If you have been following EFFORCE for a while now, you must have noticed that we talk a lot about energy efficiency. In fact, one might say that everything we do around here revolves around energy efficiency. In this article, we will talk aboutit some more and discuss what Energy efficiency really means and why it is so important.
Energy efficiency is the ability of a system to improve productivity while reducing energy consumption at the same time. It is often referred to as the “first fuel” because it is “competitive, cost effective to produce and widely available”. Miguel Arias Cañete, the EU Commissioner for Climate Action and Energy,referred to Energy Efficiency as “one of the most cost-effective means to improve energy security and economic competitiveness, reduce greenhouse gas emissions, and make energy more affordable for consumers.”
According to the IEA, more than 68% of energy consumed around the world is not compliant with any efficiency standard. This leaves a lot of untapped energy potential that could significantly alter the world’s energy consumption and help slow down energy use.
Increased energy efficiency reduces expenditure on energy. Since energy consumption is lowered while production capacity increases, business entities end up spending less money to power their business processes. An increase in production and decrease in costs means that businesses are able to generate higher profits.
Energy efficiency measures are also a good way to protect oneself from fluctuating electricity prices. With utility prices constantly increasing and the trend likely to continue over the years, we can stabilize our spending by conducting energy efficiency improvements.
Reduced energy consumption is a key strategy to minimize carbon output hence lowering greenhouse gas emissions and pollution. This is a very crucial matter because it pertains to the well-being of the whole planet which is being negatively affected by the high energy intensity levels. With improved energy efficiency and reduced emissions, we will be able to keep the increase in global average temperatures to below 2 degrees as part of the planet’s climate goals.
At EFFORCE, we want to make the world even smaller by opening up the 68% untapped energy potential all around the world. We are doing this by creating the world’s first blockchain based energy savings trading platform. EFFORCE enables everyone to trade Energy Efficiency and participate in Energy Efficiency projects via Blockchain.
We bring together those who want to improve the energy efficiency of their buildings or industrial processes with a pool of investors interested in being repaid in tokens representing the energy savings achieved thanks to efficiency improvement interventions.
As our project lead, Jacopo Visetti articulates, EFFORCE is a “really revolutionary project because we actually don’t increase capacity, so we do not install new energy. We make you more efficient with what you already have so you don’t have to install anything!”