The U.N. Environment Program announced at the Rio+20 conference June 21 that a transition to energy efficient lighting could reduce global electricity consumption by 5 percent and save more than $110 billion a year. The figures are based on 150 national assessments that analyze the financial savings and climate change mitigation benefits of shifting from traditional bulbs for consumers and the industrial, commercial, and street-lighting sectors. A global shift would avoid $210 billion in investment costs and save 490 MT CO2 a year, the equivalent of closing more than 250 large coal-fired power plants, or the emissions of more than 122 million medium-sized cars.