Governments from dozens of countries have agreed to prioritize energy efficiency in their energy policies to protect themselves against future supply shocks, lower costs for consumers, and improve economic competitiveness, the International Energy Agency said in a note on Monday.
Government delegates from across the globe participating in IEA's 11th Annual Global Conference on Energy Efficiency in Montreal.
Delegates said the energy supply crisis resulting from the Middle East conflict has underscored the importance of accelerating energy efficiency "as one of the quickest and most effective ways to lower energy costs, strengthen energy security and reduce exposure to future market volatility."
In a joint statement, governments called for stronger energy efficiency measures, including greater support for vulnerable households and businesses, improved energy efficiency in buildings and data centers, and measures to secure investment without unnecessary administrative burdens, the IEA said.
"As successive energy crises have shown, energy efficiency remains one of the most powerful tools available to governments for strengthening energy security, lowering costs and boosting economic competitiveness. Best of all, it is a resource that every country possesses in abundance," said IEA Executive Director Fatih Birol.
At the conference, the COP31 Presidency disclosed that it has asked the IEA to prepare a report to help set an energy efficiency target for buildings before COP31 in Antalya, Turkey, later this year.