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All countries have a common obligation regarding environmental issues. Mature market economies still have problems with market imperfections and countries with markets in transition have not yet fully developed the institutions to make use of the market mechanisms. Both market function, institutions and policies must develop to achieve market transformation both in a national and an international context. An initiative from several International Institutions has lead to a set of recommendations aimed at designing an effective energy efficiency policy with implications for different kinds of economies and for the trade of goods and services related to energy efficiency. The paper will present the European context in which this 18-month project took place. It explores the most favorable conditions for an energy efficient economy. The paper then high1ights what is believed to be the key steps of a succesful energy efficiency policy:
- organise a global open energy market;
- set the energy price at the right level (avoiding any subsidies on energy cost);
- develop a qualified expertise on energy efficiency issues;
- integrate energy efficiency in sectorial policies (housing, transportation, urban planning ... )
The product of the Energy Efficiency Initiative is a book designed for policy makers and govemements of developing nations. Many developed countries can also benefit from it. The paper concludes with some lessons learned by the experts involved from this intensive effort.