Global energy efficiency advocates speak in a roundtable hosted by The Business Council for Sustainable Energy, Edison Electric Institute, Mission Efficiency, and Sustainable Energy for All as part of the COP28 meetings in Dubai on December 5, 2023. (Photo: Sustainable Energy for All)
DUBAI, UAE, December 5, 2023 – The global coalition Mission Efficiency announced the pledge of pioneer private super-ESCO Climargy during a roundtable held earlier today as part of the COP28 meetings in this city.
In its pledge statement, Climargy CEO Alexander Ablaza said that the company believes that over two-thirds of the energy efficiency capital gap by 2030 will need to flow outside the balance sheets of energy end-users through innovative financial structures and modalities for the world to accelerate energy efficiency technology and capital deployment.
Climargy committed to support public and private sector partners to achieve their goals by creating a pioneer private Super-ESCO to enable ESCOs to pursue more energy efficiency projects with off-balance sheet equity capital and project preparation resources. This unique investment model is expected to mobilize private capital from traditional energy developers and new clean energy players to energy efficiency project portfolios as a new and distinct investment asset class, which in turn will serve to accelerate energy efficiency adoption in the buildings, industrial and institutional sectors through fully-financed ESCO performance contracts.
Mission Efficiency announced it has secured an initial series of pledges in support of its Call to Action for doubling annual energy efficiency improvement and tripling annual energy efficiency investment. In addition to the pledge of Climargy, Metrus Energy indicated it will increase direct investment in energy efficiency by doubling its investment commitment to “America is All In” from USD 200 million to USD 400 million. The Business Council for Sustainable Energy committed to advising policymakers in the U.S. on the market, technology and policy issues related to accelerating the scale up of energy efficiency.
During COP28, the European Union and the United Arab Emirates’s COP28 Presidency will launch the Global Pledge on Renewables and Energy Efficiency with the COP28 Presidency, aiming to triple installed renewables capacity and double energy efficiency measures by 2030.
To support this effort, Mission Efficiency launched its own Call to Action, whereby countries, companies and organizations could express their support for establishing a global target of more than double the rate of energy efficiency improvement annually. Those joining the Call to Action also affirmed that tripling investment to more than USD 1.5 trillion per year from 2026 to 2030 is required to meet this target.
Beyond simply advocating for these targets, the Mission Efficiency Call to Action encouraged those joining to submit concrete pledges or UN Energy Compacts for how they will contribute to energy efficiency progress. The first series of pledges were unveiled during a roundtable on the sidelines of COP28 that was hosted by The Business Council for Sustainable Energy, Edison Electric Institute, Mission Efficiency, and Sustainable Energy for All.
Sources: Climargy / Sustainable Energy for All
