Industry could save $437 bln a year via energy efficiency efforts

Alfa Laval AB

24/10/2023 06:00

FRANKFURT, Oct 24 (Reuters) - Global industry could save
around $437 billion a year from 2030 via energy efficiency
savings and could also achieve big reductions in carbon
emissions, a study showed.
    The report by the Energy Efficiency Movement, an industry
collective, which has Switzerland's ABB, Germany's DHL Group
 DHLn.DE , Sweden's Alfa Laval  ALFA.ST  and Microsoft  MSFT.O 
among its members, said four gigatons of carbon emissions could
be saved by 2030 each year - if companies doubled down on
efficiency measures.
    That would be the equivalent of taking 60% of the world's
internal combustion vehicles off the roads, the report, seen by
Reuters, said.
    Companies could undertake regular energy audits, review the
ideal size of industrial assets, connect sites and machines to
reap energy synergies and use more efficient engines, the report
said.
    "Ahead of COP28, it is important to demonstrate that there
are mature and concrete technology solutions readily available
to address the global warming issues we are facing," said ABB
executive committee member Tarak Mehta.
    The COP28 climate conference will take place later this
year.
    "Since renewables can only provide a part of the answer, the
critical role energy efficiency plays in accelerating the energy
transition toward reaching net-zero emissions by 2050 is
undeniable."
    Industry, including makers of cement, steel and chemicals,
use some of the most polluting production techniques, and are
faced with the costly process to decarbonise to meet climate
goals as well as staying competitive.    
    Last week, the U.S. Energy Information Administration (EIA)
said global energy consumption will likely increase through 2050
and outpace advances in energy efficiency, boosted by population
growth and higher living standards, among other factors.
    Non-fossil fuel-based resources, including renewables, will
produce more energy through 2050, but that growth is not likely
to be enough to reduce global energy-related CO2 emissions, it
said.

 (Reporting by Christoph Steitz. Editing by Jane Merriman)
 ((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))