The Energys Group has called on the UK to do more in order to meet their Carbon reduction targets. The Managing Director of Energys Group, Kevin Cox has commented following the recently published IFC report on energy efficient buildings and has called on the UK Government in order to help the private sector to unlock more energy saving possibilities.
The international Finance Corporation, or the IFC, has also expressed their view on energy efficiency. The organisation is a member of the World Bank Group which is the largest global development institution which focuses on the private sector of developing countries. It is thought that these developing countries will be the areas where climate change is expected to hit the hardest. According to the report that has been published by the IFC, called the Creating Markets for Climate Business, working to make buildings more energy efficient could reduce carbon emissions significantly. However, these dramatic changes are only possible if entire countries adopt better building codes and the higher standards that would enforce the construction of energy efficient buildings.
The IFC has offered a range of compelling headline stats that look at what the right mix of energy efficiency, codes and standards can be put into place in order to mitigate global CO2 emissions. In Indonesia, the regulations that has been created with the support of the IFC have mandated energy efficiency requirements for large buildings throughout the capital. The IFC has worked out that the benefits from this work could avoid more than 700,000 metric tons of carbon emissions as well as energy savings for as many as $70 million over the course of the last three years.
It is hoped that the private sector holds the key to fighting climate change. It is felt that if more private investment is unlocked, with the support of government reforms and more innovative business models created, new markets will be developed and attract the necessary investment to make real change and allow the UK to fulfill the promises of the Paris Agreement.