A streamlined value chain is no longer optional – it is the life blood of Gulf energy companies’ competitive strategy. Energy efficiency, along with the rise of natural gas and renewables, has climbed to the top of energy stakeholders’ agendas. According to the International Energy Agency (IEA), global investment in energy efficiency grew in 2016 on the previous year by %9, to 231$ billion.
And unsurprisingly. The ‘lower for longer’ oil price – now heading into a third year – put the global spotlight on streamlining costs while bolstering output. Re-jigged payrolls, unprecedented subsidy reforms, nurtured intellectual champions of an innovative future and soaring corporate appetite for digital tools as part of the 4th Industrial Revolution are just the beginning.
Efforts are paying off. The world would have used %12 more energy in 2016 had it not been for energy efficiency improvements since 2000 – the equivalent of another EU on the global energy map. But many more efficiencies must – for economic and environmental security – be explored. The Middle East’s swelling population, rising energy consumption – up by %49 by 2030 – and thickening environmental rulebook means speed and sustainability are paramount.
What are the top 5 energy efficiency strategies to ensure 2018 is noted in the history books for unrivalled progress? As automotive entrepreneur Henry Ford said: “If you always do what you did,
you’ll always get what you got.”