Corporates defying global trend by doubling down on energy efficiency

• Leading companies in Climate Group’s EP100 initiative saved around US $164 million last year through energy efficiency measures, tapping into its enormous energy security and competitiveness potential.
• 80% of members who’ve pledged to slash their energy use will meet their goals ahead of their set target dates, achieving an 8% average annual improvement in energy productivity.
• EP100 will focus on policy advocacy in 2025, mapping barriers to energy efficiency and setting clear recommendations to remove them.

Despite sluggish global progress, ambitious corporates in Climate Group’s EP100 initiative are driving up their energy efficiency at pace, reaping the climate, energy and economic benefits. Climate Group’s latest report on EP100 results, Energy unleashed: Doubling down on energy efficiency’s enormous potential, details how its members have saved tens of millions of dollars on energy last year. They achieved an 8% average annual improvement in energy productivity last year, compared to a global energy efficiency rate of  just 1%. 

This news comes as the IEA warns that at the current pace, it’s impossible to meet the COP28 pledge to double annual energy efficiency improvement rates by 2030. EP100 members are defying the global trend with 80% set to meet their energy productivity goals ahead of their target dates. Members reduced emissions last year by 55.1 million metric tonnes of CO2e, equivalent to the emissions from the electricity use of 11.4 million US homes. This brought reported financial savings of US $164 million.

With five years to go to 2030, more companies and countries need to urgently follow in the footsteps of our EP100 members and increase their energy efficiency, Climate Group said. The 113-member strong campaign has to date reduced emissions by 450 million metric tonnes of CO2e, more than the annual emissions of Brazil in 2023. This works out as reported financial savings totalling US $1.7 billion.

“Efficiency is at the heart of the energy transition. It’s the quickest and cheapest way to cut global fossil fuel demand, save money, be more competitive, and make the transition to renewables more achievable. At COP28, over 130 governments committed to doubling down on energy efficiency – we must now redouble our efforts and turn this ambition into action. Hard work lies ahead, but so does opportunity. EP100 members are proof of what’s possible across many industries and markets.” 

Four members achieved their overall EP100 target in 2024: Beko, Mahindra Holidays and Resorts, and Mitie all achieved their commitment to double energy productivity. TCC Group successfully implemented an Energy Management System and increased energy productivity by 50%.

Climate Group flagged that national policies need to drastically change to enable more corporates to double down – like building codes and minimum energy performance standards. The report shares how EP100 will focus on policy advocacy in 2025, mapping out barriers to increased energy efficiency and laying out clear recommendations for policymakers to remove those barriers. 

“We need to drive even greater impact by cutting energy demand and emissions. Companies have the technologies, the expertise, and the capital to turn the tide on energy efficiency – our EP100 members are proof of that. It’s time to tap into this knowledge, to be bold in what we demand of policymakers, and show other businesses the incredible benefits of energy efficiency improvement.” 

Read Energy unleashed: Doubling down on energy efficiency’s enormous potential.