- Research undertaken by the Energy Efficiency Movement
- Supported by leading global industrial players including ABB, Alfa Laval and Microsoft
- Savings of 4 gigatons of carbon emissions delivered via 10 key actions using mature technologies which can be deployed quickly
As industry is facing the unprecedented challenge to meet global decarbonization targets while addressing growing demand, a new report from the Energy Efficiency Movement (EEM) demonstrates how businesses can start acting immediately. The EEM is a global forum founded by ABB, and now consisting of more than 400 organizations, that shares ideas, best practices and commitments to create a more energy-efficient world, according to an article published on their website.
Doubling efficiency by 2030
“The Case for Industrial Energy Efficiency” aims to give corporate leaders key insights into 10 measures that rely on mature technologies, have a meaningful impact on costs and emissions and can be deployed quickly without complex or expensive projects. Building on the “Industrial Energy Efficiency Playbook,” published in 2022 by the EEM, the new guide helps corporations address one of the biggest barriers to energy efficiency: building their own business cases. In some instances, the savings arising from efficiency measures mean that transformation projects can be self-funding.
Elsewhere, the report reveals investments in efficiency can serve as a valuable hedge against energy and carbon price volatility, while helping to meet voluntary targets and regulatory goals.
Doubling efficiency by 2030 could cut greenhouse gas emissions by almost a third compared to today’s levels, according to the International Energy Agency (IEA). And for industrial players, the opportunity is immense.
The Energy Efficiency Movement estimates that if applied across industry, the 10 simple measures in this guide could save 1.5 gigatons of carbon emissions a year by 2024, and 4 gigatons by 2030, the equivalent of taking around three-fifths of the world’s internal combustion vehicles off the roads.
These estimates are based on mid-range scenarios, yet still equate to an 11 percent reduction in annual global carbon forecasts by 2030. Using the more ambitious scenario, the savings would go up to 5.3 gigatons, or nearly 15 percent of total 2030 emissions. For five of the 10 actions where financial savings can be meaningfully calculated, industry could be saving around $172 billion a year in 2024, and roughly $437 billion annually by 2030.
Using the more ambitious scenario, the savings go up to $590 billion annually by 2030. Actions highlighted in the report include conducting energy audits, rightsizing industrial assets, bringing connectivitiy to physical assets, using high-efficency motors, among others.
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Source: ABB
