IEA calls for urgent action on energy eficiency to combat climate change

Financing plays a crucial role in the fight against climate change, according to Fatih Birol, the Executive Director of the International Energy Agency (IEA).

Speaking at the Ministerial Dialogue: dialogue on "Scaling Investments to Triple Renewable Energy and Double Energy Efficiency" in Baku, Birol highlighted the challenges in achieving global energy efficiency goals, Caliber.Az reports via local media.

The event took place as part of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change (UNFCCC). Birol noted that while global energy efficiency growth was set to increase from 2% to 4% annually last year, the reality has fallen short.

"Looking at this year’s figures, global energy efficiency has grown by just 1%, which is half of the figure from a decade ago," he stated. He added that achieving the target of doubling energy efficiency this year is, therefore, not feasible.

A significant contributor to rising electricity demand is the widespread use of air conditioning, particularly in regions where climate change and increased incomes are driving higher consumer demand. Birol pointed out that while 90% of households in the United States and Japan own air conditioners, the figure is much lower in developing countries: just 5% in Nigeria, 15% in Indonesia, and 20% in India.

With increasing incomes and the effects of climate change, more people are purchasing air conditioners, which are energy-intensive. For example, air conditioners in Indonesia or parts of Africa consume up to three times more electricity than in Japan.

Without strict energy efficiency standards for air conditioning units, Birol warned, this will lead to significant energy loss and unnecessary financial strain. "If we do not establish energy efficiency standards for air conditioners, it will result in wasted energy and money," he explained. As such, a reassessment of these standards is urgently needed.

By Aghakazim Guliyev