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Reducing energy demand- technologies are available, scalable and affordable today

 Economic growth relies in part on affordable and reliable energy. Demand
for energy is set to rise by up to a third between now and 2050 to support
a global economy that will be twice as large and a population of 2bn more
people. This surge in population and productivity will be most concentrated
in emerging markets, which makes the energy transition even more
challenging.

We have to change the very nature of our energy system, from a
predominantly fossil fuel-based economy to one based on low-carbon energy
sources. Crucially, we must do so while ensuring energy remains affordable
and secure for all.

The conversation has concentrated on the supply-side.
Governments and energy companies are rightly focusing on how to increase
the supply of low-carbon energy sources and boost transmission
infrastructure. Despite this, we are nowhere near reaching our climate
goals. And there is another side of this debate that has received far less
attention.

Energy supply is critical, but what about energy demand? Demand
is something everybody — individuals, businesses and governments alike
— can take action on. By reducing the intensity of our energy demand (by
one definition, the energy used per unit of gross domestic product
generated) we can do more with less.

But we are not doing nearly enough on
this front. The International Energy Agency estimates that the world needs
to improve energy intensity by more than 4 per cent a year between 2020 and
2030, and almost 3 per cent annually thereafter, to reach net zero by 2050.
Last year, we only managed 1.3 per cent.

First, we need to find ways to save energy.

For instance, artificial intelligence innovations in heating,
ventilation and air conditioning of offices could achieve a 25 per cent
drop in consumption. Second, we need to focus on energy efficiency: using
less energy to perform the same task or produce the same product. For
instance, retrofitting buildings can reduce energy consumption by 45 per
cent. Finally, we have to find value chain collaborations. That means
different businesses along the value chain working together to drive change
in the wider energy system. Recovering heat from industrial plants, for
example, could reduce energy consumption by around 25 per cent, as seen in
the use of waste heat from sulphuric acid production in Sweden. These
technologies are available, scalable and affordable today.

 FT 7th Jan 2024

https://www.ft.com/content/bc2ba5ae-ac4c-4ea8-b7b2-160c5b8aaaa1

January 10, 2024 - Posted by Christina Macpherson | ENERGY