Tougher energy efficiency target would boost UK economy by £62bn

A 40% cut in energy use by 2030 through efficiency measures would increase the UK’s GDP by £62bn and create 40,000 new jobs, according to a study by the independent consultancy Cambridge Econometrics.

Hitting a lower target of 30% would create 13,000 jobs and boost the economy by £17.3bn, says the study by independent consultancy Cambridge Econometrics, obtained by WWF after an access to information request.

The study underlines the impact of engineering the economy to use less energy. “The benefits of energy efficiency are impressive and we need to be ambitious,” said Brook Riley, a spokesman for Friends of the Earth. “GDP gains are three times higher with a 40% reduction target than with 30%. It is significant that the countries which were hardest hit by the financial crisis – Greece, Portugal, Ireland – are among the strongest advocates of going as far as we can.”

EU energy and environment ministers are gathering in Milan to discuss energy efficiency targets as part of a broader package of climate and energy goals for 2030 that currently includes boosting renewables to a 27% share of the market and cutting greenhouse gas emissions by 40%.

The bloc is already committed to a 20% market share for renewables and 20% emissions cut by 2020 – both measured against 1990 levels – and a 20% improvement in energy efficiency, against a 2005 projection

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This article, including the image, has been adapted from an article published in The Guardian