Monday, September 28, 2020
Home Finance & Regulations Latvia's manufacturing is the most energy-efficient sector

Latvia’s manufacturing is the most energy-efficient sector

The energy saving of Latvia’s major companies in 2018 has reached 577,756 megawatts per hour (MWh), thanks to companies’ investments in new equipment, lighting and transports. That’s what emerged from a research carried out by the Construction State Control Bureau (BVKB).

“Analysing energy efficiency activities and the saved energy is important in the context of Latvia’s national energy and climate plan 2021-2030,” commented BVKB director, Svetlana Mjakuškina.

According to the data, the most energy-efficient sector in the country has been the manufacturing one, whose total energy savings amounted to 402,742 MWh. The second most energy efficient sector was the construction one, followed by the electricity, gas, steam and air conditioning suppliers. 

“Experience shows that the more pragmatic an organisation is, the more activities it implements to be responsible for the environment,” said Valts Vilnītis, environment expert at the Institute for Corporate Sustainability and Responsibility. 

And Latvian companies are already a step ahead when compared to other EU countries. When the European Investment Bank (EIB) signed an agreement with ALTUM, the national financial institution, to support and develop energy efficiency projects, Latvia was already standing among the countries most dedicated to the use of renewable energy sources. Its governments have proven dedication to the cause of combating climate change by the use of new technologies and smart solutions and the new funding will allow them to further boost their efforts.

Early in February, the European Commission’s Vice President Valdis Dombrovskis had welcomed the EU support to Latvian companies that now have the opportunity to replace their existing infrastructure with greener alternatives to reduce energy consumption.

“Every initiative of this kind brings us a step closer to meeting our target of a climate-neutral Europe by 2050,” he said. 

For Reinis Bērziņš, Chairman of ALTUM Management Board, Latvia has huge potential for implementation of sustainable green-minded projects.

“A survey, conducted by ALTUM, shows that approximately half of the Latvian businesses have considered implementing energy-saving activities, but only a few of them have actually taken any practical steps to do so,” he revealed.

Mr Vilnītis explained that the issue of energy efficiency is binding not only for industrial, energy, mining or trade companies.

“The influence of different offices on the environment is not insignificant, because energy and paper consumption, heating system operations, office equipment and car parks generate emissions for the atmosphere, soil and water,” he said. “This is why offices are becoming greener literally and figuratively. Energy efficiency activities are especially valuable in this context, as they provide more careful analysis of equipment life cycle.”

Among the most adopted measures to improve companies’ energy efficiency, there are investments in new machinery, changing lights, investments in transports and heating projects.

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