Europe 2030: energy saving to become ‘first fuel’
By 2030, more energy will be saved than the amount of energy that is currently consumed from oil-based fuels, a Joint Research Centre (JRC) analysis has found.
Energy savings can be considered “an energy source in its own right”, if the European Commission’s strategy for energy resilience is adhered to. Although likely to miss the 2020 target of 20% of energy saved, the JRC recommends augmenting private investments and introducing a guarantee fund to mitigate investment risk.
Lord Nicholas Herbert Stern, chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics (LSE), says in his introduction to the report: ‘The world has begun a great climate and energy transition towards a low-carbon economy. It provides a much cleaner, more efficient and more attractive way of consuming and living. It is the growth story of the future.
‘Increasingly, decision makers are realising that business-as-usual in our policies and our actions is unacceptable. I welcome Europe’s Energy Union because it is necessary to re-think every aspect of energy policy and particularly those policies that can have a significant impact in the reduction of greenhouse gas emissions. First, in terms of quantitative importance, amongst those policies are those to support energy efficiency throughout the economy. While we have increased our level of ambition, we can do much more. The technologies and techniques exist; but the political will, commitment and ability to act is sometimes weak. Strong examples and clear demonstrations of ways forward can galvanise action.’
Improved energy efficiency scenarios of 27%, 30% and 40% are compared in the analysis. If, for example, a 40% target is adopted for 2030, then the total energy savings and renewables would be greater than the sum of energy from imported fossil fuels. EU dependency on fossil fuel imports would therefore cease to increase.
The work presented in the JRC report supports the commission’s revision of the EU legislation framework on energy efficiency. The target is to move the EU economy away from fossil fuel dependency and towards a low carbon economy. The report, therefore, also provides evidence that these targets are reachable if energy savings are made and become the ‘first fuel’ for investors, especially when energy prices are low.
