going green: who is investing in energy efficiency, and why it … · 2020-07-02 · going green:...

06/2020 – EN

Who is investing in energy efficiency, and why it matters

GOING GREEN

Go

ing

green

: wh

o is in

vesting

in en

ergy efficien

cy, and

wh

y it matters

Going green Who is investing in energy efficiency

and why it matters

June 2020

Going green: Who is investing in energy efficiency, and why it matters © European Investment Bank, 2020. All rights reserved. All questions on rights and licensing should be addressed to [email protected]. About the EIB Investment Survey (EIBIS) The EIB Group Survey on Investment and Investment Finance is a unique, annual survey of some 13 500 firms. It comprises firms in all EU Member States, as well as a sample of US firms which serves as a benchmark. It collects data on firm characteristics and performance, past investment activities and future plans, sources of finance, financing issues and other challenges that businesses face. Using a stratified sampling methodology, EIBIS is representative across all Member States of the EU and for the US, as well as for firm size classes (micro to large) and four main sectors. It is designed to build a panel of observations to support time series analysis, observations that can also be linked to firm balance sheet and profit and loss data. EIBIS has been developed and is managed by the Economics Department of the EIB, with support for development and implementation by Ipsos MORI. For more information see: http://www.eib.org/eibis. About this publication This is a report of the EIB Economics Department. The data source for this report is the EIB Investment Survey (EIBIS) 2019. Results are weighted by industry group (sector), firm size class and country. The methodology of the EIBIS survey is available at: https://www.eib.org/en/about/economic-research/surveys-data/about-eibis. Contact: [email protected] About the Economics Department of the EIB The mission of the EIB Economics Department is to provide economic analyses and studies to support the Bank in its operations and in the definition of its positioning, strategy and policy. The Department, a team of 40 economists, is headed by Debora Revoltella, Director of Economics. Main contributors to this publication Fotios Kalantzis, Konstantinos Niakaros. Disclaimer The views expressed in this publication are those of the authors and do not necessarily reflect the position of the EIB. For further information on the EIB’s activities, please consult our website, www.eib.org. You can also contact our InfoDesk, [email protected]. Published by the European Investment Bank. Printed on FSC Paper. pdf: QH-03-20-411-EN-N ISBN 978-92-861-4712-8 DOI 10.2867/28919 eBook: QH-03-20-411-EN-E ISBN 978-92-861-4711-1 DOI 10.2867/133283

mailto:[email protected]

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Foreword

Overview

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CONTENTS

Going green: Who is investing in energy efficiency, and why it matters

1

Investments in energy efficiency improvements are vital to ensure Europe’s future as a sustainable, yet prosperous economy. The benefits are enormous: these investments contribute to abating greenhouse gas emissions, improving the competitiveness of European businesses, and enhancing Europe’s energy security. This is why European leaders are placing energy efficiency at the heart of their strategy to make Europe the first climate-neutral continent by 2050.

Yet, amid the COVID-19 crisis, there is a great risk of losing sight of the benefits of energy efficiency investments by European firms, just at a time when we really must accelerate our efforts. Because of the crisis, businesses and policy-makers are prioritising short-term measures to ensure that firms survive, rather than investing for the long-term. At the same time, the collapse of global energy prices has weakened incentives for green energy investments of all kinds, including energy efficiency.

We must not lose sight of the long-term investment needs of European firms. The EIB Investment Survey (EIBIS) provides a unique source of data that highlights how more investment in energy efficiency is needed. An annual survey of some 12 000 firms from all EU countries, it provides information on investment conditions, activities and financing needs, with micro-data allowing for in-depth analysis. In this report we examine the quality of firms’ building stock, their spending on energy efficiency measures and the factors that influence their decisions regarding that investment.

In 2019, more than a third of EU firms took measures to improve energy efficiency, a slight improvement over 2018. While this is encouraging, energy efficiency is still a low priority, especially considering the potential gains for firms. On average, EU firms believe that only a third of their building stock meets high energy efficiency standards.

This is so despite the relatively high cost of energy in Europe and the fact that energy cost concerns are becoming an important determinant of firms’ investment decisions. EIBIS data reveal that both high-quality information and advanced management practices make a crucial difference in the likelihood of investment in energy efficiency. Energy audits notably play an important role in supporting energy efficiency investment decisions.

The response of the European countries and institutions to the deep recession caused by the COVID-19 pandemic has so far focused on mitigating the hopefully short-run threat to firms and jobs. Attention is turning, however, to the question of how Europe can rebuild. At a time when firms across the European economy are looking to the public sector for support, there is an excellent opportunity to combine immediate relief with action that helps ensure a competitive, prosperous and sustainable future.

FOREWORD


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If we are to achieve a carbon-neutral economy, in a timespan that will help avert catastrophic changes to the global climate, then there can be no room for complacency. Delay will only result in higher costs, more stranded assets and a more painful energy transition in the end. Unavoidably, European firms must play their part. To do this, they need clear energy policy signals, clear information and clear incentives. They need a regulatory framework that is supportive, yet also pushes for higher energy building performance standards. Lastly, it is essential to ensure that financing conditions also facilitate timely investment by firms to realise the enormous gains that can be achieved through energy efficiency improvements.

Debora Revoltella

Director, Economics Department European Investment Bank


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While the COVID-19 emergency has overshadowed other policy goals in the short term, climate change will continue to be at the top of the European Union’s political agenda for many years to come. European leaders want to make Europe the first climate-neutral continent by 2050, while ensuring a just transition to a less CO2-intensive energy mix for those for whom this change will be the most difficult. To achieve this, a long-term EU low carbon strategy is under development, based on the European Commission’s “A Clean Planet for All” strategy, published in November 2018. The new strategy will almost certainly envisage a role for all actors, including firms in all sectors of the economy, in the transition towards climate neutrality – among other things, by investing in energy-saving technologies.

Energy efficiency is a key pillar of the European Union’s long-term strategic vision for a prosperous, modern, competitive and climate-neutral economy. It holds the combined potential of increasing firms’ competitiveness, enhancing energy security and abating greenhouse gas emissions. With structurally higher energy prices in Europe1, EU firms have been traditionally facing growing incentives to invest in energy efficiency measures to control energy costs and remain competitive in the globalised business environment. Energy costs can affect firms’ investment decisions and their financial performance in a number of ways, given that energy serves as one of the key inputs to production processes of goods and services.

