To achieve the Paris Agreement to keep the global temperature rise well below 2 degrees Celsius, energy efficiency is the resource that can quickly address energy security, environmental, and economic challenges. On average, every €1 invested in energy efficiency saves €3 over the lifespan of a technology and should be factored into all investment decisions. "Energy efficiency is not a question of technology," asserts Kim Fausing, the President and CEO of Danfoss. "It is a question of mindset, smart thinking, governance and cost-effective solutions. The solutions exist and can be adopted immediately."
Fausing shares the following recommendations to increase energy efficiency in a piece for the World Economic Forum.
1. Develop a connected energy system, with energy efficiency as the central pillar supported by renewable energy, sustainable buildings and electric vehicles.
2. Storing and transporting renewable energy along with energy efficiency can bring energy-related CO2 emission reductions.
3. A large-scale deployment of electric vehicles will increase electric demand, which can be met with our buildings.