ANZ and the Energy Efficiency Council (EEC) have unveiled a new report titled "Putting energy efficiency to work," which underscores the potential of energy efficiency and electrification in reducing energy costs and emissions in Australia. The report was presented at the National Energy Efficiency Conference in Sydney.
The report includes independent modelling that suggests energy efficiency could account for up to 18.5% of Australia's 2030 emissions reduction targets at a low cost. When combined with electrification and renewable energy, these measures could achieve over 80% of emissions reductions within the same period. Additionally, this combination is projected to contribute nearly 40% towards Australia's 2050 net zero target.
Christina Tonkin, ANZ Managing Director for Corporate Finance, stated, “Beyond contributing to net zero efforts, energy efficiency puts downward pressure on energy bills for both households and business. And importantly, it is available to roll out immediately.” She emphasized that while many countries view energy efficiency as crucial for decarbonization and economic growth, it remains underutilized in Australia.
Luke Menzel, CEO of the Energy Efficiency Council, remarked on the importance of integrating energy efficiency into Australia's strategy for achieving net zero emissions. He said, “We know energy efficiency can slash energy bills, and we now have the numbers to demonstrate the big contribution it can make to Australia’s 2030 and 2050 emissions reduction targets.”
This publication marks the first installment in ANZ and EEC's Forgotten Fuel series. The series aims to highlight how businesses and households can leverage energy efficiency to expedite emissions reduction while saving money.
ANZ operates across more than 30 markets providing banking services to millions of customers globally. Meanwhile, EEC serves as Australia's leading body in the energy management sector advocating for efficient policies and workforce development essential for transitioning towards sustainable energy solutions.