Scaling Up Energy Efficiency

Problem:It is a critical time for energy efficiency. Despite its recognised importance, improvements have fallen short of expectations. Energy efficiency increase amounted to only around 2% per year between 2011 and 2020. The Covid-19 pandemic further hit energy efficiency efforts hard. In 2020, improvements were estimated to be only 0.8%, which is substantially lower than the SDG target of 2.6% per year. The International Energy Agency finds that progress on energy efficiency globally recovered in 2021 to a pre-pandemic pace but remained well short of what would be needed to help put the world on track to reach net-zero emissions by mid-century.The inadequate improvements stem from insufficient energy efficiency investments, despite the ostensibly strong business case for energy efficiency. While wind and solar power investments have increased substantially, energy efficiency investments have not grown at an equal pace. Global investments in energy efficiency have not risen significantly in recent years.Key