General News
Philips Backs Action to Save 98% Energy From Wastages
The ‘2015 Energy Productivity and Economic Prosperity Index’ launched on Tuesday revealed the huge potential for societies to raise economic performance and extend significant environmental and social benefits through improved energy productivity.
The Index, authored by The Lisbon Council, Ecofys and Quintel Intelligence and commissioned by Royal Philips, is the first global report to rank countries by their energy productivity, based on their economic output per unit of energy consumed.
The report warns that the current rate of energy productivity improvement, around 1.3% worldwide each year, is too slow to keep pace with the rising energy demand.
The report finds that most energy productivity gains will need to come from improvements to residential and non-residential buildings.
A simple illustration of energy productivity is boiling an egg, where only 2% of the energy consumed goes into producing the boiled egg.
Similarly, nearly 98% of all energy we use in the process of production is being wasted.
Just by increasing the use of technology today, such as energy-efficient appliances, LED lighting and insulation, European households could reduce their energy bills by a third.
Furthermore, overall energy consumption in the EU could be cut by 35% by more than doubling the rate of the region’s energy productivity improvement from close to 1.5% to 3% per year by 2030.
“Within the range of energy efficiency opportunities, LED lighting is a key contributor in addressing the soaring energy demand of the future as it already can deliver a 500% energy productivity improvement in average households. And by connecting LED lighting to sensors, apps and controls, even greater efficiencies may be realized. It is dramatically changing the way people experience and interact with light at home, at work and in their cities”, said Harry Verhaar, head, Global Public and Government Affairs at Philips Lighting.
According to the High-Energy Productivity Growth Scenario presented in the report, nearly 12 European households could be lit with a 1000 KWh of electricity, which is roughly what it takes to light two households today.
Miguel Arias Cañete, European Commissioner for Climate Action and Energy, added: “Energy efficiency is a powerful instrument for job creation with great potential for stimulating economic growth and EU competitiveness. Energy productivity provides us with an excellent framework to harness underutilized resources. I welcome the publication of this report. It will help us in coming years in using innovation to drive efficiency and improving Europe’s performance in this key area.”
The report urges policymakers to set more ambitious targets to improve energy productivity.
It demonstrates that high levels of energy efficiency will contribute to global economic growth: doubling energy productivity could create more than 6 million jobs globally by 2020 and reduce the global fossil fuel bill by more than EUR 2 trillion by 2030.
To achieve this, further progress in the world’s six largest economies – the US, Russia, China, Japan, India and the EU – is most important as they account for 60% of global GDP and 65% of global energy demand.
“World leaders are convinced that energy is the golden thread connecting economic growth, increased social equity and a healthy environment, but we still need to enforce more ambitious goals to improve energy productivity”, said Kandeh Yumkella, UN Under-Secretary-General and CEO of Sustainable Energy for All. “This report helps to focus minds on these goals and their benefits. Doubling of the global rate of improvement in energy efficiency by 2030 is our shared objective, underpinned by the Global Energy Efficiency Accelerator Platform launched by the UN last year.”
Global Energy Productivity Highlights:
• The Index ranks countries by the amount of GDP they produce for every unit of energy they consume. This differs from energy efficiency which means using less energy to deliver the same service.
• Hong Kong topped the list with an energy productivity of EUR 456 billion of GDP per exajoule (one quintillion – 1018 – joules) consumed. Cuba came second, boasting EUR 365 billion GDP per exajoule. Columbia, Singapore and Switzerland made up the top five.
• The United Kingdom is ranked 26th, behind countries such as Sri Lanka, Dominican Republic, Gabon, Philippines, and Albania. Other leading nations trailed further behind with Germany placed 35th, the Netherlands 40th, Japan 51st, France 56th and India 72nd.
• The United States, which has pledged to double its energy productivity by 2030, comes 87th. China placed 111th and Russia 114th– both countries with energy productivity well below the world average of EUR 143 billion.
The 2015 Energy Productivity and Economic Prosperity Index was published at The 2015 Energy Union Summit convened by the Lisbon Council on 17 February in Brussels, a week before the launch of the EU’s Energy Union.