In early 2020, the COVID-19 pandemic might prove to be a game changer in clean energy investment decisions. The global recession will be deeper than the ones that followed the 2008 global financial crisis and the Great Depression in the 1930s. In parallel, global energy and commodity prices are collapsing, weakening the incentives for clean energy investments, including those in energy efficiency. In this context, a better understanding of firms’ investment decisions in energy efficiency measures and their key determinants is necessary to design appropriate policy actions and maintain the momentum for climate action.

This chapter provides a brief overview of firms’ investments in energy efficiency measures and the role of various factors in their decisions, based on the EIB Investment Survey (EIBIS). The EIBIS has been conducted annually since 2016 and includes interviews with some 12 000 firms from all EU countries, size classes and main sectors, offering qualitative and quantitative information about their investment activities, their financing needs and the difficulties they face. This chapter examines and discusses the answers given by firms concerning their spending on energy efficiency measures, the quality of their building stock, and the role of various factors in their energy efficiency investment decisions. These answers are compared across countries, sectors and firm sizes to identify areas for potential improvement and target setting.

1 European Commission, Communication "Energy prices and costs in Europe", COM (2019) 1 final.

OVERVIEW


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Energy efficiency investments are a low priority for EU firms

In 2019, more than 40% of EU firms took measures to improve energy efficiency, showing an increase over 2018 results. Slovakia displayed the highest percentage of firms investing in energy efficiency, with 61% of firms investing in those activities. Spain, the Czech Republic, Austria, Slovenia, Portugal and Sweden followed. These seven EU countries showed a greater share of firms investing in energy efficiency than in the United States, where 47% of firms invested in energy efficiency. By contrast, Lithuania, Estonia, Greece, Romania and France were at the other end of the spectrum, a ranking almost unchanged from the previous year.

Figure 1: Share of firms investing in energy efficiency measures (%)

Source: EIBIS

Base: All firms (data not shown for those who said don’t know/refused) Q: What proportion of the total investment was primarily for measures to improve energy efficiency in your

organisation?

The share of firms investing in energy efficiency appears to be positively associated with the energy intensity and size of firms. In particular, manufacturing, the most energy-intensive sector, presented the highest share of firms investing in energy efficiency (43% in 2019), followed by infrastructure (37%) and services (30%). The construction sector displayed the lowest share of firms investing in energy efficiency with 25%. Finally, large firms were twice as likely to invest in energy efficiency than SMEs.


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The untapped potential of energy savings is high, as EU firms consider their building stock of relatively low quality

In 2019, EU firms reported a third of their commercial building stock to be of high or highest energy efficiency standards, higher than in the United States Figure 2). Still, since 2016, the firms’ perceptions of the quality of their building stock has deteriorated. This seems to suggest that most of Europe’s existing building stock may not yet meet recently-adopted energy performance requirements in the Energy Performance Directive and the Energy Efficiency Directive and that we are still to witness the improvement of the stock as it is brought up to the new standards.

The opinion of firms on the quality of their building stock varies considerably across countries and regions. Firms located in the south of Europe – notably in Greece, Cyprus and Spain – believe that more than 50% of their building stock satisfies high or highest energy efficiency standards, almost four times more than firms in Lithuania, which say that only 16% of their building stock is energy-efficient. Firms in the Baltics have the most pessimistic views about the quality of their building stock than any other EU region. Part of the cross-country differences could be explained by differences in culture, expectations, technical information and environmental objectives. These factors affect firms’ beliefs on building stock performance when assessing various aspects, such as thermal comfort, air quality, activity noise, light quality and environmental control.2

Figure 2: Building stock of high or highest energy efficiency standards (%)

Source: EIBIS Base: All firms (data not shown for those who said don’t know/refused) Q: What proportion, if any, of your commercial building stock satisfies high or highest energy efficiency standards?

2 Notably, there is a strong correlation between firms’ perceptions of their buildings’ energy efficiency standards, and their perception of whether their machinery and equipment is “state-of-the-art”.

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Differences are observed between sectors, but they are relatively small. Across sectors, EU firms in the services sector believed that 40% of their buildings satisfied higher energy efficiency standards (Figure 2). In the construction sector, this figure is lower (35%). On a positive note, the perception by firms in the construction sector about the quality of their buildings has improved over the last three years. By contrast, EIBIS data show that firms in the infrastructure and manufacturing sectors became more pessimistic about their buildings’ quality. It is possible that these perceptions may be driven by the average age of existing buildings and the share of new buildings in the total stock of firms. This means that the higher the share of recent dwellings built with more efficient standards, the higher the perceived energy performance of the stock. In 2019, SMEs and large firms had similar opinions about the quality of their building’s stock.

The share of energy efficiency improvements in total investments by firms is approximately the same on both sides of the Atlantic

In 2019, European firms spent 10% of their total investment on energy efficiency improvements, whereas this proportion for US firms was 12% (Figure 3). The good news is that both the share of EU firms that invested in energy efficiency measures, as well as their spending on such measures, increased between 2018 and 2019.

Figure 3: Share of firms’ total investment in measures to improve energy efficiency (%)

Source: EIBIS Base: All firms (data not shown for those who said don’t know/refused) Q: What proportion of the total investment was primarily for measures to improve energy efficiency in your

organisation?

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Spending on energy efficiency improvements is higher in energy-intensive sectors and larger firms, in which energy is a significant cost determinant. In 2019, firms in the infrastructure and manufacturing sectors (which are relatively energy-intensive) spent 13% and 10%, respectively, of their total investment budget on measures to improve their energy savings. By contrast, firms in the services sector and the construction sector spent less, 9% and 7.5% respectively, of their total investment budget. Similarly, the share of energy efficiency-related investment expenditure is higher for larger firms compared to smaller firms.

