The above chart is from the Netherlands Environment Agency. Yeah, the Dutch didn't do a good job of proofreading. Still, the chart provides a clear visual on how important energy efficiency is to reducing global GHG emissions, relative to other measures. And that gives me hope, because improving energy efficiency gives a lot of bang for the buck. It's a cause that both left and right could get behind, climate change skeptics included. Improved energy efficiency helps business and consumers alike, not to mention boosts productivity and GDP. Plus, as developed countries become more energy efficient, their technology and knowledge will migrate to developing countries.*
Problem is, there are many barriers to implementing energy-saving technology, including higher initial capital costs and delayed payoff. Mega-corporations may be able to manage the costs and wait out the payoff delay but smaller firms, operating with low margins in competitive business environments, may have trouble. A lot more companies would get on energy efficiency bandwagon with a little government help, such as tax incentives, financing assistance, and training.
The International Energy Agency has a nice list of policy recommendations to speed up adoption of energy-efficient technology and practices. They estimate that if implemented globally without delay, their proposed actions could save as much as 7.6 gigatonnes (Gt) CO2/year by 2030 – "almost 1.5 times current US annual CO2 emissions." A must-read, if you're wonk-minded like some of us. (See below for link).
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*Of course, other initiatives are important too, such as a modest carbon tax, with predictable incremental increases. And, yes, solar and wind play an important role.
References:
25 Energy Efficiency Policy Recommendations https://www.iea.org/publications/freepublications/publication/25recom_2011.pdf
PBL Netherlands Environment Agency (15 June 2012), "Figure 6.14, in: Chapter 6: The energy and climate challenge", in van Vuuren, D.; M. Kok, Roads from Rio+20 (PDF), ISBN 978-90-78645-98-6, p. 177, Report no: 500062001.