Global energy efficiency measures could save up to €410 billion by 2030
If energy efficiency rules and ecodesign product standards were harmonised across the globe, the savings in energy and greenhouse gas emissions would be enormous, a new study has found. Up to 7,600 TWh of electricity would be saved by 2030 – a 13% reduction on the business as usual scenario.
Global energy efficiency and ecdesign measures could save the equivalent to almost double the annual electricity consumption of the United States making an estimated €280 - €410 billion in savings on energy spending, the study carried out for the European Commission says.
At the same time, 4,450 Mt of carbon emissions would be avoided – equal to an estimated 7% of emissions in 2030. This would be the equivalent to the emissions of 1,170 coal-fired power stations, or more than the entire carbon emissions of the EU in 2012.
Today, energy efficiency standards are applied for at least one product by more than 70 countries in the world. Work to harmonise energy efficiency standards across the world is in its early stages, the study says.
The EU has a very developed set of energy efficiency and ecodesign rules covering a whole range of products from buildings to cookers. It has a target to make 20% in energy savings by 2020, rising to at least 27% by 2030.
The study also found that global energy efficiency standards could create 1.7-2.5 million additional jobs by 2030 as more jobs are created in the manufacturing sector. Some jobs would be lost in the energy sector however the energy sector has a relatively low rate of jobs per unit of turnover compared to the wider economy, the study says.
It also noted that the EU would be well placed to benefit from global energy efficiency measures given its leading position on energy efficiency.