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Home » News » G20-Led initiative propels global energy efficiency; AEEE’s report unveiled at FEED 2024

G20-Led initiative propels global energy efficiency; AEEE’s report unveiled at FEED 2024

March 1, 2024 3:23 pm

G20-Led initiative propels global energy efficiency; AEEE’s report unveiled at FEED 2024
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Key findings highlight policy integration, ESCO investment, and technology alignment toward doubling efficiency by 2030.

To accelerate global progress in energy efficiency, it is crucial to actively promote integrated policy approaches, increase investments in Energy Service Companies (ESCOs), and adopt cutting-edge technology further aligning with the G20’s commitment to drive advancements in energy efficiency. The report titled “Doubling Global Energy Efficiency Progress: How the G20 can Lead the Way” underscores the global commitment, as evidenced by the G20 New Delhi Declaration, to double the rate of energy efficiency improvements by 2030.

The report launch took place at the fourth edition of Forum on Energy Efficiency and Decarbonisation 2024 (FEED 2024), the annual flagship event of Alliance for an Energy Efficient Economy (AEEE).

Commenting on the report launch, Dr Satish Kumar, President and Executive Director, AEEE said, “The interplay between energy efficiency and climate change is undeniable. The transformative landscape shifts in 2023 highlighted the critical role of energy efficiency, marking a significant milestone after three decades. Collaborating with BEE and the Ministry of Power during the G20, AEEE and other partners played a pivotal role in shaping strategic energy efficiency plans across sectors.” This report reflects the heightened attention to energy efficiency, signalling a collective stride towards resilience in the face of climate challenges on a broader scale, he further said.

The report focuses on building energy codes, electric motors, and the role of ESCOs in doubling the global rate of energy efficiency improvement. The findings reveal the critical importance of robust enforcement mechanisms for building energy codes, recommendations on transitioning to high-efficiency motors, and the transformative role of ESCOs in achieving ambitious energy efficiency targets.

During the keynote address at the event, Abhay Bakre, Director General, Bureau of Energy Efficiency, drew attention to India’s Nationally Determined Contribution (NDC) which places a significant emphasis on energy efficiency as a cornerstone for achieving its climate goals, and that energy efficiency has the potential to help meet up to 40 percent of the emission reduction target of the NDCs. He spoke of India’s leadership in creating collaborative platforms, particularly during its G20 presidency, which has been instrumental in fostering a global dialogue on energy efficiency.

Abhay Bakre, emphasised on the need for mapping and quantifying the potential of energy efficiency measures across different sectors. It calls for a collective effort to bring together diverse actors, including think tanks, consultants, auditors, and manufacturers, to realise the vast opportunities in energy efficiency. He stressed that this mobilisation of stakeholders is crucial for driving high-impact initiatives and leveraging platforms like the Clean Energy Ministerial, G20, and other such platforms for maximum effect.

FEED continues to play a pivotal role in shaping the future of sustainable energy practices. Recognising the imperative nature of decarbonisation and smart energy management in the journey toward a net-zero economy, this flagship program of AEEE remains committed to fostering knowledge transfer and promoting technology adoption across India’s energy value chain. Serving as a dynamic platform, FEED 2024 facilitated interactions among stakeholders within the country’s energy ecosystem, creating avenues for collaborative exploration and enhanced business competitiveness through the twin pillars of energy efficiency and decarbonisation. This two-day event convened over 80 distinguished speakers and gathered interest from 1.2K+ stakeholders from across 625 industry, government bodies and institutions.

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