The project, highlighted as a priority by European Commission President Jean-Claude Juncker – aims to ensure security of supply for Europe, create deeper integration of EU national energy markets, reduce energy demand, and cut carbon emissions.
The 2015 Energy Productivity and Economic Prosperity Index is an effort to gauge the efficiency and effectiveness with which energy resources are being used worldwide.
Energy productivity is defined as the volume of services or products that can be generated per unit of energy and different from energy efficiency, which measures the inverse – i.e. how much energy is needed to produce a given level of output
Royal Philips is a diversified health and well-being company, focused on improving people’s lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting.
Also Ecofys, established in 1984 with the mission of achieving “sustainable energy for everyone,” has become the leading expert in renewable energy, energy and carbon efficiency, energy systems and markets as well as energy and climate policies.
And Lisbon Council for Economic Competitiveness and Social Renewal is a Brussels-based think tank and policy network. Established in Belgium in 2003 as a non-profit, non-partisan association, the group is dedicated to making a positive contribution through cutting-edge research and by engaging politicians and the public at large in a constructive exchange about Europe’s economic and social future.
Quintel Intelligence is an Amsterdam-based energy modelling and research firm that assists governments, companies and institutions around the world in determining and quantifying their long-term energy strategies.
Quintel believes that a better understanding of energy systems and connected food and water systems will help society deal with current and future challenges.
The median edition of Lagos Slush’D 2025, an innovation-driven, founder-focused startup conference begins today. The two-day event holding at The Podium, Lekki, Lagos, is part of the global Slush’D movement under the world-renowned Slush Helsinki brand.
Lagos Slush’D 2025 will showcase Nigeria’s fast-growing start-up ecosystem and spotlight the creativity, resilience, and ambition of Nigerian founders.
Mr. Kolawole Okuboyejo, Director, Lagos Slush’D, said the event will also connect local startups with global innovation networks, particularly the Nordics (Finland, Denmark, Sweden, Norway, and Iceland), known for world-leading innovation, sustainability, and impact entrepreneurship.
“It will facilitate meaningful partnerships between start-ups, investors, corporates, accelerators, and policymakers to drive funding, market access, and knowledge exchange.
“Promote inclusive and scalable innovation that tackles Africa’s biggest challenges — from food security and digital inclusion to climate adaptation and affordable healthcare. Strengthen the Nigeria-Nordics connection, building long-term bridges between ecosystems that believe in entrepreneurship as a driver of societal and economic progress.
“Lagos Slush’D is where ambition meets opportunity — a space for start-ups to pitch bold ideas, meet future partners, and accelerate their journey from local to global impact,” he said.
He noted that Lagos Slush’D place a special emphasis on the Nigeria-Nordics connection, drawing from the Nordics’ strengths in clean technologies, impact investing, sustainability, and start-up innovation, while tapping into Nigeria’s fast-growing, opportunity-rich market.
“Nigeria boasts a young, tech-savvy, urban population, a growing middle class, and rapidly expanding mobile and internet connectivity — all fueling digital innovation.
“Nigeria is home to Africa’s largest economy and most vibrant start-up scene. Over 600 active tech hubs across Africa. African start-ups raised over $5 billion in funding in 2023, with projections for a fivefold increase by 2030.
Africa’s combined GDP is projected to reach $3.2 trillion by 2030. The African Continental Free Trade Area (AfCFTA) will become the world’s largest free trade zone, unlocking massive cross-border opportunities.
Jumia, pan-African e-commerce platform, has announced the expansion of its logistics service, Jumia Delivery, to Nigeria. Building on its successful operations in Côte d’Ivoire, Jumia Delivery offers individuals and businesses a fast, secure, and cost-effective parcel delivery service across the country.
With one of the largest delivery fleets and a distribution network spanning over hundreds of cities, Jumia Delivery is set to revolutionize logistics and enhance shipping convenience for all. Customers can now send parcels with ease, benefiting from Jumia’s reliable logistics infrastructure and extensive partnerships with third-party logistics providers.
