According to a report by the International Energy Agency, greener products are starting to have a huge impact on energy consumption in many countries.
Among the 18 countries surveyed in the report (including the United States, Japan, South Korea and the United Kingdom), final energy consumption decreased by 5% from 2001 to 2011, mostly due to investments in energy efficiency.
But the area where improvements in energy efficiency have had the greatest impact is in the household sector. Since 2001, improvements in energy efficiency have caused household energy consumption to fall by 5%.
In most of the countries surveyed, demand for white goods such as refrigerators and washing machines is not growing as fast as before, as these appliances become smarter in their use of electricity.
The number of TVs, smartphones, PCs and other devices has increased and they are consuming more energy than ever before.
However, the implementation of some related policies is also helping to save energy. These policies encourage the replacement of older incandescent lamps with more energy-saving light bulbs (such as energy-saving lamps and LED lamps).
Japanese and American scientists jointly won the 2014 Nobel Prize in Physics this week for inventing LED technology, which has allowed LED lights to spread around the world.
Another factor driving improvements in energy efficiency are fuel economy standards, which cover 70% of the global light passenger vehicle market.
According to the International Energy Agency, the wider application of these standards is expected to bring investment in vehicles that meet these standards to reach US$80 billion per year for at least the next five years, and fuel cost savings of US$40 billion to US$190 billion.
This is the International Energy Agency’s second annual report on energy efficiency initiatives and a potential effort to curb the rise in carbon dioxide emissions that scientists see as the root cause of climate change.
This latest report found that the financial market related to energy efficiency has reached $120 billion per year, with products such as corporate environmental bonds and climate finance plans on the rise.
Philippe Benoit, director of the International Energy Agency's energy efficiency and environment department and co-author of the report, said that although total energy efficiency investment now amounts to at least $310 billion per year, more money is needed to reduce carbon dioxide emissions to levels that scientists believe can avoid the dangers of climate change.
He said: "We estimate that over the next 20 years, we will need an average investment of about US$600 billion per year."
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