Industry could save $437 bln a year via energy efficiency efforts

(Reuters, 24 Oct 2023) Global industry could save around $437 billion a year from 2030 via energy efficiency savings and could also achieve big reductions in carbon emissions, a study showed.

The report by the Energy Efficiency Movement, an industry collective, which has Switzerland's ABB, Germany's DHL Group (DHLn.DE), Sweden's Alfa Laval (ALFA.ST) and Microsoft (MSFT.O) among its members, said four gigatons of carbon emissions could be saved by 2030 each year - if companies doubled down on efficiency measures.

That would be the equivalent of taking 60% of the world's internal combustion vehicles off the roads, the report, seen by Reuters, said.

Companies could undertake regular energy audits, review the ideal size of industrial assets, connect sites and machines to reap energy synergies and use more efficient engines, the report said.

"Ahead of COP28, it is important to demonstrate that there are mature and concrete technology solutions readily available to address the global warming issues we are facing," said ABB executive committee member Tarak Mehta.

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Reuters, 24 Oct 2023: Industry could save $437 bln a year via energy efficiency efforts