The International Energy Agency (IEA) considers energy efficiency to be the ‘first fuel’ as it is ‘still the cleanest and cheapest way to meet our energy needs’. Innovation in better and more energy efficient green technology has paved the way for driving down energy costs as well as the reliance on energy itself. More efficient energy systems and processes for energy and carbon intensive industries have emerged but yet to be widely deployed, especially in emerging economies. Digital solutions for monitoring and reducing consumption have enabled users to monitor consumption and reduce consumption. However, the adoption of such technologies has not necessarily followed swiftly despite government initiatives and incentives. Why? What’s the inducement effects of energy pricing on adoption of greener and more efficient technologies in the industrial sector?
In Korea, a major energy consumer, the high reliance on imported fuel has been the motivation for Korea’s longstanding policies on improving energy efficiency and minimize energy consumption. While the contribution of the manufacturing sector toward GDP was maintained at about 25%, its proportion of CO2 emissions was smaller and has decreased over time. Korea’s manufacturing sector exhibited some of the highest carbon intensity levels in the world in 2005, it has sharply reduced carbon intensity from 0.311 to 0.192. Korea’s most recent Green New Deal includes initiatives on smart green industrial complexes – how effective are these comprehensive strategies and what role do they play in signaling to the market?
The COVID-19 pandemic has exposed the vulnerability of the global economy to external shocks and renewed interest in the green agenda to mitigate and adapt the private sector to climate shocks. The objective of this webinar is to better understand the dynamics of energy efficiency technology adoption in the industrial sector and the effectiveness of the policy instruments and strategies in achieve it. The discussion will address questions such as: what does “greening” the industrial sector means in practice and how to achieve it? What has been the evidence on the efficacy of policies targeting adoption of EE solutions? Would a horizontal or a more sector-specific approach targeting more polluting sectors lead to greater emission reduction? What policy experiences are most relevant and replicable in emerging country context?