IEA flags energy efficiency as crucial to EU climate policy
A new study by International Energy Agency has found that the EU is not doing enough to conserve energy which endangering the climate and security of supply
A new study by International Energy Agency (IEA) has found that the EU is not doing enough to conserve energy which endangering the climate and security of supply.
The Capturing the Multiple Benefits of Energy Efficiency study was released on Thursday and illustrates how a widespread failure to acknowledge the economic and environmental benefits associated with energy efficiency means a raft measures are not being implemented.
Maria van der Hoeven, Executive Director of the International Energy Agency (IEA) said: “Under existing policies, two-thirds of economically viable energy efficiency potential available between now and 2035 will remain unrealised. That also applies to the EU. They could do so much more. They underestimate the value of energy efficiency.”
Energy efficiency is generally on the periphery of the climate debate with discussions focusing on CO2 reduction, renewable energy and decreasing fossil fuel consumption.
According to an IEA study released on Tuesday, energy efficiency has ceased to be a "hidden fuel" that only relates to energy saving among consumers but leads to macro-economic growth, long-term climate protection and greater energy security.
The study highlights how if EU countries were to fully exploit the potential of energy efficiency, GDP would grow by up to 1.1 per cent compared to growth of only 0.25 if current efforts by the member states continue within the framework of the Energy Efficiency Directive.
If the EU were to spend an annual €56 billion on energy efficient renovations for public buildings until 2020, it would also create approximately 760,000 new jobs.
The EU has set a target to consume 20 per cent less energy by the year 2020 and in line with the Commission's plans, member states are supposed to reach 30 per cent energy savings by 2030.
Currently, various countries are lagging in their implementation of the 2020 Directive with EU Energy Commissioner Günther Oettinger initiated infringement proceedings with 24 EU member states in July.
The report argues energy efficiency investment decisions are typically justified through an assessment of the direct energy savings that will result, but this approach fails to recognise the health and productivity benefits that can also result.