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Accelerating Energy Efficiency: Risks and Opportunities for Sustainable Growth

Discover the risks and opportunities associated with accelerating energy efficiency. Learn how to avoid lock-in risks, integrate co-benefits, and redirect subsidies for a sustainable future. Explore insights from the Global Energy Assessment and understand the significant payback of efficiency investments. Uncover the co-benefits of energy efficiency, including improved energy security, employment opportunities, social welfare enhancements, and better health outcomes. Find out how redirecting subsidies can drive the acceleration of efficiency initiatives and lead to long-term cost savings. Take steps to ensure proper planning and integration of co-benefits for a successful energy efficiency strategy.

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Accelerating Energy Efficiency: Risks and Opportunities for Sustainable Growth

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Presentation Transcript

  1. The risks of and opportunities for a significant acceleration of energy efficiency Diana Urge-Vorsatz Central European University and Global Energy Assessment

  2. Accelerate or get it right first...? • The lock-in risk related to efficiency policies, and how to avoid them • Insights for acceleration from GEA: • Integrate co-benefits into CBA • Redirect subsidies

  3. Accelerate or make sure you get it right…?The lock-in risk related to infrastructure Source: GEA Ch10

  4. Co-benefits often amount to more than the energy savings • Among largest co-benefits: • Energy security: e.g. 59% of Hungarian winter peak imports • employment: over 140,000 net jobs in Hungary alone for deep building retrofits • Social welfare: helping alleviate poverty • Health, less burden for women and children • Increased access to energy services How to accelerate?Integrate co-benefits into the cost-effectiveness assessmets

  5. Acceleration of efficiency is very costly: .... • ...but it pays back... How to accelerate?Redirect subsidies

  6. Investment costs and energy cost savings for a state-of-the-art building final energy use scneario Source: GEA Ch10 • 14-18 trl.USD of investment vs. 58 trl.USD of energy cost savings globally

  7. Acceleration of efficiency is very costly: .... • ...but it pays back... • Presently significant subsidies going to energy sector • App USD 500 billion goes to fossil fuels annually • Further large amounts to energy poverty alleviation, employment protection, “environmental” goals • E.g. In Hungary close to. USD1 bln annually, criticised even by the supply industry • Easier to reach many of their objectives through EE • But end-use and supply capital stock right now not on par when investments are considered How to accelerate?Redirect subsidies

  8. 3CSEP CEU Thank you for your attention vorsatzd@ceu.hu 3csep.ceu.hu www.Globalenergyassessment.at

  9. Supplementary slides

  10. Energy subsidies in Hungary Source: slides from Mr. Laszlo Varro, Strategy Director at MOL Energy subsidies Biofuel: relatively little CO2 emission mitigation at a high cost District heating VAT discount: further decreases energy efficiency Coal subsidy: artificially increases the competitiveness of high carbon intensity energy Gas subsidy: decreases energy efficiency and competitiveness of renewable heat Feed-in tariff for co-generation: predominantly subsidy of gas based co-generation, decresaes competitiveness of renewable heat • 300 Bn HUF state investment to a new lignite plant. • 1 Mt additional CO2 emission compared to a BAT gas turbine + 10

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