The share of firms’ total investment budget that goes to energy efficiency improvements varies widely across EU members. In 2019, firms in Bulgaria spent more on energy efficiency projects (16%) than firms in any other EU country and especially those in the United Kingdom, which invested only 5% of their investment budget. Firms’ spending in each country varied significantly between 2018 and 2019, possibly affected by the fact that energy efficiency investments are non-recurring investments. Generally, firms in some Southern and Eastern European countries spend relatively more on energy efficiency improvements than in other European regions, particularly the Baltics.

Firms’ awareness of energy efficiency benefits is critical for the uptake of energy efficiency measures

In 2019, the share of firms investing in energy efficiency measures was considerably higher for firms with an energy audit. On average, three in five firms that carried out an energy audit also invested in energy efficiency. The relationship between energy efficiency investments and energy audits is more pronounced in large3 firms (74%) and those that operate in the infrastructure and manufacturing sectors (around 60% for both). The crucial role of energy audits in overcoming the information barriers to energy efficiency investments is also apparent when assessing firms’ investment decisions without an energy audit (Figure 4). These firms appear to invest substantially in areas other than energy efficiency, possibly because they fail to understand the potential direct and indirect benefits of energy-saving technologies.

3 According to Article 8 of the Energy Efficiency Directive (EED 2012/27/EC), energy audits are mandatory for large firms in the EU. However, various Member States apply different criteria for granting derogations from the rule, such as annual energy consumption, share of energy costs in sales, level of sales, assets, application of an energy management system, etc.


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Figure 4: Share of firms investing in energy efficiency, with and without an energy audit (%)

Source: EIBIS Base: All firms (data not shown for those who said no/don’t know/refused) Q: Can I check, in the past three years has your company had an energy audit? By this I mean an assessment of the

energy needs and efficiency of your company’s building or buildings.

Over 2017-2019, two-fifths of European firms had an energy audit, compared to a third in the United States (Figure 5). Energy audits help firms to assess their energy consumption, understand their potential for energy savings and adopt measures (investments or behavioural changes) to improve energy performance. Their objective is to provide tailor-made recommendations and help to overcome the information gap, one of the main barriers to energy efficiency investments. This information is crucial mainly for investments in support processes, such as building insulation, lighting, ventilation and compressed air production.

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Figure 5: Share of energy audits (%) in the past three years

Source: EIBIS Base: All firms (data not shown for those who said no/don’t know/refused) Q: Can I check, in the past three years has your company had an energy audit? By this I mean an assessment of the

energy needs and efficiency of your company’s building or buildings.

Energy audits tends to be more frequent in larger firms and energy-intensive sectors across the EU members. In 2019, almost two-thirds (60%) of large firms conducted an energy audit. This share dropped from two-fifths (40%) in medium-sized firms to 22% in small firms. Firms in the manufacturing sector were keener to conduct an energy audit. Across the EU members, the implementation rate varied, with most of the countries displaying participation rates above 40%, except Estonia, Bulgaria and Luxembourg, which present rates between 20-30%. On average, firms’ participation rate in energy audits was higher in Central Europe than in the south and in the Baltics.

Advanced management practices also appear to be positively associated with energy efficiency investments. Firms that have more advanced managerial practices (strategic business monitoring system in place and/or a performance-based pay practice) have a higher probability of investing in energy efficiency versus firms with more basic managerial practices (Figure 6). This observation recurs in all EU countries, the EU as a whole and the United States.

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Figure 6: Differences in the probability that firms with advanced managerial practices invest in energy efficiency (%)

Source: EIBIS Note: Firms with advanced management practices are those that use performance pay and/or a strategic monitoring system.

Energy cost concerns are becoming an important determinant of EU firms’ investment decisions

In 2019, almost a third of European firms report energy costs as a major obstacle to investment compared to roughly a tenth in the United States. While this figure may not sound so high compared to other cited obstacles (Figure 9), such as availability of skilled staff, access to finance and critical infrastructure, it does reflect a significant change in firms’ perspectives, given that it grew steadily from roughly a fifth in 2016. In the United States, energy cost concerns seem to be less of an obstacle for investment activities, probably because shale gas causes downward pressure on domestic energy prices (Figure 7).

The role of energy cost in firms’ investment decisions differs considerably across EU members and sectors. In 2019, the share of firms that reported energy cost as a major obstacle to investment ranged from 6% in Denmark to 56% in Latvia. Geographically, this share is higher in southern countries (Italy, Greece, Spain, Portugal, Cyprus) compared to Scandinavian countries (Denmark, Finland, Sweden) and is positively correlated with the presence of higher electricity prices (Figure 8). Firms located in the south of Europe have experienced higher energy costs, despite the falling oil prices, due to higher taxes and levies aimed at supporting the deployment of renewables. Differences are also present across sectors, with firms in energy-intensive sectors, such as manufacturing, being more concerned about energy costs compared to less energy-intensive ones, such as services (Figure 7).


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Figure 7: Energy costs as major obstacle to investment (%)

Source: EIBIS Base: All firms (data not shown for those who said a minor obstacle/not an obstacle at all/don’t know/refused) Q: Thinking about your investment activities, to what extent are energy costs an obstacle? Are they a major obstacle,

a minor obstacle or not an obstacle at all?

Figure 8: Energy costs as an obstacle to investment and electricity prices

Source: EIBIS and Eurostat Note: Average share of firms that cited energy cost as a major barrier to investment and electricity prices over 2016-19. Base: All firms (data not shown for those who said a minor obstacle/not an obstacle at all/don’t know/refused) Q: Thinking about your investment activities, to what extent are energy costs an obstacle? Are they a major obstacle,


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At the same time, higher energy cost concerns act as an economic incentive for investments into energy efficiency. Regardless of firm size and sector, investments in energy-saving technologies are higher where energy is considered an important cost factor (Figure 9). These firms tend to be more aware of the potential cost savings from investments in energy efficiency and are more inclined to invest in cost-saving technologies. On the contrary, there seems to be no significant difference between investment decisions in energy efficiency and other investment areas of other long-term barriers, such as access to finance, availability of skilled staff, business regulation and uncertainty about the future.

