During the Global Conference on Energy Efficiency, ministers have committed to providing robust policy measures and prioritizing investment in the critical decade for achieving energy and climate goals, as reported by IEA.
Energy efficiency
45 governments worldwide commit to doubling global energy efficiency improvements by 2030 to drive sustainable economic growth and achieve net zero emissions. This ambitious goal, supported by governments across Africa, the Americas, Asia, and Europe, recognizes the vital role of energy efficiency in enhancing living standards, energy security, and the transition to clean energy. Increasing annual energy efficiency progress from 2.2% to over 4% by 2030 will generate employment, expand energy access, lower energy costs, reduce air pollution, and decrease dependence on fossil fuel imports, among other significant social and economic advantages.
Paris Agreement
Versailles Statement calls for increased energy efficiency ambition aligned with the Paris Agreement ahead of COP28. The statement emphasizes leveraging effective policies to drive behaviour change, prioritize vulnerable households, and embrace digitalization and modernized grids. Ministers highlight addressing energy poverty, promoting clean cooking, and addressing gender issues. The statement was endorsed during the IEA Global Conference on Energy Efficiency, attended by over 600 participants from 90 countries, including ministers and CEOs, representing 70% of global energy consumption. Co-hosted by France’s Minister for Energy Transition and the IEA Executive Director, the conference was organized in partnership with Schneider Electric.
Accelerating policies
IEA Executive Director Dr Birol highlights the significance of energy efficiency for energy security and achieving the 1.5°C global warming target. Ministers emphasize the public sector’s role in setting an example and driving investment to inspire other sectors to improve energy efficiency. They welcome the updated Sønderborg Action Plan as a guiding framework and encourage private sector leadership through innovation and digital solutions. The goal is to accelerate energy efficiency policies for a successful outcome at COP28.
IEA priorities
The Global Conference featured public-private roundtables resulting in the Versailles 10X10 Actions, focusing on concrete strategies for energy efficiency. Over 50 thought leaders discussed industry, infrastructure, buildings, and solutions, addressing financing, technology, workforces, and consumer motivations. The IEA’s briefing report highlighted the benefits of energy efficiency, including job creation and progress towards universal access to modern energy. The next IEA Global Conference in 2024 will prioritize promoting energy efficiency in emerging and developing economies, with Kenya announced as the host country.
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Source: IEA
