The International Energy Agency (IAE) has expressed in its new report that global progress towards energy efficiency has been faltering amid the pandemic. It is reported that subdued energy prices have led to the situation.
The reports state that energy intensity is expected to improve by only 0.8 percent this year due to a slump in energy prices because of the pandemic. The figures are well below the required level to fulfil the climate and sustainability goals for the future.
IEA, told the media, “Emptier flights, cheaper fuel, distancing measures hampering building insulation upgrades and smart meter installation, as well as slower car sales due to mobility restrictions, explain the slowdown.”
The IAE earlier this year recommended policymakers to utilise the economic pause due to the pandemic to focus more on cleantech energy to curb carbon emissions. It is reported that the investments in vehicles, equipment and energy-efficient buildings have been surging due to corporate budgets.
The worrying factor according to IAE’s model is that more than 40 percent of the reduction in energy-related greenhouse gas emissions over the next 20 years are delivered by energy efficiency.
Earlier, IAE reports indicated that cleantech energy is set to become the largest electricity source globally by 2025. Furthermore, cleantech energy is expected to produce one-third of the world’s electricity.
The government of many global economies are pushing to use clean tech energy more and are looking to achieve carbon neutrality by 2050 to prevent global warming.