All that is needed are the right financial incentives to induce utility companies to produce less electricity (and still be more profitable) and consumers to reduce their use (and gain savings without sacrificing comfort). This can be done by refitting households with high efficiency light bulbs and other technological improvements, and by retrofitting industrial plants with energy saving technologies.

Yet such investment will not be financed easily its return depends on a still elusive carbon price and will often materialize only in the long run, while improving energy efficiency implies replacing hundreds of millions of outdated vehicles and refitting hundreds of millions of energy voracious buildings. Adequate financing instruments are required for the right purpose at the right place and at the right scale.