WEF – Transforming Energy Demand, 2024

The World Economic Forum (WEF) has published a paper titled "Transforming Energy Demand, 2024," which highlights the value of taking action on energy demand. The paper suggests that reducing energy intensity, or the amount of energy used per unit of GDP, could lead to a 31% reduction in energy intensity and annual savings of up to $2 trillion by 2030. This reduction in energy intensity would not only boost economic growth but also help companies save money and reduce emissions. The paper emphasizes the importance of addressing both energy demand and supply in the journey to achieving net-zero emissions. While the world's population is projected to grow by two billion by 2050 and GDP is expected to double, there is also a global focus on decarbonizing energy supply. The paper argues that taking action on energy consumption is feasible, affordable, and profitable for all companies and countries. The paper outlines three key levers that can drive change in energy consumption: energy savings through operational improvement, energy efficiency measures under direct company control, and value chain collaboration with suppliers and business partners. These levers can help businesses reduce energy intensity by approximately one-third, leading to significant cost savings. To guide action on energy demand, the paper calls for the development of sector-specific roadmaps that capture the benefits of managing energy consumption and integrating supply-side actions. It also emphasizes the need for collaboration between businesses and governments to develop these plans and overcome barriers to action. The paper concludes by highlighting the World Economic Forum's commitment to supporting countries in their energy efficiency improvement goals and calls for increased awareness and action on energy demand.