Figure 9: Long-term barriers to investment

Source: EIBIS Base: All firms (data not shown for those who said a minor obstacle/not an obstacle at all/don’t know/refused) Q: Thinking about your investment activities, to what extent are energy costs an obstacle? Are they a major obstacle,



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Conclusions: The European Union’s “energy efficiency first” principle and ambitious greenhouse gas emission reduction targets leave no room for complacency

EIBIS shows that energy costs are emerging as a significant concern for investment activities of European firms, especially for those located in South Europe. This is less of an issue for US firms, thanks to domestic shale gas that exerts downward pressure on energy prices. To offset the effect of higher taxes and levies, and retain their competitiveness, EU firms must become more energy-efficient, meaning that they must use less energy per unit of production. Nevertheless, EIBIS data show that only half of EU firms invest in energy efficiency measures and that this accounts for only a small share of their total investment budget. Given that they believe that only a third of their building stock satisfies the highest energy efficiency standards, on average, there is clearly great potential for further energy efficiency savings.

The good news for Europe is that between 2018 and 2019 average spending on energy efficiency measures, as a share of total investment of EU firms, slightly increased. In 2019, firms in South and North-West Europe, and those in energy-intensive sectors across Europe, appear to have invested more, displaying significant variation from the previous year, as such investments are non-recurring. Most of these investments were probably driven by the age of the building stock, the importance of energy costs in the production of goods and services and the availability of information on technology options and their related energy cost savings. Energy audits play a crucial role in this, as they highlight opportunity from energy efficiency and from advanced management practices such as strategic business monitoring systems and pay-for-performance practices. However, EIBIS reveals that less than a third of SMEs have conducted an energy audit in the past three years, particularly in the Baltics – the region where firms have the most negative perceptions about their building stock’s quality.

However, the unprecedented impacts of the COVID-19 pandemic threaten positive developments for energy efficiency investments in the European Union. The COVID-19 pandemic and climate investments are closely interlinked: as the pandemic seriously affects economies and dampens global energy commodity and carbon prices, it weakens the incentives to invest, among others, in cost-saving technologies. The European Union is struggling to mitigate the extent of the planned recession and the rising unemployment rates. Governments are responding with monetary and fiscal measures. At a time when a large portion of the economy is looking to the public sector for support, this is an excellent opportunity to ensure that the relief for current, acute strains on the economy comes with guarantees about building a secure and sustainable energy future.

There is no room for complacency if Europe is serious about moving towards a carbon-neutral economy, given that delayed actions will result in higher costs and emissions and overall lower or negative economic growth. To incentivise firms to play their part in energy conservation and equip them to adapt to a changing economy, efforts to provide clear energy policy signals should continue, along with a supportive regulatory framework and improved access to climate finance and information. Clear policies and exchange of best practices would


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enable firms to roll out strategies and investment plans in line with the commitment of the Paris Agreement. Regulations that push for higher energy building performance standards and phase out environmentally harmful subsidies to fossil fuels could indirectly influence investments and individual behaviour, as well as steer production and consumption towards a sustainable path. Last but not least, improved access to finance and favourable financing conditions for climate investments would help firms to achieve a just energy transformation, without affecting their competitiveness.


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Summary

Energy efficiency (EE) investment

A. Share of firms investing in EE and other areas (%)

B. Share of firms investing in EE (%), by energy intensity

Q: What proportion of the total investment was for EE improvements or/and other areas in your organisation? Base: all firms Note: Investment decision is a binary variable that takes the value of one when firms surveyed have invested and 0 otherwise Note: Sectors are divided in energy intensive and non-energy intensive using clustering analysis. Energy intensive sectors are the following (using 2-digit NACE codes): 1, 2, 3, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 19, 20, 22, 23, 24, 35, 36, 37, 38, 39, 49, 50, 51 C. Proportion of firms’ total investment for measures to improve EE (%)

Q: What proportion of the total investment was primarily for measures to improve energy efficiency in your organisation? Base: All firms which have invested (data not shown for those who said don’t know/refused)

AUSTRIA – ENERGY EFFICIENCY

• Half of firms that invest in Austria, also invest in EE (40% of all firms). This share jumps to 65% for the energy intensive sectors.

• Firms in Austria allocate 14% of their total investment in EE improvements, more than the EU and the US average. This proportion is higher in energy intensive sectors.

• Firms in Austria report half of their building stock to be of high or highest energy efficiency (EE) standards, a share significantly above that of EU and US counterparts (two fifths and a third, respectively).

• Almost two thirds of the firms surveyed in Austria with an energy audit invest in EE improvements.

• Almost half of the firms surveyed in Austria had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Austria are more likely to invest in EE improvements when they implement advanced management practices.

• Firms that are more affected by energy costs are more likely to invest in EE improvements.


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D. Perceived share of building stock of high or highest energy efficiency standards (%)

Q: What proportion, if any, of your commercial building stock satisfies high or highest energy efficiency standards? Base: All firms (data not shown for those who said don’t know/refused) Factors affecting Energy efficiency (EE) investments

A. Energy audits and energy-efficiency investment decisions Q: Can I check, in the past three years has your company had an energy audit? By this I mean an assessment of the energy needs and efficiency of your company’s building or buildings. Base: All firms which have invested (data not shown for those who said don’t know/refused) A1. Share of firms with an energy audit in the past three years (%)

Base: All firms (data not shown for those who said no/don’t know/refused)

AUSTRIA – ENERGY EFFICIENCY


17

0

10

20

30

40

50

60

Energy Intensive Non Energy Intensive Energy Intensive Non Energy Intensive Energy Intensive Non Energy Intensive

Austria EU US

Energy costsBusiness

regulationsUncertainty about

the futureAvailability of skilled staff

Availability of finance

Non Energy Intensive

Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

81

78

78

75

76

66

73

77

75

32

49

29

39

45

28

38

33

35

46

45

38

48

46

43

43

47

45

14

15

7

18

16

11

12

17

15

31

25

18

25

33

30

26

30

28

72

53

76

72

61

69

71

65

68

9

17

8

9

19

10

11

12

11

27

27

27

26

16

33

27

23

25

12

7

11

7

6

18

12

8

10

22

23

16

26

32

20

21

35

28


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus

A2. Share of firms with an energy audit in the past three years (%), by energy intensity

