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Energy efficiency is going to add billions to the Australian economy

July 2013, 15
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Australian Economy

As per a news report, just one percent of energy efficiency will add approximately $26 billion to the economy of Australia. The research initiated by the US energy company General Electric and Climate Institute commented that low investment in energy efficiency results in saving tens of billions of dollars to Australian economy.

According to the study, Australia is not able to match the improvements of other developed countries regarding to energy efficiency.

The research did by Vivid Economics explain that one percent improvement in energy efficiency helps the economy in generating additional $8 billion by 2010 and also $26 billion by 2030. As per the Climate Institute, chief executive John Connor, energy efficiency is very important as the Prime Minister proposed to lift the annual production growth to two percent. He said that it was an essential contribution towards improving the productivity of Australia and also reducing carbon pollution. At this point, he stressed that policies like performance standards for vehicles, energy saving initiatives and low-carbon investment are the useful for energy efficiency.

In the research, the forecast has been given for more than 28 countries that include China, Japan, the United States, South Korea and Britain. It also mentions that major sectors like resources, manufacturing, freight, construction and transport can cut their energy usage by 11 percent and also save about $3 billion in a year. The research also states that companies can save more energy by retrofitting buildings, upgrading equipment and recalibrating of operational processes.  

As per Mr Connor, businesses in Australia had started to recognise the importance of energy efficiency. The Climate Institute wants the energy pricing system to be more accurate and also reflect the real cost of energy use. However, the Prime Minister of Australia is in favour of the emissions trading scheme.

As Mr Connor said that the main aim of energy efficiency was to reduce the contribution of Australia to climate change, and make its economy competitive in the 21st century. He also desired for the energy emissions scheme to be of enhanced ambition and play a continuous role in the Climate Change Authority.

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