“Africa’s growing digital economy demands robust and efficient delivery services, and we are excited to introduce Jumia Delivery as a reliable solution to improve last-mile logistics. The introduction of Jumia Delivery in Nigeria, following our success in Côte d’Ivoire, is a major step forward in addressing logistics challenges and meeting the evolving needs of both individuals and businesses,” said Francis Dufay, CEO of Jumia.
Following its rollout in Nigeria, Jumia plans to expand Jumia Delivery to other key markets including Kenya, Ghana and Senegal, further extending its logistics capabilities across the continent.
With a customer-centric approach, Jumia continues to innovate and expand its logistics infrastructure, reinforcing its role as a key enabler of Africa’s e-commerce ecosystem.
Economic and Financial Crimes Commission (EFCC) has charged Nigerians to shun Ponzi schemes as many of such schemes have destroyed lives, eroded trust and undermined national development.
Aisha Abubakar, acting zonal director, Enugu Zonal Directorate and assistant commander of the EFCC, gave this charge during the 2025 Annual Management Retreat of the Nigeria Security and Civil Defence Corps which was held at Jubilee Hall, Holy-ghost Cathedral, Ogbete, Enugu State.
Speaking on the topic, “Get-Rich-Quick Syndrome and the Youth Vulnerability: The Case Study of Ponzi scheme-The Role of Law Enforcement in Prevention and Disruption”, Abubakar said that the get-rich-quick syndrome has become a serious economic and security threat in Nigeria, with the youths bearing the brunt.
She said that the get-rich-quick syndrome is a mindset characterized by the desire to attain wealth without legitimate, gradual effort, adding that the craving is often fueled by social media portrayals of instant riches and social pressure.
“In Nigeria today, the aspiration for wealth has grown increasingly urgent among the youth, leading to vulnerability to financial frauds such as Ponzi schemes. They often fall victim to enticing schemes that offer double returns within short timeframes, despite the absence of legitimate business operations. The desperation to escape poverty and fund small projects pushes many into high-risk unregulated investments”, she said.
While citing the causes of get-rich-quick syndromes among the youths, Abubakar said that greed, financial illiteracy, peer pressure, social pressure, digital and technological exposure, drugs, disappearance of cherished family and societal values, extravagant lifestyle, depression, unproductive lodging in hotels, impatience, frustration with traditional systems and psychological factors are some of the things that cause many to fall prey to schemes “even when they suspect it’s too good to be true”.
“Notable examples in Nigeria include, MMM Nigeria, MBA Forex, Chinmark Group and CBEX. In April 2025, Nigeria witnessed one of its most devastating financial scams with the collapse of CBEX, a digital asset trading platform that operated as a Ponzi scheme. It promised investors a 100% return on investment within 30 days, leveraging on the allure of cryptocurrency trading and artificial intelligence-driven strategies”, she said.
Abubakar listed types of get-rich-quick syndromes which include advance fee fraud, fake jobs and scholarship schemes, online loan and grant scams, fake forex and crypto currency platforms, amongst others.
She said that cybercrimes, which she identified as an activity of get-rich-quick syndrome, have adverse effects on the country’s economy. She lamented that cybercrime has earned the nation a bad reputation in the global world, thereby reducing foreign investments in Nigeria, which has affected in totality, the growth of our economy.
She said that the reputational damage affects even individuals in Nigeria, as the global world has no confidence in Nigerians, within and outside the borders of the country.
“Cybercrime has created a market system where fraudsters obtain competitive advantage and drive out legitimate business. A lot of funds are lost to internet fraud, some of which are eventually used to fund organized crime groups and terrorism, potentially leading to further crime and terrorist attacks. I am sure you will agree with me that it has also undermined national defence and security in Nigeria and this has contributed to negative output in the economy”, she said.
She thereafter discussed the roles the Commission has played in the prevention and disruption of these schemes.
“Through roadshows, social media campaigns and partnerships with youth-focused institutions, the EFCC has raised awareness of fraudulent investment scheme. We partner with the Central Bank of Nigeria, the Security and Exchange Commission, Banks and global bodies like the INTERPOL to trace funds, monitor financial flows and disrupt scam networks”, she said.
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