Most energy is wasted through inefficiency - report

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 new report indicates 98% of all energy produced globally is wasted through inefficiency.

Addressing this issue, boosting energy production would greatly increase the economy and create millions of new jobs.

To visualize this number, the authors explain, consider that when boiling an egg only 2% of the energy consumed goes into actually producing the boiled egg: the rest is wasted in heating the pan, the kitchen air and the water around the egg.

The 2015 Energy Productivity and Economic Prosperity Index, authored by The Lisbon Council, Ecofys and Quintel Intelligence and commissioned by Philips, shows doubling energy productivity improvement to just 3% would reduce the global fossil fuel bill by more than €2 trillion (US$2.28 trillion) by 2030 and could create more than 6 million jobs in the next five years.

Read The Climate Group story - “Report shows how to turn energy waste into economic growth” – says we don’t have to wait for any ‘magic bullet’ to implement these solutions.