The European Commission proposed Wednesday a new law pushing public administrations and private companies to reduce energy consumption, aimed at putting the European Union on track to reducing energy use by 20% by 2020.

"If nothing changes in the coming years, the EU will achieve only half of the target," the commission, which has executive powers in the EU, said in a statement. "This threatens our competitiveness, our fight to reduce CO2 emissions and our security of supply."

According to the new law, energy retailers or distributors will have to achieve annual energy savings equal to 1.5% of sales volumes by improving customers' energy efficiency. This they can do by helping them for example to insulate their roofs, or installing double-glazed windows, the commission explained. National governments will be able to opt for alternative programs as long as they deliver the same results.

Public administrations will also be obliged to renovate 3% of their floor area every year to reduce energy use, according to the proposal.

The law will become binding one year after its adoption, which, depending on the speed of negotiations between member countries and the European Parliament that will still be able to change it, could be concluded by autumn next year, an EU official said.

Energy efficiency helps the EU in attaining two objectives that are among its priorities, namely fighting climate change and decreasing its dependence on energy imports. The 27 EU countries have bound themselves to cut CO2 emissions by 20% in 2020 compared with 1990, and produce 20% of the energy they use from renewable sources. They also set an indicative target of consuming 20% less energy, but projections show that the bloc is currently only half way there.

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