• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Global Economy Is Failing on Vow to Use Energy More Efficiently

9 months ago
in Business, Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
51
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Global Economy Is Failing on Vow to Use Energy More Efficiently

Though it’s more mundane than scaling up renewables or electrifying transportation, rapid improvements in how efficiently the global economy uses energy are seen as vital if the world has any chance of meeting its climate goals.

Efficiency encompasses everything from setting paring the electricity used by appliances and making industrial processes less power intensive to better insulating buildings and improving grids. According to calculations from the RMI think tank, two-thirds of today’s energy supply is wasted, representing about $4.6 trillion a year, or 5% of global GDP.

At last year’s COP climate talks in Dubai, nations committed to doubling the global rate of annual energy efficiency improvements. To date, they’ve done little to meet the goal, according to  the Mission Energy coalition of governments, non-governmental organizations and think tanks at the COP29 summit in Azerbaijan.

Under the commitment, nations vowed to boost yearly efficiency improvements from about 2% to more than 4% every year through 2030. But new data and analysis show the rate holding steady instead — having achieved just a 2% efficiency gain in 2022 with even smaller improvement expected this year.

“Energy efficiency is the most important lever not being pulled right now,” said Jon Creyts, chief executive officer of  RMI. “It will make the entire energy transition cheaper, faster, fairer and more secure.”

Advocates say efficiency is the unseen workforce of the energy transition — a way to make more out of every kilowatt that gets generated and maximize today’s infrastructure, buying time for longer-term investment. The issue has become even more pressing as power demand growth is set to accelerate globally, fed by the installation of AI-driven data centers and the switch to electric vehicles.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

“You’re improving the effectiveness of every supply option, and you’re driving down the cost so that we get to a point where we can afford the grid of the future,” Creyts said.

Instead of working to improve efficiency, the world’s focus has been trained on boosting power supply, with promises of more renewables and nuclear generation, even as the world’s energy system leaks some of the output.

At the negotiations in Azerbaijan, US and European nations have been pressing for ways to reaffirm and propel action to implement last year’s COP28 commitments on efficiency and renewables. A key issue is also ensuring efficiency is baked into countries’ emission-cutting pledges for 2035, due in early February.

In Ghana, work is already underway. Though the country has a history of cheap hydroelectric power, population growth and climbing demand encouraged Ghana to bolster efficiency, with new performance standards for appliances and other action.

Between 2010 and 2023, the implementation of efficiency policy has saved Ghana over 12,000 megawatt hours and avoided an estimated 7 million metric tons of carbon dioxide emissions, said Kofi Agyarko, with the country’s energy commission.

“It’s cheaper to conserve than to just keep expanding generation capacity,” he said. “Energy efficiency is the unseen turbine that generates clean power at cheaper cost.”

Source: bloomberg
Via: norvanreports
Tags: global economyGlobal Economy Is Failing on Vow to Use Energy More Efficiently

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.