According to the Energy Efficiency Market Report 2014 released by the International Energy Agency, total investments in energy efficiency markets worldwide ranged between US$310bn and US$360bn in 2012, i.e. about half of investment in oil and gas upstream but higher than supply-side investment in renewable electricity or in thermal electricity generation. In 2011, 11 IEA member countries achieved a cumulated energy savings level of 1,337 Mtoe, which is more than the total final consumption (TFC) from any single fuel source in these countries; it was also higher than the total 2011 TFC for the European Union from all energy sources combined. If there had been no efficiency gains since 2001, TFC in 2011 would have been 218 Mtoe higher. In the transport sector, 70% of the global passenger light-duty vehicle market is covered with economy standards. The IEA estimates that energy efficiency improvements in the transport system could reduce fuel expenditure between US$40bn and US$189bn annually by 2020 depending on the adoption of new policies and scale of market implementation they achieve. The market for energy efficiency improvements in the buildings sector has seen significant government support over the past few years in several of the countries highlighted in this report, including in Ireland, Italy, the Netherlands, Canada and Japan.
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