Q: Can I check, in the past three years has your company had an energy audit? By this I mean an assessment of the energy needs and efficiency of your company’s building or buildings. Base: All firms (data not shown for those who said no/don’t know/refused) B. Difference in the probability of investing in EE by firms with advanced managerial practices (%)

Note: Firms with advanced management practices are those that have a pay performance practice and/or a strategic monitoring system

C. Long term barriers to investment

Q: Thinking about your investment activities, to what extent are the above-mentioned an obstacle? Is a major obstacle, a minor obstacle or not an obstacle at all? Base: All firms (data not shown for those who said a minor obstacle/not an obstacle at all/don’t know/refused)

AUSTRIA – ENERGY EFFICIENCY AUSTRIA – ENERGY EFFICIENCY


18

0

5

10

15

20

25

30

35

40


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40

45


Austria EU US

D. Energy costs as major obstacle to investment (%) Q: Thinking about your investment activities, to what extent are energy costs an obstacle? Is a major obstacle, a minor obstacle or not an obstacle at all? Base: All firms (data not shown for those who said a minor obstacle/not an obstacle at all/don’t know/refused) D1. Energy costs as major obstacle to investment (%), by energy intensity Base: All firms (data not shown for those who said a minor obstacle/not an obstacle at all/don’t know/refused)

AUSTRIA – ENERGY EFFICIENCY AUSTRIA – ENERGY EFFICIENCY


19

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Belgium EU US

9

36

55

91


0

2

4

6

8

10

12

14

Belgium EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018

Summary

Energy efficiency (EE) investment





BELGIUM – ENERGY EFFICIENCY

• Two fifths of firms that invest in Belgium, also invest in EE (36% of all firms). This share jumps to 55% for the energy intensive sectors.

• Firms in Belgium allocate approximately 7% of their total investment in EE improvements, less than the EU and the US average. This proportion is higher in energy intensive sectors, such as manufacturing and infrastructure.

• Firms in Belgium report roughly 35% of their building stock to be of high or highest energy efficiency (EE) standards, compared to two fifths in the EU and a third in the US.

• Almost two thirds of the firms surveyed in Belgium with an energy audit invest in EE improvements.

• Almost 35% of the firms surveyed in Belgium had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Belgium are more likely to invest in EE improvements when they implement advanced management practices.

• Firms that are more affected by energy costs are more likely to invest in EE improvements. This is the only barrier to investment that is perceived differently between firms that invested also in EE and those that did not.


20

61

39

With an Audit


29

71

Without an Audit


0

10

20

30

40

50

60


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45


Country Sector Size

2019 2016







21

0

5

10

15

20

25

30

35

40

45


Belgium EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

56

62

67

60

65

48

61

56

58

28

49

27

40

43

34

39

30

34

23

29

20

29

23

26

25

22

24

17

16

20

21

16

12

16

19

17

27

35

27

29

33

24

28

33

31

57

71

64

63

61

51

61

48

55

18

33

19

26

21

19

22

16

19

28

29

27

23

25

39

30

16

23

17

14

22

18

10

17

17

12

15

31

27

31

25

27

39

31

24

27


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus A2. Share of firms with an energy audit in the past three years (%), by energy intensity





BELGIUM – ENERGY EFFICIENCY BELGIUM – ENERGY EFFICIENCY


22

0

5

10

15

20

25

30

35

40


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40

45


Belgium EU US




23

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Bulgaria EU US

17

35

48

83


0

5

10

15

20

25

Bulgaria EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018

Summary Energy efficiency (EE) investment





BULGARIA – ENERGY EFFICIENCY

• Two fifths of firms that invest in Bulgaria, also invest in EE (35% of all firms). This share rises to 48% for the energy intensive sectors.

• Firms in Bulgaria allocate more than 16% of their total investment in EE improvements, more than the EU and the US average. This proportion is higher in energy intensive sectors such as manufacturing and infrastructure.

• Firms in Bulgaria report two fifths of their building stock to be of high or highest energy efficiency (EE) standards, similar to the EU average and higher than that of the US.

• Two thirds of the firms surveyed in Bulgaria with an energy audit invest in EE improvements.

• Less than a third of the firms surveyed in Bulgaria had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Bulgaria are more likely to invest in EE improvements when they implement advanced management practices.


24

64

36

With an Audit


35

65

Without an Audit


0

10

20

30

40

50

60


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45

50


Country Sector Size

2019 2016







25

0

5

10

15

20

25

30

35

40

45


Bulgaria EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

70

65

69

64

68

59

67

60

64

22

43

11

36

37

31

28

36

32

37

10

33

11

24

33

25

26

25

13

17

18

26

11

14

17

13

15

40

35

44

45

41

41

45

34

40

68

73

68

70

70

68

69

65

67

25

40

15

26

43

36

28

39

33

39

38

36

30

45

46

40

30

35

15

25

24

21

21

6

18

17

18

40

49

46

33

55

34

43

35

39


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








26

0

5

10

15

20

25

30

35

40

45


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40

45


Bulgaria EU US




27

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Croatia EU US

6

39

54

93


0

5

10

15

20

25

Croatia EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






CROATIA – ENERGY EFFICIENCY

• Two fifths of firms in that invest in Croatia, also invest in EE (39% of all firms). This share jumps to 55% for the energy intensive sectors.

• Firms in Croatia allocate a tenth of their total investment in EE improvements, similar to the EU and the US average. This proportion is higher in energy intensive sectors such as manufacturing and infrastructure.

• Firms in Croatia report two fifths of their building stock to be of high or highest energy efficiency (EE) standards, similar to the EU average and higher than that of the US.

• More than half of the firms surveyed in Croatia with an energy audit invest in EE improvements.

• Nearly 60% of the firms surveyed in Croatia had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size.

• Firms in Croatia are more likely to invest in EE improvements when they implement advanced management practices.


