Report: Global energy efficiency market now valued at $310 billion

According to a new report from the International Energy Agency (IEA), the global energy efficiency market is now valued at $310 billion. This is mainly due to the fact that governments around the world are creating and more strongly enforcing energy-efficient standards as a way to reduce the overall energy consumption of their countries. The report also says that the green energy sector of the global market is becoming an established cornerstone of the economy, which will help eliminate any risks as we head into the future.

The annual report, which was published for the second year in a row, took a look at the 18 IEA countries and the progress they have been making when it comes to energy efficiency. According to the study, between 2001 and 2011, energy consumption has fallen in these nations by a full 5 percent – mainly because of increased investment in green technologies. This number will continue to grow in the near future, according to experts, as more time and money is invested in these environmentally friendly power sources.

"Energy efficiency is the invisible powerhouse in IEA countries and beyond, working behind the scenes to improve our energy security, lower our energy bills, and move us closer to reaching our climate goals," IEA executive director Maria van der Hoeven wrote in the report. "As energy efficiency is essential to meeting our climate goals while supporting economic growth, the increasing use of finance is a welcome development."

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