Published Date : Oct 15, 2015
According to the International Energy Association, with $18 bn, China ranks second in the energy efficiency investment for buildings. The International Energy Association released the news in Washington at the Center for Strategic International Studies. Philippe Benoit, the head of Energy Efficiency and Environment Division at the IEA in Paris said that the United States has the largest energy efficiency investment for buildings, followed by China and then Germany. Benoit said that every year they study a particular sector to examine energy efficiency investments. Last year, transport industry was targeted while this year the plan is to target buildings, added Benoit.
This year, energy efficiency investments for buildings is estimated to be $90 bn including the installation of different inspection systems and lighting in the buildings. With the growth of investments in the building construction industry, energy efficiency investments have seen a continuous growth in China since 2014. In 2014, around $18 bn money was invested in energy efficiency in the buildings sector. Out of $18 bn, more than $11 bn was invested in residential buildings. The combination of consumer spending, voluntary and compulsory government programs, and investments in companies offering energy efficiency services has led to the growth of the construction industry in China.
China has always played an important role in decreasing carbon emissions to meet clean-environment needs, stated Benoit. Today, China utilizes around 3,000 mn tons of oil that is equal to 22% of global consumption. While the energy consumption multiplies into double or triple, it would be around 2/3rd of global consumption, which won’t be a maintainable way of development of economy for China. Considering this, many companies of the China construction industry have started to contribute towards energy efficiency improvements. The China construction industry companies are planning to seek more energy efficiency by understanding what would possibly impact energy efficiency and where exactly the economy needs to be in the market