A new report by McKinsey & Company suggests that if "a significant set of barriers" can be overcome, the US economy could reduce its energy consumption by 23% by 2020. The report:
"offers a detailed analysis of the magnitude of the efficiency potential in non-transportation uses of energy, a thorough assessment of the barriers that impede the capture of greater efficiency, and an outline of the practical solutions available to unlock the potential."
"The research shows that the U.S. economy has the potential to reduce annual on-transportation energy consumption by roughly 23 percent by 2020, eliminating more than $1.2 trillion in waste – well beyond the $520 billion upfront investment (not including program costs) that would be required. The reduction in energy use would also result in the abatement of 1.1 gigatons of greenhouse gas emissions annually – the equivalent of taking the entire U.S. fleet of passenger vehicles and light trucks off the roads."
"Such energy savings will be possible, however, only if the United States can overcome significant sets of barriers. These barriers are widespread and persistent, and will require an integrated set of solutions to overcome them – including information and education, incentives and financing, codes and standards, and deployment resources well beyond current levels."
"In addition to the above central conclusion, five observations will be relevant to a national debate about how best to pursue energy efficiency opportunities of the magnitude identified and within the timeframe considered in this report."
- Recognize energy efficiency as an important energy resource that can help meet future energy needs while the nation concurrently develops new no- and low-carbon energy source
- Formulate and launch at both national and regional levels an integrated portfolio of proven, piloted, and emerging approaches to unlock the full potential of energy efficiency
- Identify methods to provide the significant upfront funding required by any plan to capture energy efficiency
- Forge greater alignment between utilities, regulators, government agencies, manufacturers, and energy consumers
- Foster innovation in the development and deployment of next-generation energy efficiency technologies to ensure ongoing productivity gains.
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