well-designed policy, can mitigate that threat. "The greatest efficiency gains have been led by policy and the greatest un¬tapped potential lies where policy is absent or inadequate," the report stressed.
Improving energy efficiency was one of the major focus areas of the Paris climate deal reached last year (read 2015) in December. "Global progress on energy intensity is still too slow, falling short of putting the world onto a sustainable pathway toward a decarbonized energy system.
• lEA analysis showed that annual en¬ergy intensity improvements need to rise immediately to at least 2.6% in a trajectory consistent with our climate goals,"
Meanwhile, as policies have ex¬panded, so has investment in energy efficiency. lEA estimates show global investment in energy efficiency was $221 billion in 2015, an increase of 6% from 2014.
The analysis also praised India's Perform, Achieve and Trade (PAT) programme, a market-based energy efficiency trading mechanism. Begun in 2012, the project had set energy consumption targets for 478 of the most energy-intensive industrial en¬terprises.
The first cycle of the PAT programme (2012-15) aimed to cut energy con¬sumption on average by 4.1 % in eight industry subsectors that made up 36% of total industrial energy consumption (2009-10 levels). The report sajd this target was surpassed with energy consumption cut by 5.3%, resulting in annual emissions reductions of 31 million tonnes of CO2.
The 'Energy Efficiency — Market Re¬port 2016' highlights the threat of a continuation of lower energy prices to the energy efficiency agenda and pointed out that strong, well-designed policy, can mitigate that threat. "The greatest efficiency gains have been led by policy and the greatest un¬tapped potential lies where policy is absent or inadequate," the report stressed.
Improving energy efficiency was one of the major focus areas of the Paris climate deal reached last year (read 2015) in December. "Global progress on energy intensity is still too slow, falling short of putting the world onto a sustainable pathway toward a decarbonized energy system.
• lEA analysis showed that annual en¬ergy intensity improvements need to rise immediately to at least 2.6% in a trajectory consistent with our climate goals,"
Meanwhile, as policies have ex¬panded, so has investment in energy efficiency. lEA estimates show global investment in energy efficiency was $221 billion in 2015, an increase of 6% from 2014.
The analysis also praised India's Perform, Achieve and Trade (PAT) programme, a market-based energy efficiency trading mechanism. Begun in 2012, the project had set energy consumption targets for 478 of the most energy-intensive industrial en¬terprises.
The first cycle of the PAT programme (2012-15) aimed to cut energy con¬sumption on average by 4.1 % in eight industry subsectors that made up 36% of total industrial energy consumption (2009-10 levels). The report sajd this target was surpassed with energy consumption cut by 5.3%, resulting in annual emissions reductions of 31 million tonnes of CO2.
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