![]() ![]() On balance this may slow efficiency investment as cost-of-living pressures reduce household budgets and consumers’ ability to pay for new efficient equipment or renovations. Rising inflation is also putting upwards pressure on the costs of retrofits, new appliances, cars and other efficient equipment – even as higher energy bills increase the payoff of more efficient energy use. ![]() However, investment in energy efficiency is likely to face headwinds in 2023 as higher interest rates slow down economic growth and raise the cost of household borrowing and lending. The share of electric vehicles in global car sales in 2022 was 14% and this is expected to rise to 18% in 2023. Heat pump sales increased by more than 10% globally in 2022 and by nearly 40% in Europe. ![]() Mission LiFE aims to support an India-led global mass movement to nudge individual and community actions to save energy and promote more mindful use of resources and the environment.Įnergy efficiency investment increased by 16% to USD 600 billion in 2022 as a result of government stimulus programmes driving spending on efficient buildings and by the growing popularity of electric vehicles. In support of its Lifestyle for Environment Initiative (LiFE), India passed new efficiency laws to strengthen building codes and policies covering appliances, vehicles, industrial facilities and commercial buildings. This also includes new targets to upgrade old electric motors and transformers such that 70% and 80% of the stock respectively use new efficient models by 2025. This includes detailed targets and plans for the 17 most energy intensive industries such as steel, aluminimum and cement. This includes the USD 4.5 billion High-Efficiency Electric Home Rebate programme which provides up to USD 14 000 per household for upgrades to heating, cooling, insulation, air sealing and electrical systems including lighting and appliances.Ĭhina strengthened its industrial energy efficiency policies in 2022 with new plans to improve the energy intensity of the sector by 13.5% by 2025 compared with 2020 levels. The United States announced important new funding in 2022 under the Inflation Reduction Act (IRA), which is expected to substantially boost energy efficiency actions that bring energy bills down. This sees the energy savings target across the European Union rise to 11.7% by 2030 relative to a baseline forecast in 2020. These nearly double the rate of annual energy savings EU countries are obliged to deliver on average each year from 2024 to 2030 to 1.49%, up from 0.8% per year previously. The European Union agreed to stronger rules to boost energy efficiency in March 2023. Countries representing more than 70% of the world’s energy consumption have introduced new or strengthened efficiency policies since the start of the current energy crisis: ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |