The International Energy Agency's (IEA) first “Energy Efficiency Market Report” shows that energy efficiency is as important economically and in terms of consumption as renewables and conventional energy, respectively.
16 October 2013: The International Energy Agency’s (IEA) first ‘Energy Efficiency Market Report’ shows that energy efficiency is as important economically and in terms of consumption as renewables and conventional energy, respectively.
The report says that efficiency measures are the direct result of effective energy policies and higher energy prices. Highlights of the report include findings that: in 2011, US$300 billion was spent on efficiency measures; over 2005-2010, they saved the equivalent of US$420 billion of oil in only 11 IEA countries; if these measures had not been implemented in these countries, they would be consuming and paying for two-thirds more energy; and that in these countries, energy savings was more than the output from any single fuel source, making it a key component in mitigating climate change.
It finds that efficiency markets will continue to grow in the medium term, driven mostly by government policies aimed at spurring private sector investment. The report also includes nine case studies of policies affecting private efficiency investments. It recommends better data production be supported to enable stronger systems of measurement, which are needed to ensure prices and policies create a level playing field for market players. [Press release][Executive summary, publication website]