Around 70% of the companies surveyed are upgrading their equipment to best-in-class energy efficiency ratings, while 32% are planning to make energy efficiency improvements this year.
According to the Energy Efficiency Investment Survey 2022 commissioned by ABB, 32% of the companies are planning to make energy efficiency improvements this year, and seven in 10 companies are upgrading their equipment to best-in-class energy efficiency ratings. Half of those investing or planning their investments in energy efficiency cited production as their high-priority area for investment, followed by facilities, including building management, HVAC, and lighting.
The Energy Efficiency Investment Survey 2022 comes in the wake of a recent UN report calling for concerted action from countries to cut greenhouse emissions at a faster rate. India announced its commitments to fight climate change at the Glasgow COP26 conference last year, pledging to cut its emissions to net-zero by 2070 while targeting to meet 50% of its energy needs from renewable sources by 2030. In alignment with this, one of the key findings of the survey reveals that Indian industries are increasing investments in energy efficiency in the next five years, as the crucial race towards Net Zero intensifies.
“The results show that a large percentage of companies are confident of investing in energy-efficient technologies, setting India on the right track to fulfill its ‘Panchamrit’ promise around the five key commitments to fight climate change. This is excellent news for our environment, people, and industries. We are committed to making this a reality for our customers and partners in India and will continue to accelerate decarbonization by developing smart, energy-efficient solutions tailored to specific customer needs,” said Sanjeev Arora, President, Motion Business Area, ABB India.
More key findings from India
The global survey was carried out as a part of the #energyefficiencymovement, a multi-stakeholder initiative launched by ABB in 2021. The interviews were conducted online by Sapio Research in February 2022, targeting 2,294 companies in 13 countries including India, ranging in size from 500 to 5,000 or more employees. 254 companies from India participated in the survey, out of which, 71% belonged to the manufacturing sector, 9% constituted the transportation and heavy industries, and the remaining belonged to the energy generation and light industries.
The Energy Efficiency Investment Survey 2022 is available here.