“The cheapest energy is the one that is not wasted” - WB report on energy efficiency: For every 1 USD invested, the benefit is 3-5 USD
The World Bank recently published a report on energy efficiency, emphasizing that saving is one of the most cost-effective and immediate ways to improve energy security, reduce emissions, and boost economic growth.
According to the report, for every USD 1 invested in energy efficiency, the economic benefit amounts to USD 3 - 5. However, the report estimates that currently more than two-thirds of the energy produced globally is lost before reaching the end user, especially in developing countries.
Energy efficiency helps reduce costs for governments and citizens, improves the quality of public services such as lighting, heating or transportation, and prevents the construction of unnecessary energy production capacity.
The report also highlights the social and employment benefits. In 2022, the energy efficiency sector was the largest source of employment in the global energy industry, with nearly 11 million jobs, from design and construction to installation and maintenance.
But according to the report, the lack of clear policies, low investment and insufficient institutional attention hinder the widespread dissemination of energy efficiency measures. To this end, the World Bank proposes a national approach with international support: the creation of dedicated institutions, support packages for the private sector, and cooperation with financial institutions to promote affordable technologies. In conclusion, the report emphasizes that “the cheapest and cleanest energy is the one that is not wasted”.
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