Energy Efficiency: The Untapped Business Opportunity

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Overview

Carbon Connect undertook this research inquiry between October 2010 and March 2011, to examine how government and the private sector can work together to develop a thriving market for investments in energy efficiency. Co-chaired by Lord Teverson and Julius Brinkworth, Director of Energy Projects at Power Efficiency, the report provides bold recommendations to help improve the energy efficiency of UK businesses and safeguard the nation's energy supplies.
 

Policy Context

With many existing power stations shortly due to close and the national grid in need of upgrading, an energy crisis is approaching. The recession’s effect on energy consumption has largely masked the inefficiencies of this system, but if the situation does not improve, future power cuts and energy cost increases will be the inevitable result. Improving the energy efficiency of UK businesses has a critical role to play in reducing our overall energy demand and improving the nation’s resilience to future energy price rises.

Nevertheless, according to a recent report by the Environment Agency, poor energy efficiency is currently costing UK business more than £6 billion a year. Despite the huge cash and carbon savings available, the private sector has yet to fully realise the benefits of investment in energy efficiency.

To kick-start investment in this sector this report makes 15 constructive recommendations as to how government and business can work together to develop a thriving market for energy efficiency in the UK.

Speaking at the launch of the report, Chris Huhne MP, Secretary of State for Energy and Climate Change, commented:

"We want to make sure that energy efficiency is seen as an absolutely key part of our energy policy. This very thorough and thoughtful piece of work will make a welcome contribution to the debate around energy efficiency."