As part of its Energy Efficiency Knowledge Sharing Framework launched at the 15th International Energy Forum Ministerial (IEF) in Algiers in 2016, the IEF is dedicated to improving efficiency and reducing energy intensity worldwide.
Energy efficiency brings a variety of benefits including reducing greenhouse gas emissions, lowering energy costs, and reducing exposure to energy market volatility. While consumer preferences during the COVID-19 pandemic may have reduced global emissions in the short-term, energy consumption is bound to increase in a post-pandemic environment which makes energy efficiency that much more important.
While most energy demand scenarios find that hydrocarbon consumption will remain robust over the coming decades, it is imperative to accelerate energy efficiency gains by identifying areas of improvement and strategically applying the right mix of technologies. For example, buildings account for almost 40 percent of energy and process-related emissions, making it an ideal target for energy-efficiency measures. However, investments targeting emissions, which have remained relatively unchanged since 2014, must increase over time to reduce overall energy intensity.
Although greater supply-side technology investment along with relevant policy instruments will help achieve climate goals, consumer behavior also plays an integral role. For an effective smart and orderly energy transition, consumers must adapt to find more efficient ways to consume energy and incorporate such practices in their lifestyles. A dual approach with practical government policies in combination with buy-in from consumers will make a greater impact and ensure lasting results.