Why is it in the news?
- The World Economic Forum (WEF) recently released a White paper on “Transforming Energy Demand” which aims to provide practical strategies for accelerating the global energy transition by addressing and transforming energy demand.
- This initiative aligns with the commitment made at COP28 to triple global renewable energy capacity and double energy efficiency improvements by 2030.
- Managing energy demand effectively can lead to a significant reduction in energy consumption, potentially up to 31%. This reduction translates into annual savings of up to $2 trillion.
- Emphasizes the importance of addressing both energy demand and supply concurrently to decrease the energy intensity of current and future activities.
- With a projected global population increase of 2 billion and a doubling of GDP by 2050, there is a growing demand for sufficient and affordable energy.
- Developing economies, in particular, require accessible energy to support growth and achieve development goals.
- Utilization of artificial intelligence for optimizing factory line design.
- Implementation of industrial clustering to enhance energy efficiency.
- Retrofitting buildings to meet energy-efficient standards.
- Electrification of transport systems to reduce reliance on traditional energy sources.
- Highlighted examples such as India’s UJALA program, which significantly reduced the initial cost per LED bulb to as low as $0.8.
- Advocates for the development and implementation of policies that incentivize energy-saving measures and promote sustainable practices.