28

54

46

With an Audit


32

68

Without an Audit


0

10

20

30

40

50

60

70

80

90


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45

50


Country Sector Size

2019 2016







29

0

10

20

30

40

50

60


Croatia EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

80

65

87

60

77

74

75

71

73

30

47

23

40

46

33

35

53

44

55

41

65

30

52

46

48

47

48

16

10

29

10

18

13

20

5

13

43

40

55

35

39

51

45

34

40

74

62

82

63

71

70

71

71

71

29

45

29

27

46

33

32

52

42

49

56

55

54

54

45

54

33

43

19

20

24

23

15

16

21

5

13

50

41

51

45

46

50

50

24

37


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








30

0

10

20

30

40

50

60


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40

45


Croatia EU US




31

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Cyprus EU US

15

33

52

85


0

5

10

15

20

25

Cyprus EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






CYPRUS – ENERGY EFFICIENCY

• Two fifths of firms that invest in Cyprus, also invest in EE (33% of all firms).

• Firms in Cyprus allocate 7% of their total investment in EE improvements, less than the EU and the US average.

• Firms in Cyprus report half of their building stock to be of high or highest energy efficiency (EE) standards, a share significantly above that of EU and US counterparts (two fifths and a third, respectively).

• Nearly 70% of the firms surveyed in Cyprus with an energy audit invest in EE improvements.

• More than two fifths of the firms surveyed in Cyprus had an energy audit in the past three years, similar to the EU and above the US average. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors but also in services.

• Firms in Cyprus are more likely to invest in EE improvements when they implement advanced management practices.



32

69

31

With an Audit


24

76

Without an Audit


0

10

20

30

40

50

60

70


Country Sector Size

2019 2017

0

10

20

30

40

50

60

70

80


Country Sector Size

2019 2016







33

0

5

10

15

20

25

30

35

40

45


Cyprus EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

48

55

50

36

53

44

40

69

55

60

55

60

79

53

50

58

54

56

31

18

40

43

26

28

34

23

28

26

45

20

50

32

28

34

23

28

67

55

60

57

68

75

68

69

68

54

47

57

38

50

58

53

100

76

54

71

36

38

69

61

58

29

32

29

21

13

31

42

33

16

38

24

43

50

27

36

35

100

68

65

29

79

63

50

52

58

29


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








34

0

10

20

30

40

50

60

70

80

90


Country Sector Size

2019 2016

0

10

20

30

40

50

60

70


Cyprus EU US

D. Energy costs as major obstacle to investment (%) Q: Thinking about your investment activities, to what extent are energy costs an obstacle? Is a major obstacle, a minor obstacle or not an obstacle at all? Base: All firms (data not shown for those who said a minor obstacle/not an obstacle at all/don’t know/refused)

D1. Energy costs as major obstacle to investment (%), by energy intensity Base: All firms (data not shown for those who said a minor obstacle/not an obstacle at all/don’t know/refused)



35

0

10

20

30

40

50

60

70

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Czech Republic EU US

9

46

45

91


0

5

10

15

20

25

30

35

40

Czech Republic EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






CZECH REPUBLIC – ENERGY EFFICIENCY

• Half of firms that invest in Czech Republic, also invest in EE (46% of all firms). This share rises to 58% for the energy intensive sectors.

• Firms in Czech Republic allocate more than a tenth of their total investment in EE improvements, similar to the EU and the US.

• Firms in Czech Republic report roughly a third of their building stock to be of high or highest energy efficiency (EE) standards, compared to two fifths in the EU and similar to the US.

• Seven in ten of the firms surveyed in Czech Republic with an energy audit invest in EE improvements.

• More than half of the firms surveyed in Czech Republic had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Czech Republic are more likely to invest in EE improvements when they implement advanced management practices.


36

7030

With an Audit


42

58

Without an Audit


0

10

20

30

40

50

60

70

80

90


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45


Country Sector Size

2019 2016







37

0

5

10

15

20

25

30

35

40

45








Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

71

72

68

67

68

64

64

80

72

15

21

11

16

28

13

18

20

19

20

21

30

21

17

29

25

10

18

9

7

13

4

10

5

9

5

7

37

33

34

46

29

25

37

20

28

59

65

67

55

71

46

59

71

65

16

20

14

11

30

8

16

29

23

24

29

26

20

25

29

26

24

25

11

8

17

7

14

2

11

6

8

33

27

33

30

32

31

33

18

25


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








38

0

5

10

15

20

25

30


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40






39

0

10

20

30

40

50

60

70

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Denmark EU US

5

42

53

95


0

2

4

6

8

10

12

14

Denmark EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






DENMARK – ENERGY EFFICIENCY

• More than two fifths of firms in Denmark invest in EE (42% of all firms). This share rises to 58% for the energy intensive sectors.

• Firms in Denmark allocate 7% of their total investment in EE improvements, less than the EU and the US average. This proportion is higher in energy intensive sectors such as manufacturing.

• Firms in Denmark report less than 30% of their building stock to be of high or highest energy efficiency (EE) standards, compared to two fifths in the EU and a third in the US.

• Almost two thirds of the firms surveyed in Denmark with an energy audit invest in EE improvements.

• Two fifths of the firms surveyed in Denmark had an energy audit in the past three years, similar to the EU and compared to a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Denmark are more likely to invest in EE improvements when they implement advanced management practices.


40

61

39

With an Audit


32

68

Without an Audit


0

10

20

30

40

50

60


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45


Country Sector Size

2019 2016







41

0

10

20

30

40

50

60


Denmark EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

35

27

44

25

26

38

38

15

26

7

12

8

13

7

8

10

4

7

6

12

11

8

7

10

10

4

7

11

8

6

8

12

13

12

4

8

15

25

14

25

16

13

15

23

19

39

44

54

46

37

25

40

43

41

3

11

6

4

6

4

4

7

6

6

15

2

4

5

3

9

14

2

18

13

9

11

5

15

17

4

22

17

18

13

43

28


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus





Q: Thinking about your investment activities, to what extent are the above-mentioned an obstacle? Is a major obstacle, a minor obstacle or not an obstacle at all?



42

0

5

10

15

20

25

30


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40


Denmark EU US

Base: All firms (data not shown for those who said a minor obstacle/not an obstacle at all/don’t know/refused)




43

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Estonia EU US

8

25

6691


0

5

10

15

20

25

Estonia EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






ESTONIA – ENERGY EFFICIENCY

• Nearly 30% of firms that invest in Estonia, also invest in EE (25% of all firms). This share jumps to 40% for the energy intensive sectors.

