ABB: Energy efficiency report is a “timely reminder that energy efficiency is the quickest and most effective way to reduce energy costs and our emissions”

Following the IEA’s release of its Energy Efficiency 2023 Market Report, Morten Wierod, President of ABB Electrification, described it as a “timely reminder that energy efficiency is the quickest and most effective way to reduce energy costs and our emissions.”

He said: “Our own research has shown that while rising energy prices have been a catalyst for businesses to focus on reducing their energy use, market volatility and uncertainty is a barrier to business leaders making the investments needed.

“Investing in renewables as well as smart and sustainable energy efficiency technologies means businesses can both cut costs and lower their emissions. Mature, low-risk solutions like smart buildings and cloud-based energy management can deliver significant ROI.

“2024 is going to be a key year for us all to accelerate our efforts to help businesses understand how to achieve cost savings and decarbonization. As leaders we can all come together to work with other businesses to solve what is one of the greatest challenges of our time. Together I believe we have the opportunity to accelerate the journey to a lower carbon future.”