With Climate Week NYC just eight weeks away, the urgency of addressing climate change is all around us: sea temperatures are breaking records, New Yorkers can’t go out because of Canadian forest fires, and heatwaves keep people indoors in large parts of the world. We need to act; we need to do it now – and we can.
At Climate Group’s landmark event this September, we’ll discuss game-changing technologies and innovative financing that will accelerate action on energy efficiency in the built environment. After all, the greenest form of energy is the energy you don’t use, and improving the energy efficiency of our homes, offices and factories is climate critical.
Buildings make up almost 40% of global greenhouse gas emissions and just four categories of appliance – lighting, air conditioning, refrigeration, and industrial motor systems – use 40% of global electricity demand. However, the other ‘40 figure’ to keep in mind, is that energy efficiency improvements can deliver over 40% of the necessary global reduction in energy-related emissions over the next two decades, according to the IEA.
Energy efficiency may seem less tangible than renewables, and not as shiny as EVs. But innovations in energy efficiency will change how we live, work, think and travel.
Electrifying everything and integrating AI
We have seen huge strides in renewable electricity globally; however, emissions are still rising, or at best plateauing. To tap into this progress on renewables, we need to ‘electrify everything’ and make best use of cutting-edge technologies.
This includes space heating and cooling, where heat pumps will be a global game changer. We need to see a rapid roll-out of this promising technology in the built environment. Heat pumps are 3-4 times more efficient than fossil fuel boilers; for every one unit of electricity, they deliver 3-4 units of heat.
And then there’s the increasing use of artificial Intelligence, which will take some of the hard work out of improving our energy efficiency. AI can optimize an office block, a school, or a hospital’s heating and lighting systems for any given time of day, making decisions based on how many people are in the room and what the weather is going to do later that afternoon. What’s more, AI can monitor the performance of your building’s most energy efficient equipment, such as heat pumps, and flag any faults that might hinder its performance or lead to breakdowns.
Where it gets really exciting, is when AI connects up climate-smart technologies in one integrated, energy efficient building. AI can optimize the use of rooftop solar when it’s sunny, make decisions on when to draw on the building’s battery storage, or the batteries of EVs plugged into its charging points, plus choose an optimum time to sell renewable electricity back to the grid.
The Inflation Reduction Act and a renovation revolution
At Climate Week NYC, the EP100 team will carry forward the debate on how businesses and governments can best deploy these innovations in energy efficiency, plus how we can finance their installation at pace and at scale.
We already have the tools to drive up energy efficiency and cut carbon emissions. Earlier this year, our Chief Executive wrote about how the world’s most powerful politicians have finally woken up to the power of energy efficiency in the face of the energy crisis. Policymakers must now set ambitious targets and financially support cities, states, businesses and citizens, to open up their toolboxes and reap the rewards that come from increased energy efficiency.
Enter: the Inflation Reduction Act in the US. Passed in 2022, the Inflation Reduction Act is one of the most transformative pieces of climate legislation in history. The legislation extends beyond emissions reduction, promising to enhance energy efficiency, create high-quality jobs, and tackle energy poverty. In New York, we’ll discuss the immense opportunities it provides, and how businesses, as well as cities and states, can access its funding. Plus, how other jurisdictions around the world can follow suit, and open up vital financing for critical energy efficiency improvements.
It's time to kick start a renovation revolution in buildings to drive energy efficiency. Over 80% of existing buildings, efficient or not, are set to remain in use by 2050. That’s why at Climate Week NYC we’ll also unveil our new plans to help propel renovation rates toward the world's net zero goals. Our new project seeks to accelerate the renovation revolution, paving the way for a more energy efficient and sustainable built environment.
This event offers a pivotal platform to foster collaboration and shed light on the common challenges that must be tackled together. By uniting stakeholders and driving collective action, we will push the needle towards a sustainable and energy-efficient future.
Climate Week NYC starts on Sunday, September 17 with the Opening Ceremony. On Monday and Tuesday, September 18-19, Climate Group hosts The Hub Live, Climate Week NYC’s interactive program for innovative solutions, technologies and ideas that drive forward climate action now.