Global energy efficiency improvements lag behind COP28 targets: IEA

One year after the COP28 pledge to double global energy efficiency by 2030, a report from the International Energy Agency (IEA) reveals that countries are falling short of this goal. 

The IEA’s Energy Efficiency 2024 report shows that global primary energy intensity—a core energy efficiency metric—is set to improve by around 1% in 2024, the same rate as in 2023, far below the 4% target needed by 2030.

At COP28, nearly 200 countries committed to raising annual energy efficiency improvements from 2% in 2022 to 4% by 2030. IEA Executive Director Fatih Birol emphasized the role of energy efficiency in achieving secure, affordable energy transitions and called for stronger and faster policy responses worldwide. Despite available technologies and policy frameworks, the report suggests that global efforts must intensify.

Throughout 2024, governments representing over 70% of global energy demand enacted new or updated efficiency policies. Key initiatives include the European Union’s zero-emission building targets by 2050, China’s revised appliance standards, the U.S.’s updated fuel economy standards for heavy-duty vehicles, and Kenya’s efficient building codes for new construction. However, the IEA stresses that accelerated implementation and reinforced policies are essential to meet the 2030 efficiency goals.

To monitor progress, the IEA has launched the Energy Efficiency Progress Tracker, offering regional insights on energy intensity and electrification. The report also highlights technological advancements, with heat pumps and electric vehicles gaining popularity due to their reduced energy consumption.

In 2024, investments in energy-efficient technologies reached a record $660 billion, a 4% increase from the previous year. The IEA’s findings underscore the cost benefits of efficiency, noting that best-in-class air conditioners, for example, can lower lifetime costs by up to 40% compared to less efficient models.