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Senior financiers, investors and policy-makers recognise importance of energy efficiency investment at official G20 side event

12 Jun 2019

G20 policymakers, CEOs of major pension funds, insurance companies, and senior financiers gathered to address the question of how to close the world´s energy efficiency investment gap at the ‘G20 Global Summit on Financing Energy Efficiency, Innovation and Clean Technology’ on 12 June in Tokyo, Japan.

The summit - an official side-event to the 2019 Japanese Presidency of the G20 - was co-hosted by International Partnership for Energy Efficiency Cooperation (IPEEC) and UN Environment’s Finance Initiative (UNEP FI) with the support of a high-level steering committee composed of experts and industry representatives.

Central to the discussions were the importance of improving data disclosure, machine learning techniques and other advanced data analytics to improve the transparency of the world´s emerging sustainable finance market.

As a key outcome of the event, over 150 high-level delegates and participants concluded a declaration on improving the visibility and energy performance of asset investments, which recommends to G20 countries:

  • Increased transparency of the energy performance of banks’ assets through their accelerated tagging to nationally appropriate energy performance metrics, leading with buildings.
  • An exemplary role for public financial institutions in their consideration of energy performance in all new real estate lending activities, and as a priority to review and tag existing assets, levering digital innovation where relevant.
  • To promote best practices, and to track the commitments made to tag assets’ energy performance through networks of leading financial institutions, like the UNEP FI Energy Efficiency Finance Platform, inter alia.
  • To consider smart enabling infrastructure in cities and the built environment that can yield important systemic efficiency gains, including efficient building design to reduce heating and cooling requirements, super-efficient cooling devices, electric vehicle charging and heat pumps in combination with smart renewable energy solutions.

Energy efficiency is a long-term priority for the G20, as it constitutes the optimum utilisation of energy resources. G20 members agree that increased collaboration on energy efficiency can drive economic activity and productivity, strengthen energy security and improve environmental outcomes. G20 members have accumulated a wealth of experience and have a demonstrated strength in developing energy efficiency programmes, channelling energy efficiency investments, and driving energy efficiency improvements.

Benoit Lebot, Executive Director at IPEEC shared his thoughts on the summit, stating that “It was particularly encouraging to see such an engaged discussion between G20 policy makers and financial institutions at today’s Summit. Increasing investments in energy efficiency, innovation and clean technology is clearly a part of the 2019’s G20 agenda where solid progress can be made.”

Through framework programmes such as the G20 Energy Efficiency Action Plan (EEAP) and the G20 Energy Efficiency Leading Programme (G20 EELP), G20 continues to show their commitment to significantly improving energy efficiency, driving the deployment of energy-efficient technologies and developing national energy efficiency programmes. As the coordinating organisation of the EEAP and EELP, IPEEC has actively engaged on the topic of financing energy efficiency through its G20 Energy Efficiency Finance Task Group (EEFTG).

IPEEC will report to G20 Energy and Environment Ministers on the main outcomes of the summit during the G20 Ministerial Meeting on Energy Transitions and Global Environment for Sustainable Growth happening in Karuizawa, Japan, from 15 June to 16 June 2019. To find out more on G20 Japan 2019, please click here.

The success of this summit and the Tokyo Declaration show a strong sense of common purpose among policymakers and financial institutions to achieve the scale up of investments required to boost the world’s USD 240 billion annual energy efficiency investment market to the trillion-dollar size needed.

EEFTG aims to enhance capital flows for energy efficiency investments in G20 economies by supporting countries to build robust, investment-grade policy and investment frameworks. It also serves as a forum for G20 policy makers to share best practices in policies and financial instruments through peer-to-peer workshops and direct engagement with members of the private and public finance community, industry and international organisations.

Note: An outcome report of the Summit will be developed and circulated later this year.

For more information about the G20 Energy Efficiency Investment Toolkit, please click here