Story continues below advertisement
A range of corporate actions to reduce the intensity of energy demand could provide the global economy with annual savings of at least $2 trillion a year if action is taken by the end of this decade, a new WEF study showed on Monday.
These targeted practical measures can also boost growth and reduce greenhouse gas emissions.
Story continues below advertisement
The World Economic Forum (WEF) released the report ahead of its annual meeting in Davos on January 15-19, saying the right policy framework would boost growth and productivity, save companies money, create competitive advantages and reduce emissions.
The report was published in collaboration with PwC and is supported by over 120 global CEOs who are members of the WEF's International Business Council (IBC), a group that represents 3 percent of global energy consumption.
In one of the most supported initiatives at the UN climate change conference COP28, governments committed to tripling global renewable energy capacity by 2030 and doubling the rate of improvement in energy efficiency over the same period.
Countries must reduce their energy intensity between 2023 and 2030 at least twice as fast as in previous years, requiring significant changes from the private sector.
The WEF highlighted the practical measures companies can take to meet energy needs, saying these would be driven by reducing energy intensity in buildings, industry and transport.
Examples include energy conservation measures such as the use of artificial intelligence to optimize factory line design, energy efficiency, value chain collaboration, industrial clustering to share clean energy initiatives, retrofitting buildings, and electrification of transportation.
Story continues below advertisement
Discover latest business news, Sensex and Nifty updates. Get personal finance insights, tax questions and expert opinions on Moneycontrol or download the Moneycontrol app to stay up to date!
Comments are closed.