Global energy efficiency investment will reach the $5.8 trillion mark by the year 2030, according to a new report from the International Renewable Energy Authority (IRENA). By that point, yearly energy efficiency investment will total around $385 billion, according to the report.
This surge in energy efficiency investment will be based mostly around applications in buildings, manufacturing, and transportation — with investment into energy efficient buildings expected to hit $125 billion a year by 2020.
With energy demand in the Middle East and North Africa expected to continue growing rapidly over this same timeframe, energy efficiency solutions are a must — with $555 billion in total energy infrastructure investment needed in the Middle East by 2030, according to a recent report by NBAD, University of Cambridge, and PWC.
In anticipation of this need, a new annual “co-located exhibition, conference, and business matchmaking program in the energy efficiency sector at Abu Dhabi Sustainability Week” known as the WFES Energy Efficiency Expo 2017 will take place next year, with support from Masdar.
“Sustainable development requires efficient management of energy demand as well as supply, and the Middle East and North Africa is no exception,” stated Dr Ahmad Belhoul, CEO of Masdar, Abu Dhabi’s renewable energy company. “At the WFES Energy Efficiency Expo 2017, we will share our public-private partnerships in energy conservation, including the role of Masdar City, Abu Dhabi’s ‘green-print’ for sustainable urban design which consumes 40% less water and energy than city developments of a comparable size.”
“It will also be an opportunity to showcase innovations such as Future Build, an online platform to help architects, engineers and contractors source environmentally responsible building materials and products that have been independently assessed. The Energy Efficiency Expo will encourage further collaboration and entrepreneurship at the intersection of water and energy, promoting the business case for sustainability.”
Originally published on Sustainnovate.
By Henry Lindon
Image via IRENA