Five policy actions to help countries double energy efficiency and meet climate goals

The author asserts that global energy efficiency improvements must double to meet climate goals and maintain competitiveness, especially as energy demand is projected to rise by up to 33% by 2050. To achieve this, the document outlines five policy recommendations from the Nairobi Business Leaders’ Action Plan: embedding energy efficiency in national transition plans, tripling annual funding to $1.9 trillion, increasing industrial energy productivity, strengthening building codes, and electrifying transport through integrated ecosystems.

• Global energy demand is projected to increase by up to 33% by 2050, a trend potentially accelerated by energy-intensive technologies like artificial intelligence, which could add energy demand equivalent to that of Australia by 2030.
• Existing technology could reduce global energy consumption by up to 31% without losing economic output, potentially saving the global economy up to $2 trillion annually if achieved by 2030.
• To meet climate goals, the International Energy Agency (IEA) estimates that annual funding for energy efficiency must triple to reach $1.9 trillion per year.
• The Nairobi Business Leaders’ Action Plan proposes five policy priorities: integrating energy efficiency into country transition plans (noting that industrial energy efficiency appears in as few as 30% of NDCs), mobilizing finance via tax incentives and regulation, growing industrial energy productivity through digitalized grids and minimum standards, implementing clear building codes for the built environment, and developing integrated supply-to-wheel ecosystems for transport electrification.

APA

Krishnaswamy, R. (2024). Five policy actions to help countries double energy efficiency and meet climate goals. World Economic Forum. https://www.weforum.org/stories/climate-action/five-policy-actions-business-energy-efficiency/

Chicago

Krishnaswamy, Ramya. Five policy actions to help countries double energy efficiency and meet climate goals. World Economic Forum, 2024. https://www.weforum.org/stories/climate-action/five-policy-actions-business-energy-efficiency/.

Wikipedia

{{cite press release |last1=Krishnaswamy |first1=Ramya |title=Five policy actions to help countries double energy efficiency and meet climate goals |publisher=World Economic Forum |date=10 July 2024 |url=https://www.weforum.org/stories/climate-action/five-policy-actions-business-energy-efficiency/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{krishnaswamy2024five, author = {Krishnaswamy, Ramya}, title = {{Five policy actions to help countries double energy efficiency and meet climate goals}}, publisher = {World Economic Forum}, year = {2024}, month = jul, url = {https://www.weforum.org/stories/climate-action/five-policy-actions-business-energy-efficiency/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }