Among the pledges, Metrus Energy indicated it will increase direct investment in energy efficiency by doubling its investment commitment to "America is All In" from $200 million to $400 million.
"As world leaders negotiate the result of the global stock take, industry experts agree that jumpstarting investment in energy efficiency is paramount to meeting the Paris Agreement goals. The business community has an essential role to play in directing investment and deploying energy-saving technologies. BCSE is proud to sign the Mission Efficiency Call to Action and submit its pledge to work with governments to adopt energy efficiency policies," said Lisa Jacobson, President, Business Council for Sustainable Energy.
The Business Council for Sustainable Energy committed to advising policymakers in the U.S. on the market, technology and policy issues related to accelerating the scale up of energy efficiency. Climargy pledged to de-risk investments and mobilize investments in energy service companies (ESCOs) and energy efficiency projects.
During COP28, the European Union and the United Arab Emirates's COP28 Presidency will launch the Global Pledge on Renewables and Energy Efficiency with the COP28 Presidency, aiming to triple installed renewables capacity and double energy efficiency measures by 2030.
"Momentum is clearly growing for world leaders to increase ambition and adopt a target for more than doubling energy efficiency progress and tripling energy efficiency investment. But achieving this requires a full ecosystem of energy efficiency supporters to take bold action. Mission Efficiency has created a platform for industry, government, financial institutions, and others to pledge their financial and technical support for energy efficiency, which is critical to accelerating the energy transition and curbing global warming," said Brian Dean, Director of Energy Transition, Sustainable Energy for All.
To support this effort, Mission Efficiency launched its own Call to Action, whereby countries, companies and organizations could express their support for establishing a global target of more than double the rate of energy efficiency improvement annually. Those joining the Call to Action also affirmed that tripling investment to more than USD 1.5 trillion per year from 2026 to 2030 is required to meet this target.
Beyond simply advocating for these targets, the Mission Efficiency Call to Action encouraged those joining to submit concrete pledges or UN Energy Compacts for how they will contribute to energy efficiency progress. The first series of pledges were unveiled during a roundtable on the sidelines of COP28 that was hosted by The Business Council for Sustainable Energy, Edison Electric Institute, Mission Efficiency, and Sustainable Energy for All.
