Energy Saving News
Binding Energy Efficiency Target Can Save EU €78 Billion Annually
A EUROPEAN Union goal to increase energy efficiency by 2020 should become binding to help Europe save €78 billion a year while reducing its energy dependence.
This is the recommendation of a new study released on Wednesday commissioned by the Brussels-based think tank European Climate Foundation and the Regulatory Assistance Project.
In a statement released with the report they added:
"A binding energy savings target has a key role to play in providing energy efficiency policies and programmes with much-needed structure and coherence from the European down to the local level in order for the available energy savings to be realised."
Energy and climate change consultants Ecofys and the Fraunhofer ISI wrote in the report that there is “general understanding and acknowledgement” that the EU is not currently going to meet their efficiency target. Achieving the target through a new policy along with incentives making the targets binding can be accomplished “cost effectively,” they added.
The study explained that achieving the EU’s efficiency target will require around 394 million tons of oil-equivalent energy savings by 2020 but efficiency action is voluntary and the research shows that a binding policy is needed to achieve this goal.
Ecofys and Fraunhofer added that while the recession has reduced the EU’s energy consumption by around 70 million tons of oil equivalent and policies introduced since 2006 could cut it further by 115 million tons, the EU will face a savings gap of 208 million tons by 2020.
According to the study, a full implementation of energy-saving measures would be sufficient to meet the 20% target and saving €78 billion a year by 2020, when combined with the other European environmental policies.
"Current EU policy is delivering only one third of the potential cost-effective savings measures," the European Climate Foundation said.
At a recent meeting of EU energy ministers and the European Commission it was revealed that they are preparing a new strategy document on the issue.
The report concluded “The scale of the challenge is not to be underestimated. Energy saving measures are diverse and spread across all sectors, and will have to be implemented quickly enough to deliver their savings potential on time.”
Wednesday 15th September 2010
