ABB sees an untapped opportunity to cut global electricity consumption by 10 pct
A major achievement of the COP26 climate summit was that 90 percent of the world is now covered by net zero targets. As a result, political leaders have a renewed focus on reducing carbon dioxide (CO2) emissions and setting targets. Energy efficiency is an essential strategy in achieving these goals.
Building on the COP26 discussions, the International Energy Agency (IEA) has launched its Energy Efficiency 2021 report. Its key finding is that annual investment in energy efficiency worldwide needs to triple by 2030 to meet the IEA’s roadmap to achieving Net Zero by 2050.
The organization is calling for governments to mobilize the required investment. Energy efficiency can be considered as the “first fuel” as it makes the most of existing energy and avoids the need to develop new resources. Industrial motors in particular hold huge potential for energy efficiency measures.
Kevin Lane, Energy Analyst, International Energy Agency (IEA) says: Energy efficiency is the cleanest and cheapest way to meet our energy needs and is essential to meeting Net-Zero. More than 40 percent of the required emissions reductions for Net Zero can come from energy efficiency programs and other measures that pay for themselves such as reducing gas leakage and tapping into renewable energy.
Industrial energy efficiency is vital in combatting the worst effects of climate change.” Motors may not be highly visible, but they are central to our way of life, from processing food and water to powering transport and cooling data centers. Today’s electric motors consume more than 45 percent of the world’s electricity. And with a population that is growing and a rapidly growing economy, the world is set to see the number of motors double by 2040.
– Too many of the world’s industrial motor-driven systems are outdated and inefficient. Investing in the latest energy-efficient technology has huge potential to reduce our reliance on energy resources, said Morten Wierod, President of ABB Motion.
– According to our research, upgrading the world’s 300 million industrial motor-driven systems with optimized, high-efficiency equipment would reduce global electricity consumption by up to 10 percent. That’s more than 90 percent of the annual consumption of the entire EU.
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