Over half of the population of the world live in
urban areas. This means that efforts to meet human
development goals and sustain economic growth
must be concentrated in cities. However, the pursuit
of more prosperous, inclusive and sustainable urban
development is complicated by climate change, which
multiplies existing environmental risks, undermines the
effectiveness of existing infrastructure, and creates new
resource constraints.
In this paper, we conclusively demonstrate that there

The economics of energy efficiency programmes have been subject to considerable academic debate lasting well over three decades now. In this paper, we contribute to this debate by reviewing the costs and benefits of a specific type of policy+ instrument that recently gained significant traction in Europe – Energy Efficiency Obligations - EEOs. Following the introduction of the EU Energy Efficiency Directive in 2012 the number of EEOs in Europe has grown from five schemes to now 16 EEOs in operation or planned across the EU.

Heat pumps are relatively simple appliances. They share similar components to refrigerators and air conditioners and effectively move an external source of heat to where it is needed, such as in buildings for heating or the production of hot water. Their key value is efficiency; for each unit of electricity consumed to operate them, they produce multiple units of usable heat. Because of this, they require much less energy input for a similar heating outcome compared to combustion technologies, making them naturally cleaner and generally cost effective to run.