Transforming Energy DemandW H I T E P A P E RJ A N U A R Y 2 0 2 4In collaboration with PwCImages: Getty Images© 2024 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system.Disclaimer This document is published by the World Economic Forum as a contribution to a project, insight area or interaction. The findings, interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum, nor the entirety of its Members, Partners or other stakeholders.ContentsForewordExecutive summary1 Why transforming energy demand matters2 The three energy demand levers3 Business solutions – overall approach4 Business solutions – selected interventions for change in buildings, industry and transport4.1 Industry4.2 Buildings4.3 Transport5 Government leadershipConclusionAppendixA1 Modelling methodologyContributorsEndnotes345111315 162429333738384044Transforming Energy Demand2ForewordAs the global energy system undergoes a rapid transformation, leaders across all sectors need to collaborate to accelerate an energy transition that creates positive outcomes for people, society and the planet. The private sector can play a leading role in driving this transformation.That is why a year ago, the International Business Council (IBC), a group that together represents 3% of global energy use, decided to focus on energy demand. This is an under-addressed area that will allow us to increase economic output, while reducing greenhouse gas emissions (GHG) and driving up global access to energy.Our research shows that there are many tangible actions that all businesses can take today to act on energy demand. The potential of this demand-side action is extraordinary, offering a short-term, cost-efficient 31% reduction of demand, shared across all economic sectors. These gains are deliverable now, at attractive returns, needing no new technology. Such concerted action would unlock growth and productivity while getting the world back on track to meet the targets sets by the Paris Agreement. At the same time, it would support delivery of the pledge by over 120 countries at COP28 to double the global average annual rate of energy efficiency improvement. These findings should be exciting for all leaders, in growth and mature markets alike, and we thank all the IBC members for their support in driving this work. Our ambition is to get the world to act as much on energy demand as supply its efforts to reach net zero. We hope this paper will inspire many other businesses and governments to join this effort. There is no time to lose.Ana Botin Executive Chairman, The ...
