The global energy efficiency market is worth at least USD 310 billion a year and growing, according to a new report from the International Energy Agency that confirms the position of energy efficiency as the world’s “first fuel”. The report also finds that energy efficiency finance is becoming an established market segment, with innovative new products and standards helping to overcome risks and bringing stability and confidence to the market.
The benefits of energy efficiency go well beyond the simple scaling back of energy demand, according to a new report from the International Energy Agency published today. In a study that reframes the discussion about the so-called “hidden fuel”, the IEA shows how energy efficiency has the potential to support economic growth, enhance social development, advance environmental sustainability, ensure energy-system security and help build wealth.
Wind power and solar photovoltaics (PV) are crucial to meeting future energy needs while decarbonising the power sector. Deployment of both technologies has expanded rapidly in recent years – one of the few bright spots in an otherwise-bleak picture of clean energy progress – and IEA scenarios indicate that this trend will continue for decades. However, the inherent variability of wind power and solar PV is raising concerns: Can power systems remain reliable and cost-effective while supporting high shares of variable renewable energy (VRE)? And if so, how?
Governments have decided collectively that the world needs to limit the average global temperature increase to no more than 2°C and international negotiations are engaged to that end. Yet any resulting agreement will not emerge before 2015 and new legal obligations will not begin before 2020. Meanwhile, despite many countries taking new actions, the world is drifting further and further from the track it needs to follow.
International Energy Agency (IEA) Report
The rapid expansion of renewable technologies is one of the few bright spots in an otherwise bleak assessment of global progress towards low-carbon energy, the International Energy Agency (IEA) said in an annual report to the Clean Energy Ministerial (CEM) here today.
The 2012 edition of the World Energy Outlook was released on 12 November and presents authoritative projections of energy trends through to 2035 and insights into what they mean for energy security, environmental sustainability and economic development. Oil, coal, natural gas, renewables and nuclear power are all covered, together with an update on climate change issues. Global energy demand, production, trade, investment and carbon dioxide emissions are broken down by region or country, by fuel and by sector.