Energy efficiency is a major driver for climate change mitigation, decoupling energy consumption and economic development. According to the projections of the International Energy Agency (IEA), it could account for nearly 40% of needed global emissions reductions. While global energy-related CO2 emissions grew 1.7% in 2018 to reach a historic high of 33.1 Gt CO2, energy efficiency was still the largest brake on emissions growth. Nonetheless, a slowdown in implementing energy efficiency policies in recent years contributed to global CO2 emissions continuing to rise in 2017 and 2018, contrary to the trajectory needed for the Paris Agreement.
Although energy efficiency cannot be directly seen, it has a long-standing successful experience and it is necessary to unlock this potential by all countries. Policies and regulations can catalyse action from both the private and public sector in terms of energy efficiency and discovering how to consume less energy.
The session will focus on regaining momentum for action on energy efficiency, a critical and cost-effective pillar for achievement of the Paris Agreement’s goal and national targets of Nationally Determined Contributions (NDCs).