Global companies save over £100m through energy efficiency
Energy efficiency has saved a number of major global companies £107 million according to new research from The Climate Group.
21 companies from the EP100 initiative, including UltraTech Cement, Hilton and H&M have saved over 250 million metric tonnes of carbon dioxide equivalent (MTCO2e), which is the carbon equivalent of running 134 US coal-fired power plants for a year, with those firms saving more than enough energy to power Germany for a year since the initiative’s inception.
The EP100 initiative aims to commit businesses to energy usage targets and improve consumption levels. Reports state that members are increasing their energy productivity by 8% each year and slashing their energy usage by 146TWh (terawatt hour(s)) per year.
Helen Clarkson, the CEO of The Climate Group says, “Smarter energy use benefits businesses at every level, helping to meet expectations of shareholders, customers and employees while generating capital for reinvestment.”
The report indicates that 94% of EP100 members say financial savings were “very significant” or “significant” in improving energy productivity.
Many members have recognised the high upfront costs of investing in energy efficiency however this was coupled with the acknowledgement of the 2-4 years’ payback periods from the initiative.
The EP100 countries are stepping up to show what is now possible, encompassing growth and success, a standard that needs to be implemented globally.