Business Action on Energy Efficiency Could Save $2 Trillion a Year

A recent report has highlighted the potential for significant cost savings and environmental benefits through increased energy efficiency measures in the business sector. The research, conducted in collaboration with over 120 CEOs of global corporates, emphasizes the substantial economic advantages of prioritizing energy efficiency. The study suggests that a set of readily achievable business actions could lead to annual savings of at least $2 trillion across the global economy. These actions, if implemented, have the potential to not only reduce energy demand and greenhouse gas emissions but also to stimulate growth, enhance cost savings, and confer competitive advantages to companies.

The report, developed by consulting firm PwC in partnership with the World Economic Forum (WEF), underlines the need for more supportive government policies to drive progress in this area. It also calls for increased awareness among companies of the benefits of energy efficiency and the potential for it to support their business objectives. The research identifies a range of measures that businesses can take to reduce energy demand across their buildings, infrastructure, and transport systems. These include retrofitting buildings with insulation and green energy measures, electrifying transport systems, and leveraging artificial intelligence to optimize factory-line design.

Despite the significant potential benefits, the report cautions that awareness among companies of the advantages of energy efficiency remains low. Nearly half of the CEOs surveyed for the report cited a lack of supportive regulation as a barrier to their efforts to reduce energy demand. The research underscores the importance of raising awareness of the business case for energy efficiency, aligning policy and private incentives, and developing new financial solutions to unlock action in this critical area.

The findings of the report are supported by 120 CEOs responsible for an estimated 3 percent of global energy use, who are members of the WEF's International Business Council. The report's release comes ahead of the annual global WEF meeting in Davos, Switzerland, where the potential for demand-side measures to accelerate the clean energy transition will be a key topic of discussion. The research contends that if cost-effective energy efficiency measures are widely adopted by companies and effectively supported by policy frameworks, it could lead to a significant acceleration in the global transition to net zero emissions.

In conclusion, the report's findings underscore the substantial economic and environmental benefits that could be realized through increased energy efficiency measures in the business sector. It calls for urgent action to raise awareness, align policies, and develop new financial solutions to unlock the full potential of energy efficiency in driving the global transition to a sustainable, low-carbon economy.

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