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3/14/2025
Europe's economies wasted billions of euros through the inefficient use of energy
Europe’s political leaders are responding to geopolitical developments: Germany is planning substantial infrastructure and defence investments[1] while the EU is also supporting defence investments. However, in our opinion, there is an area of investment and public policy that needs greater recognition for its role in supporting security, economic competitiveness, and resilience: smarter and less wasteful energy use.
Our Chart of the Week highlights how Germany, France, Italy and Poland wasted at least EUR 328bn in 2019 of fossil fuels going up in smoke and waste heat. Energy is lost and wasted producing fuels, generating, and transporting electricity and when energy is used to heat buildings or transport goods.
Efficient energy use is smart for defence. A range of technologies including insulation, electric vehicles, and heat pumps, might significantly cut energy use and keep the economy running. Lower energy use helps protect Europe from spiking energy price risks.
For instance, Russia is suspected of at least 56 acts of sabotage, influence operations or targeted violence[2] across Europe since 2022. Several of the attacks targeted power and communications cables. Infrastructure disruption is a serious risk.
Political and trade disputes are also an energy price risk. The U.S. President has called for Europe to import more U.S. oil and gas[3] and that the U.S. would guarantee gas exports[4]. However, we have seen the President’s position change rapidly. It could be possible for U.S. gas exports to be drawn into a dispute, leading to higher energy prices.
57% of France, Germany, Italy, and Poland’s energy use, worth EUR 328bn, was wasted in 2019
Sources: RMI analysis (2025), based on RMI “The incredible inefficiency of the fossil energy system” as of 6/4/2024: IEA; De Stercke (2014); Energy Institute Statistical Review; and Ember European Wholesale Electricity Price Data.
The chart summarizes energy flows, and the approximate economic value of energy losses for France, Germany, Poland, and Italy in the year 2019. Primary and final energy values, and energy production and transportation loss values, are based on IEA World Energy Balances. Useful energy values, as well as energy use loss values, are based on De Stercke (Dynamics of Energy Systems 2014). The economic value of energy production and transportation loss are estimated based on wholesale energy prices (e.g. spot prices) in Europe, retrieved from the Energy Institute and Ember. Economic energy value information for biomass, nuclear, geothermal, is omitted due to lack of primary energy price data. Economic value is measured in EUR 2019 (current), not adjusted for inflation.
Efficient energy use is smart for the economy. A survey of central bank and finance officials[5] found that economic growth and lower emissions could be stimulated with green infrastructure and building retrofit investments. A stronger economy is needed to pay for defence and infrastructure loans. And energy efficiency is part of the solution to Europe’s energy prices being 2-3x higher than in the U.S. and China.[6]
A DWS European Transformation report highlighted how energy efficiency is a cross-asset class investment: owning or lending to real estate and direct loans to small and medium sized enterprises can support building renovation. Owning or lending to specialist infrastructure companies supports technology solution providers.
Improving private financing of energy efficiency is the goal of the European Commission’s Energy Efficiency Finance Coalition which recently held its first official meeting. DWS Alternatives GmbH is proud to be a founding member with other major financial institutions.[7]
In our view, unlocking investment requires misinformation about heat pumps to be dispelled[8], stories of effective renovations[9], new public-private financing instruments that help millions of homeowners and small businesses with affordable renovations, and energy taxes that create a level playing field[10] for efficient, low carbon technologies.
Europe: the wake-up call has been heard (dws.com)as of 3/6/25
The Parliament as of 1/21/25 “Hybrid threats: Russia’s shadow war escalates across Europe”
oilprice.com as of 1/21/25 “Trump urges EU to buy more US LNG”
Reuters as of 1/23/25 “Trump says US will guarantee LNG supplies for Europe”
Oxford Review of Economic Policy as of 5/8/20 “Will Covid-19 fiscal recovery packages accelerate or retard progress on climate change”
Brugel as of 12/5/24 “Decarbonising for competitiveness: four ways to reduce European energy prices”
European Commission “Energy efficiency finance coalition” as of December 2023
CarbonBrief “Factcheck: 18 misleading myths about heat pumps” as of 3/21/24
Renovate Europe “Renovation case studies” as of 3/11/25
Regulatory Assistance Project “Levelling the playing field: Aligning heating energy taxes and levies in Europe with climate goals” as of 7/18/22
This information is subject to change at any time, based upon economic, market and other considerations and should not be construed as a recommendation. Past performance is not indicative of future returns. Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. Alternative investments may be speculative and involve significant risks including illiquidity, heightened potential for loss and lack of transparency. Alternatives are not suitable for all clients.
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R-070495-4 (7/25)
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