The New Climate Economy reports that raising energy efficiency standards around the world could reduce greenhouse gas emissions by up to 6.9 gigatonnes carbon dioxide equivalent (GtCO2e) per year by 2030.
Exceeding the current annual emissions of the US, such reductions would also provide economic savings in appliances, buildings, industry and transport.
The research appears in a working paper, titled ‘Raising Energy Efficiency Standards to the Global Best,' which provides recommendations for raising energy efficiency standards in G20 countries and globally.
5 November 2015: The New Climate Economy reports that raising energy efficiency standards around the world could reduce greenhouse gas emissions by up to 6.9 gigatonnes carbon dioxide equivalent (GtCO2e) per year by 2030. Exceeding the current annual emissions of the US, such reductions would also provide economic savings in appliances, buildings, industry and transport. The research appears in a working paper, titled ‘Raising Energy Efficiency Standards to the Global Best,’ which provides recommendations for raising energy efficiency standards in G20 countries and globally.
Former Mexican President Felipe Calderón, Chair of the Global Commission on the Economy and Climate, said that energy efficiency is an environmental and economic win-win that is in the economic self-interest of consumers, businesses and governments, and a leadership opportunity for the G20.
According to New Climate Economy Program Director Helen Mountford, setting energy efficiency standards provides certainty for manufacturers and consumers, encourages technological innovation, removes inefficient technologies from the market and reduces transaction costs.
The paper includes sections on: energy efficiency benefits and potential; the role of energy efficiency standards, including in different countries; and international convergence of standards, including principles for achieving convergence and abatement potential from convergence. The paper explains that, while the energy efficiency benefits for economic growth and climate change have been well documented, international cooperation to support the adoption of standards is needed to overcome existing barriers.
The paper recommends that G20 and other countries converge their energy efficiency standards in key sectors and product fields by 2025, and that the G20 establish a global platform for greater alignment and appliances, industry, transport, and buildings. The paper also recommends, inter alia: setting a timetable; leveraging the best available expertise to set and harmonize standards; providing flexibility to ensure momentum; establishing a mechanism to ensure continuous improvement of standards; ensuring a coordinated international effort; and providing institutional support for implementation and monitoring.
The New Climate Economy is the flagship project of the Global Commission on the Economy and Climate. The project was established by Colombia, Ethiopia, Indonesia, Norway, the Republic of Korea, Sweden and the UK as an independent initiative to examine how countries can achieve economic growth while dealing climate change. [New Climate Economy News Story] [IISD RS Stories on the New Climate Economy]