• Firms in Estonia allocate 6% of their total investment in EE improvements, less than the EU and the US average.

• Firms in Estonia report a fourth of their building stock to be of high or highest energy efficiency (EE) standards, compared to two fifths in the EU and a third in the US.

• More than half of the firms surveyed in Estonia with an energy audit invest in EE improvements.

• A fifth of the firms surveyed in Estonia had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors, but also in the services sector.

• Firms in Estonia are more likely to invest in EE improvements when they implement advanced management practices.



44

55

45

With an Audit


22

78

Without an Audit


0

5

10

15

20

25

30

35

40

45

50


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45


Country Sector Size

2019 2016







45

0

5

10

15

20

25

30

35

40

45


Estonia EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

52

59

54

61

55

50

55

45

50

17

27

23

30

15

7

20

10

4

22

15

22

12

10

15

9

12

25

8

46

9

21

17

26

13

17

22

23

26

21

27

27

13

60

64

64

64

57

57

62

38

50

8

34

6

21

21

12

16

8

20

12

23

16

13

19

18

13

15

19

19

28

20

16

7

19

10

19

34

23

25

21

24

24

12


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








46

0

5

10

15

20

25

30


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40


Estonia EU US




47

0

10

20

30

40

50

60

70

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Finland EU US

3

45

52

97


0

2

4

6

8

10

12

14

Finland EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






FINLAND – ENERGY EFFICIENCY

• Almost half of firms that invest in Finland, also invest in EE (45% of all firms). This share jumps to 61% for the energy intensive sectors.

• Firms in Finland allocate less than a tenth of their total investment in EE improvements, less than the EU and the US average. This proportion is higher in energy intensive sectors such as manufacturing and infrastructure.

• Firms in Finland report a fourth of their building stock to be of high or highest energy efficiency (EE) standards, compared to two fifths in the EU and a third in the US.

• Almost 60% of the firms surveyed in Finland with an energy audit invest in EE improvements.

• Half of the firms surveyed in Finland had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Finland are more likely to invest in EE improvements when they implement advanced management practices.



48

57

43

With an Audit


42

58

Without an Audit


0

10

20

30

40

50

60

70

80


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45


Country Sector Size

2019 2016







49

0

5

10

15

20

25

30

35

40

45


Finland EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

35

37

52

32

24

36

39

9

24

8

29

12

28

11

7

16

3

10

15

13

17

13

13

16

15

13

14

11

14

21

13

11

7

14

9

11

26

29

27

28

23

23

24

31

28

44

33

52

40

25

47

42

31

37

5

14

5

9

9

3

7

4

9

12

16

11

4

7

9

13

11

10

16

11

3

23

5

10

13

11

16

21

17

15

14

21

17

13

15


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








50

0

5

10

15

20

25

30


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40


Finland EU US




51

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

France EU US

20

27

5380


0

2

4

6

8

10

12

14

16

France EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






FRANCE – ENERGY EFFICIENCY

• A third of firms that invest in France, also invest in EE (27% of all firms). This share jumps to 47% for the energy intensive sectors.

• Firms in France allocate almost a tenth of their total investment in EE improvements, less than the EU and the US average. This proportion is higher in the services sector and in energy intensive sectors such as infrastructure.

• Firms in France report a fourth of their building stock to be of high or highest energy efficiency (EE) standards, compared to two fifths in the EU and a third in the US.

• Half of the firms surveyed in France with an energy audit invest in EE improvements.

• Two fifths of the firms surveyed in France had an energy audit in the past three years, similar to the EU and compared to a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors, but also in the services sector.

• Firms in France are more likely to invest in EE improvements when they implement advanced management practices.


52

52

48

With an Audit


25

75

Without an Audit


0

10

20

30

40

50

60

70


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45


Country Sector Size

2019 2016







53

0

5

10

15

20

25

30

35

40

45


France EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

51

43

48

58

51

28

46

44

45

15

23

10

23

14

13

15

16

16

39

26

30

30

22

39

32

25

28

22

17

15

12

28

19

18

23

20

29

36

35

28

36

31

34

28

31

52

48

67

46

52

44

54

41

47

12

23

17

13

12

17

15

13

14

26

21

26

25

17

36

26

19

23

16

21

17

21

13

20

17

19

18

30

35

29

26

29

41

32

25

29


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








54

0

5

10

15

20

25

30


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40


France EU US




55

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Germany EU US

23

32

44

76


0

2

4

6

8

10

12

14

16

18

Germany EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






GERMANY – ENERGY EFFICIENCY

• Two fifths of firms that invest in Germany, also invest in EE (32% of all firms). This share rises to 53% for the energy intensive sectors.

• Firms in Germany allocate almost 12% of their total investment in EE improvements, more than the EU and similar to the US average. This proportion is higher in energy intensive sectors such as manufacturing and infrastructure.

• Firms in Germany report nearly half of their building stock to be of high or highest energy efficiency (EE) standards, a share significantly above that of EU and US counterparts (two fifths and a third, respectively).

• More than 60% of firms surveyed in Germany with an energy audit invest in EE improvements.

• Half of the firms surveyed in Germany had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Germany are more likely to invest in EE improvements when they implement advanced management practices.


56

61

39

With an Audit


34

66

Without an Audit


0

10

20

30

40

50

60

70

80


Country Sector Size

2019 2017

0

10

20

30

40

50

60


Country Sector Size

2019 2016







57

0

5

10

15

20

25

30

35

40

45


Germany EU US



the futureAvailability of

skilled staffAvailability of

finance


Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

70

76

71

70

71

57

70

59

65

32

43

36

26

38

31

34

27

30

36

41

27

35

31

36

34

27

31

13

26

13

12

17

11

13

17

15

23

24

11

21

30

20

22

22

22

71

78

78

76

67

72

74

67

70

21

43

21

26

22

33

25

33

29

34

45

38

28

41

38

37

28

32

11

20

14

13

17

10

13

17

15

25

25

17

24

30

28

24

33

29


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








58

0

5

10

15

20

25

30

35


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40

45


Germany EU US




59

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Greece EU US

16

26

5884


0

2

4

6

8

10

12

14

16

Greece EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






GREECE – ENERGY EFFICIENCY

• A third of firms that invest in Greece, also invest in EE (26% of all firms).

