Could More Ambitious Energy Efficiency Targets Boost the UK Economy?
Energy efficiency is something we care about a great deal here at Love Energy Savings, which makes today’s energy news of particular interest. Environmentalists have suggested that more ambitious energy efficiency targets could boost the economy to the tune of around £62 billion and have based this on EU figures.
Although the statistics they have used for this projection are unpublished, they do seem to have some substance and the measures would involve reducing many types of energy use over the next 15 years. Although we should not need an excuse for upping our energy efficiency efforts, this potential benefit for the UK economy could help to garner support from the government and leading UK companies.
40,000 Jobs Could Be Created...
The energy consumption cut needed is a whopping 40% and would be achieved via a wide range of energy efficiency measures. As well as potentially achieving the aforementioned boost to the UK’s GDP, it has also been suggested that it could create around 40,000 new jobs. Alternatively, a lower target of 30% could provide a £17.3 billion boost to the economy and create over 10,000 jobs.
The energy efficiency study has been completed by an independent consultancy by the name of Cambridge Econometrics with the assistance of the WWF, who submitted an access to information request to establish the projections. So, although the figures are not officially published they do have substance and should surely be taken very seriously.
Indeed, it is hoped that such energy efficiency targets could help nations across the EU and not just the UK. Nations such as Ireland, Portugal and Greece, which were hit the hardest by the recession are unsurprisingly the biggest advocates of pushing these measures as far as possible and reaping the economic dividends. Environment and energy ministers will be meeting in Milan to discuss energy efficiency targets and climate change as part of a wide range of energy goals.
A target of 30% could become binding although Germany and Denmark would like to see this increased, whereas as Poland and the UK have issues over state freedom to select their own energy policies. So, the exact measures look set to be debated before anything is set in stone, although the fact it is on the agenda will be coming to the delight of environmentalists and energy professionals alike.
Why Were The Energy Efficiency Stats Never Published?
It is the opinion of environmentalists that the figures were supressed by the EU in order to satisfy the more conservative European nations who deem energy efficiency as an expensive luxury rather than a necessity. The stats were produced as part of an intricate European commission cost and benefit assessment for energy efficiency measures, but they never made it into the public eye, until now.
So, fears over the fact that the initial costs would outweigh the benefits seem to be the reason that these figures have never developed into firm action and this is still the official stance of the UK on the matter. The EU could well be taking a more positive approach due to the long term financial rewards and the fact that the President of the European commission, Jean-Claude Juncker seems to be in full support.
If energy efficiency is important to you and you would like to learn how you can step up your efforts both at work and at home, be sure to take a good look around the Love Energy Savings Help Centre. Alternatively, you can call our energy experts on 0800 9888 375 for a free consultation whereby we could save you up to 40% on your gas and electricity bills.