Global energy bills rose 20% in 2022
A new analysis shows that consumers across the world collectively spent $10tn on heat and power over a 12 month period of time.
The International Energy Agency’s report, Strategies for Affordable and Fair Clean Energy Transitions, showed the annual spend per person was $1,200. This represents around one-fifth more than the average over the previous five years.
Published last week, the work also identifies the opportunities presented by renewable energy sources for gains in affordability, in addition to environmental benefits. According to the organisation, moving quickly to so-called ‘clean power’ will reduce household bills compared with the current international policy.
You can access the full report here.
‘The IEA report further underscores the significant role clean energy-tech plays in increasing energy security and affordability. Despite this, governments are still spending seven times more subsidising highly polluting fossil fuel industries than they are investing in the roll-out of clean energy-tech, such as heat pumps,’ said Martin Lewerth, CEO at zero carbon heating specialist Aira.
‘Europe’s dependence on fossil fuels, such as gas, has made it highly vulnerable to price volatility. In 2022, people around the world spent 20% more than the five yearly average on energy, amounting to 9.9 trillion USD. As a result of these skyrocketing prices, Europeans are now starting to turn their attention towards clean energy-tech alternatives to heat their homes and exploring the benefits of low-carbon energy,’ he continued. ‘Heat pumps are cited in the report dozens of times due to their ability to help Europe meet its energy security needs, climate commitments and potential to bring down heating-related costs across the continent.’
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Image: Alexander Grey