With advanced technologies and innovative government policies, fuel consumption in new vehicles can be cut in half by 2030, saving billions of dollars in fuel costs worldwide and significantly reducing CO2 emissions, a new report by the Paris-based International Energy Agency says. According to the report, many of the technologies that could significantly improve fuel efficiency over the next two decades are already commercially available but are not widely used. For these technologies to penetrate markets globally, the report says, governments will have to introduce stronger policies, including tougher fuel economy standards and financial incentives. The report notes that strong fuel efficiency standards have been adopted in some major markets, including the U.S., the European Union, and China, but that most of the world’s emerging markets lag far behind. The report also recommends increased research, development, and demonstration of emerging technologies, including waste heat recovery devices.