The pandemic has brought a huge financial shock to the world economies. The World Bank projected that the global economy once things will go back to normal and the market will start trading without constraints will be 5.5% lower in GDP compared to the situation before COVID-19. According to the IEA Global energy Review 2021, the energy demand also followed the same trend and fell by 4% in 2020. However once restrictions will be lifted the world energy consumption will be 0.5% higher than the pre-pandemic level. This goes hand in hand with another tough prediction, the loss of 1.3M jobs in the energy efficiency sector globally.
The Energy efficiency market has been strongly affected by the COVID-19 crisis with significant reduction in energy efficiency project investments. Over the last year Watts-ON Consultants has not been exempted from this trend. In fact, our business was led toward helping our clients improving the sustainability of their properties and supporting public authorities in decarbonising their buildings. Studies reveal that this trend will be reversed within 4 years depending on the effect of public investments into carbon-reduction support schemes.
However, the quest to improve companies’ profitability by reducing utility running cost is still a very relevant issue, especially in this tough economic environment. There are up to 15% savings that can be achieved in commercial buildings by making sure their BMS are set-up properly. The engineering team turnover, mixed with the covid prevention guidelines, seasoned with stretched personnel numbers and a chaotic return to the cities are the perfect recipe for high energy bills. We are here to help to make sure that, differently from the rest of the world, your company will have, post-covid19 world, a lower energy consumption and a healthier financial baseline.