Greenhouse gas (GHG) emissions could see an uptick before dropping significantly as the global economy doubles by 2040.
According to a report released by the International Energy Agency (IEA), this could be achieved if global efforts continue with regards to the right energy efficient policies.
The report, entitled Energy Efficiency 2018 released last week is a roadmap to improving energy efficiency by 2040. According to the report, if energy is used effectively, twice as much economic value can be extracted globally as compared to 2018.
The IEA report also states that consumers could save over $500 billion dollars on energy costs per year and predicts a decrease in air pollution in major cities.
IEA’s Executive Director, Dr Fatih Birol said in a statement: “While various countries are endowed with different energy resources – whether it’s oil, gas, wind, solar or hydropower – every single country has energy efficiency potential.”
While the report highlights a vision for 2040 with 60 percent more building space, 20 percent more people, and double the current global GDP, GHG emissions could be as low as 12 percent.
But for this vision to become a reality, the IEA says that strict and immediate action is required in energy efficiency policymaking.
“Efficiency can enable economic growth, reduce emissions and improve energy security. Our study shows that the right efficiency policies could alone enable the world to achieve more than 40 percent of the emissions cuts needed to reach its climate goals without requiring new technology,” said Dr Birol.
Global trends have showed that there has been a drop in policymaking, resulting in slow or little to no progress in energy efficiency.
Dr Birol added that the IEA was working with governments across the globe to enact the right policies for enhancing energy efficiency.