This is based on midpoint scenarios, yet still equates to an 11% reduction in forecast global carbon emissions through 2030. Assuming the more ambitious scenarios, the savings could increase to 5.3 gigatons by 2030, or around 15% of emissions that year.

In either case, it is clear that industrial energy efficiency will be key in achieving net zero targets in the coming years. And for five of the 10 actions where financial savings can be meaningfully calculated, industry could be saving nearly $172 billion a year by 2024, and around $437 billion annually by 2030.

This could add close to $265 billion to global GDP by the end of the decade under a higher-ambition scenario. Again, these estimates could likely be on the low side since there are five actions in this guide, including audits, rightsizing equipment and electrifying vehicle fleets, where the financial returns are highly dependent on individual business cases and thus are not quantified here.

Compared to adapting industrial processes to low-carbon fuels and feedstocks, for example, relatively little effort is required to embrace energy efficiency and enjoy its benefits.

Most of the actions contained in this guide relate to existing assets and where capital outlays are required these can often be integrated into standard equipment replacement cycles. Funding may also be available through government incentives for many of the actions listed in this guide.