A recent study revealed that the global industry has the potential to realize annual savings of approximately $437 billion by the year 2030 through enhanced energy efficiency measures. Furthermore, this concerted effort toward efficiency could lead to significant reductions in carbon emissions.
The report, conducted by the Energy Efficiency Movement, an industry consortium that boasts notable members such as Switzerland’s ABB, Germany’s DHL Group, Sweden’s Alfa Laval, and Microsoft, indicated that by intensifying their commitment to efficiency, companies could collectively curtail four giga-tons of carbon emissions annually by 2030. To put this achievement in perspective, it would be akin to removing 60 % of the world’s internal combustion vehicles from the roads.
The report suggested that companies could achieve these goals by implementing routine energy audits, assessing the optimal size of industrial assets, establishing interconnections between sites and machinery to harness energy synergies, and adopting more efficient engines.
Tarak Mehta, a member of ABB’s executive committee, emphasized the importance of showcasing mature and tangible technological solutions ahead of the COP28 climate conference later this year to address the pressing global warming challenges. He underscored that while renewables play a crucial role, the significance of energy efficiency in accelerating the transition to net-zero emissions by 2050 cannot be overstated.