Global energy efficiency market ‘worth $310bn a year’
The global energy efficiency market is worth at least $310 billion (£192bn) a year and is continuing to grow, according to the International Energy Agency (IEA), writes Energy Live News.
Its new report shows investments in energy efficiency are helping improve energy productivity – the amount of energy needed to produce a unit of GDP.
Total energy usage was down 5% between 2001 and 2011 among 18 IEA countries evaluated in the report, primarily as a result of increased investment in efficiency.
During that period, energy consumption fell by 1,732 million tonnes of oil equivalent (Mtoe) – larger than the combined 2012 energy demand of the US and Germany.
That’s a result of more homes and businesses installing energy-saving technologies such as LED lighting and insulation in an effort to cut bills.
According to the report, there is “huge” potential for energy efficiency in emerging markets, particularly in efficient vehicles and transport infrastructure.