Australia could meet nearly half its carbon emissions reductions and save $7.7 billion in bills by adopting existing global standards on energy efficiency, a new report released by the Energy Efficiency Council (EEC) has concluded.
The EEC’s World’s First Fuel report details how major global economies are making ‘huge strides’ in efforts to improve energy efficiency following a record $346 billion in investment in global energy efficiency.
The report found that, in contrast, Australia has ‘barely begun to tap the potential’ of energy efficiency in the consumer and industrial markets.
In contrast to the significant progress being made in global energy savings, Australia is ranked as the worst developed country for energy efficiency policy and performance.
The report makes a number of key recommendations for Australian governments, including:
Reforming institutions and introducing policies to ensure that we meet our national target to improve energy productivity by 40 per cent by 2030. While this target should be raised, we are already falling behind our current target.
Adopting the principle ‘energy efficiency first’ to ensure that our energy strategies, policies and markets deliver the right mix of energy supply and energy management.
Ensure that there is either a national energy efficiency scheme (EES) or an EES operating in every state and territory.
Help manufacturers identify and invest in opportunities to manage energy.
Introduce strong minimum standards for appliances, buildings and vehicles.
The report concludes that Australia can meet over 40 per cent of greenhouse gas reductions required for our Paris Agreement obligations, while saving $7.7 billion in household and personal transport bills.