The global push for energy efficiency is moving too slowly to meet the ambitious target set at last year’s COP28 conference, according to the International Energy Agency’s (IEA) Energy Efficiency 2024 report.
While countries agreed to double the rate of improvement by 2030, new IEA analysis shows that efficiency gains remain at only 1% annually — a rate far below the 4% needed to align with the pledge.
With energy efficiency improvements acting as a crucial lever for emissions reduction, cost savings, and energy security, the IEA urges accelerated action worldwide to close the gap.
Current improvements in global primary energy intensity, a measure of energy efficiency, remain steady at 1% for 2023 and 2024 – only half the average rate seen between 2010 and 2019.
The IEA’s report notes that while countries representing over 70% of global energy demand are implementing new or updated efficiency policies, these measures must be broadened and intensified.
According to the report, investment in efficient technologies grew by 4% in 2024, reaching a record $660 billion (£510bn).
The IEA’s analysis shows that efficient technologies, such as best-in-class air conditioners, can cost up to 40% less to operate over their lifetimes than their inefficient counterparts.
