Tuomo Hoysniemi , Division President , Drive Products at ABB , explains how investing in energy efficiency today maximizes savings over the long term – and achieves shorter payback periods than ever .

Tuomo Hoysniemi ,

President , Drive Products , ABB

The cost of energy is a significant concern for businesses – it affects their sustainability , profitability and growth strategies . Data on 2,300 business leaders from the ABB Energy Insights Report shows that three in five businesses reported that high energy costs might delay their progress toward sustainability targets .

At the same time , the report shows that the rising price of energy is cutting into profit margins and forcing businesses to reallocate funds away from areas that are key to growth , such as R & D , technology , infrastructure and marketing .

Fortunately , there are solutions available that can curtail the effects of rising energy costs . By investing in energy-efficient equipment , businesses can achieve the same outcomes using considerably less electricity . Since electricity is the top operating expense ( OpEx ) for many businesses , efficiency enables significant savings .

Energy efficiency : the first fuel for sustainability The International Energy Agency ( IEA ) considers energy efficiency essential to achieving Net Zero . It describes efficiency as “ the first fuel – the one you do not have to use , yet it gives you the services you need .” The IEA has called on industry to invest in efficiency for both new and existing installations .

Improving the efficiency of electric motors must be a priority . They are essential to almost every sector , yet many are very