Press Release: Northmore Gordon’s Modelling Underpins ANZ and EEC Report on Business Energy Efficiency

In a recent collaboration, ANZ Bank and the Energy Efficiency Council (EEC) engaged Northmore Gordon to provide the underlying modelling for a pivotal report demonstrating how energy efficiency is essential for Australian businesses to cut emissions and reduce costs. The report, just released (May 2024) “Putting Energy Efficiency to Work for Business,” outlines the critical steps business owners can take to incorporate energy-efficient practices, ultimately leading to significant financial and environmental benefits.

Key Findings and Opportunities

The report underscores the substantial impact of energy efficiency, revealing that it can contribute up to 18.5% of the emissions reduction Australia requires by 2030 and 13.5% by 2050, according to the independent modelling provided by Northmore Gordon. With over two million small businesses in Australia, representing nearly a third of the country’s GDP, there is a tremendous opportunity for SMEs to curtail energy consumption and support Australia’s net zero emissions goal.

Strategic Recommendations

Energy efficiency is identified as the most cost-effective initial step for SMEs. The report also highlights electrification and renewables as critical components of energy upgrades. Clare Morgan, ANZ Group Executive for Australia Commercial, emphasizes the importance of prioritising energy efficiency, especially amid rising material and energy costs. She notes that businesses acting now can save money, reduce emissions, meet growing sustainability expectations, and enhance business resilience.

Luke Menzel, CEO of the Energy Efficiency Council, points out that energy use in businesses, homes, and vehicles is responsible for about 80% of Australia’s emissions. With the nation’s energy transition plan becoming clearer, now is the time for businesses to harness energy efficiency.

Comprehensive Approach

The report, part of ANZ and EEC’s “Forgotten Fuel” series, follows the inaugural May 2023 publication, “Putting Energy Efficiency to Work.” This series illustrates how energy efficiency and electrification are vital for lowering energy bills and decarbonizing the Australian economy.

Three key highlights from the current report include:

  • Critical Tools: Energy efficiency, electrification, and renewables are indispensable for SMEs aiming to reduce energy bills and emissions.
  • Impactful Modelling: Independent analysis by Northmore Gordon, commissioned by ANZ and the EEC, finds energy efficiency can deliver up to 18.5% of the needed emissions reduction by 2030.
  • Integrated Solutions: Combining energy efficiency with electrification can achieve nearly 40% of the emissions reduction required for Australia, surpassing the impact of renewable electricity alone.

How Northmore Gordon Can Help

We are committed to helping businesses realise the potential of energy efficiency. We provide expert guidance and solutions to implement these critical upgrades, leveraging both corporate and government funding opportunities. By partnering with us, businesses can navigate the complexities of energy efficiency and make meaningful strides toward sustainability and cost savings.

For more information on how to enhance your business’s energy efficiency and unlock funding opportunities get in touch below.

Images sourced from: ANZ’s Putting Energy Efficiency to work for Business Report – May 2024

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