Energy demand transformation could lead to $2t in annual savings

This will also reduce energy intensity by 31%.

Transforming the energy demand could result in a 31% reduction in energy intensity and up to $2t in annual savings by 2030, according to a report by the World Economic Forum (WEF).

WEF said global energy demand is led by buildings, industry and the transport sector which account for 94% of the global demand.

“Demand-side action is an area where the business and social cases for demand-side action overlap closely. Such action can increase productivity, whilst unlocking access to energy and economic growth,” the report read.

Some of the actions that could be taken is reallocating previously wasted or unnecessarily used energy to new consumers and new uses.

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Regardless of sector, all companies may also adopt existing and affordable technologies that can reduce energy intensity.

WEF also noted that this will be beneficial across all markets but the importance of such benefits will vary.

In developing markets, the reduction in energy intensity will improve competitiveness through lower total energy costs whilst, cutting environmental risks.

Lower energy intensity will improve access to secure energy in emerging markets and developing economies. It will also enhance the ability to attract investments whilst enabling avoiding low-efficiency legacy systems as observed in developing markets.