Global investment in energy-efficient technologies increased by 4% in 2024, reaching a record $660 billion, according to the International Energy Agency (IEA).
To double the global improvement rate, countries need to accelerate policy implementation, enhancing energy security, reducing costs and lowering emissions.
The IEA’s annual report, Energy Efficiency 2024, reveals that global primary energy intensity, an efficiency measure, is expected to improve by about 1% this year—unchanged from 2023 and half the average rate between 2010 and 2019. At last year’s COP28 climate conference in Dubai, nearly 200 countries committed to doubling progress, aiming for a 4% improvement by 2030 from 2% in 2022.
The report highlights significant policy advancements globally, with over 70% of energy-demanding countries implementing new or updated efficiency policies in 2024.
The European Union aims for zero-emission buildings by 2050; China has upgraded appliance standards and efficiency targets; the United States has tightened fuel economy standards for heavy-duty vehicles, and Kenya has made its building code mandatory for new constructions. However, the report stresses the need for faster and stricter policy measures to meet global targets.
“Energy efficiency is a key pillar of secure, affordable and inclusive energy transitions. The IEA is working closer than ever with governments around the world to ensure that it remains a top policy priority,” said IEA Executive Director Fatih Birol. “Fortunately, the policies and technologies to accelerate efficiency progress are readily available today, and many governments are taking important steps forward. What we hope to see now is faster and stronger policy responses across the globe.”
