What goals should we set to reduce energy consumption?

invVEST goal: Save an incremental 1% energy each year for the next 12 years leading to $360B/year in savings by 2020.
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What goals should we set to reduce energy consumption?

Postby Probir Ghosh » Fri Apr 24, 2009 5:12 pm

USA consumes 54% more energy per capita than OECD Europe. Should USA set a goal to reduce per capita energy consumption by 12% at least by 2020? Should your state be one of the showcase states to lead this initiative? What should be the top 3 projects from your perspective and why?

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Energy Efficiency and Conservation Programs can make a huge impact immediately. Our research has shown that our per capita energy consumption is 54% more than OECD European countries who have very similar GDP per Capita earnings to USA overall. While a part of this can be attributed to our geography, population density and the sheer size of homes we own compared to our counterparts in European nations, much of it is because Europeans are using energy much more efficiently than us. Energy Efficiency and Conservation Programs can be quick wins and will have a significant return on investment and result in millions of jobs immediately.

The blue wedge represents the energy saved by implementing energy programs that save an incremental 1% more energy each year for the next twelve years. If we set a goal to reduce 12% energy consumption by implementing aggressive Energy Efficiency and Conservation Programs by 2020, it can mean $300B in energy savings. Given that we consumed 29,500 Billion kWh equivalent energy in 2008, 1% savings account for 295 Billion kWh. If we assume we save 10 cents for every kWh energy we save through this program, this amounts to roughly $30B savings, so for 12% we save $360B. Note that energy efficiency & conservation programs will continue to make the single largest impact from day one to at least 2020 among all the stretch goals SEI programs.

For an indepth understanding, read invVEST Strategy (1.4mb PDF)
Probir Ghosh
 
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