A new report from consumer electronics group Phillips has found that 98% of all energy is wasted and that the deployment of energy efficient technologies could reduce household energy bills by a third. To understand this, imagine if when you boil an egg only 2% of the energy used results in the final output of a boiled egg. The rest is lost.
The study 2015 Energy Productivity and Economic Prosperity Index, published on Tuesday 17 February analyses the economic and environmental opportunity afforded by increasing energy productivity. UK business is highlighted as having a particular opportunity to capitalise on energy efficiency due to its service-driven nature. The research finds that by tackling energy waste, the UK could “lower its energy use to around 3.5 exajoules in 2030, down from 5.4 exajoules in 2012”. Energy productivity is derived by working out how many euros a country produces per unit of energy consumed. For those countries with high levels of industry that are not energy intensive, such as the service sector, the level of energy productivity will be higher.
The report also found that Europe could double its energy productivity performance by fully utilising existing technologies by 2030 and that improving energy productivity from close to 1.5%/year to 3%/year would reduce the global fossil fuel bill by more than €2tr by 2030.
The report index ranked performance of countries by the amount of GDP per unit of energy consumed. At the top of the rankings was Hong Kong with €456bn GDP per exajoule consumed. Cuba came second with €365bn per exajoule. Clearly countries where the weather is warmer will have a reduced consumption because of heating and those with strong service sectors such as banking and finance will be better placed. The UK was ranked 26th but other leading economies trailed even further behind with Germany in 35th place and the US in 87th position. The US has pledged to double its energy productivity by 2030.
Information supplied by Cornwall Energy