The Forgotten Fuel

At ANZ, we’re committed to helping our customers transition to net-zero carbon as the world moves toward new sources of energy. And while our customers are with us on this journey, like all business, cost is a constant consideration.

But the reality is making better use of the energy we have today is both a reliable way to lower emissions and improve energy affordability, as well as managing energy risk. It’s those ‘little’ things – which admittedly can get large at the organisational level – that will help many households, businesses, and Australia, get more from the energy they use on the road to a low-carbon economy.

A new report, jointly authored by ANZ and the Energy Efficiency Council, tells the story of Australia’s energy efficiency journey – where we’re at, and where we need to be. Putting Energy Efficiency to Work finds energy efficiency has not reached its potential here in Australia.

In 2016, the G7 backed energy efficiency’s role as the ‘first fuel’ for decarbonisation, enhanced energy security and fostering economic growth. But here in Australia, it has been closer to the ‘forgotten fuel’ of our push toward net-zero.

Indeed, the $A1.6 billion Energy Savings Package in the 2023-24 Australian Federal Budget will help ensure energy efficiency is no longer forgotten by everyday Australian businesses and households.

But as this report attests, there is much more we could all do. Rolling out energy efficiency as quickly as possible will help Australia reach its net zero goal at a lower cost for households, businesses and governments.

At ANZ, many of our large institutional clients and partners have the resources and expertise to consider how energy efficiency will fit into their risk-management and sustainability strategies.

As work in this space grows, we should see a shift across industry – one that will amplify the impact of things like energy audits, electrification, and the installation of modern insulation, heating and cooling systems. Of course, we understand the significant energy price pressures many Australian households and businesses are currently under, which can make it challenging to embrace this shift – but investing now, where we can, will help ease those pressures in the future. That’s a key message of Putting Energy Efficiency to Work.

Read the full article here.