• Firms in Greece allocate almost a tenth of their total investment in EE improvements, less than the EU and the US average. This proportion is higher in energy intensive sectors such as infrastructure.

• Firms in Greece report almost 60% of their building stock to be of high or highest energy efficiency (EE) standards, a share significantly above that of EU and US counterparts (two fifths and a third, respectively).

• Less than half of the firms surveyed in Greece with an energy audit invest in EE improvements.

• Two fifths of the firms surveyed in Greece had an energy audit in the past three years, similar to the EU and compared to a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Greece are more likely to invest in EE improvements when they implement advanced management practices.



60

6436

With an Audit


19

81

Without an Audit


0

10

20

30

40

50

60


Country Sector Size

2019 2017

0

10

20

30

40

50

60

70

80


Country Sector Size

2019 2016







61

0

10

20

30

40

50

60


Greece EU US





finance


Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

38

8

29

29

19

32

29

18

24

46

42

26

52

51

41

40

50

45

87

88

89

90

88

86

88

88

88

34

42

49

39

40

43

43

41

42

65

69

69

61

72

70

67

74

70

24

20

23

31

25

15

24

16

20

27

55

40

31

44

23

35

32

33

84

90

83

83

88

87

86

84

85

46

47

58

36

37

52

49

28

38

63

71

77

57

69

57

69

40

54


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








62

0

10

20

30

40

50

60

70


Country Sector Size

2019 2016

0

10

20

30

40

50

60


Greece EU US




63

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Hungary EU US

16

35

48

83


0

5

10

15

20

25

Hungary EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






HUNGARY – ENERGY EFFICIENCY

• Two fifths of firms that invest in Hungary, also invest in EE (35% of all firms). This share jumps to 54% for the energy intensive sectors.

• Firms in Hungary allocate more than a tenth of their total investment in EE improvements, similar to the EU and the US average. This proportion is higher in energy intensive sectors such as infrastructure.

• Firms in Hungary report almost two fifths of their building stock to be of high or highest energy efficiency (EE) standards, similar to the EU and compared to a third in the US.

• Two thirds of the firms surveyed in Hungary with an energy audit invest in EE improvements.

• More than half of the firms surveyed in Hungary had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Hungary are more likely to invest in EE improvements when they implement advanced management practices.



64

63

37

With an Audit


32

68

Without an Audit


0

10

20

30

40

50

60

70

80

90


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45

50


Country Sector Size

2019 2016







65

0

5

10

15

20

25

30

35

40

45


Hungary EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

41

31

35

40

41

33

35

48

41

13

25

8

23

16

18

15

22

18

9

8

5

9

6

16

9

11

10

10

12

13

15

16

9

13

13

13

11

19

13

25

16

19

20

11

16

43

34

46

35

41

37

41

33

37

9

11

4

13

14

8

9

17

13

11

18

13

20

2

21

14

7

23

13

21

13

25

18

20

17

18

21

18

19

28

10

29

21

8

15


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








66

0

5

10

15

20

25

30

35


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40


Hungary EU US




67

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Ireland EU US

9

36

55

91


0

2

4

6

8

10

12

14

Ireland EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






IRELAND – ENERGY EFFICIENCY

• Two fifths of firms that invest in Ireland, also invest in EE (36% of all firms).

• Firms in Ireland allocate approximately 7% of their total investment in EE improvements, less than the EU and the US average.

• Firms in Ireland report 35% of their building stock to be of high or highest energy efficiency (EE) standards, compared to two fifths in the EU and a third in the US.

• More than half of the firms surveyed in Ireland with an energy audit invest in EE improvements.

• Roughly a third of the firms surveyed in Ireland had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Ireland are more likely to invest in EE improvements when they implement advanced management practices.



68

56

44

With an Audit


32

68

Without an Audit


0

10

20

30

40

50

60

70

80


Country Sector Size

2019 2017

0

10

20

30

40

50

60


Country Sector Size

2019 2016







69

0

5

10

15

20

25

30

35

40

45


Ireland EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

51

45

64

45

40

34

43

50

46

27

38

36

29

23

28

29

20

24

25

17

25

24

11

30

22

20

21

18

3

18

24

6

15

15

10

13

37

31

18

37

34

42

34

40

37

40

29

50

38

28

40

39

25

32

17

14

14

19

12

23

17

9

12

19

9

19

15

14

15

7

13

12

14

19

15

5

13

7

32

38

27

33

30

44

35

17


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








70

0

5

10

15

20

25

30

35


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40


Ireland EU US




71

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Italy EU US

9

40

50

90


0

2

4

6

8

10

12

14

Italy EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






ITALY – ENERGY EFFICIENCY

• More than two fifths of firms that invest in Italy, also invest in EE (40% of all firms). This share rises to 53% for the energy intensive sectors.

• Firms in Italy allocate a tenth of their total investment in EE improvements, similar to the EU and less than the US average. This proportion is higher in energy intensive sectors such as manufacturing and infrastructure.

• Firms in Italy report 35% of their building stock to be of high or highest energy efficiency (EE) standards, compared to two fifths in the EU and a third in the US.

• Two thirds of the firms surveyed in Italy with an energy audit invest in EE improvements.

• More than a third of the firms surveyed in Italy had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Italy are more likely to invest in EE improvements when they implement advanced management practices.

• Firms that are more affected by energy costs are more likely to invest in EE improvements. This is the only barrier to investment that is perceived differently between firms that invested also in EE and those that did not.


72

63

37

With an Audit


34

66

Without an Audit


0

10

20

30

40

50

60


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45

50


Country Sector Size

2019 2016







73

0

5

10

15

20

25

30

35

40

45


Italy EU US





finance


Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

46

28

43

29

44

40

42

34

38

34

42

35

23

43

37

39

30

35

44

37

49

33

42

43

44

36

40

34

30

46

25

32

40

37

30

34

67

57

81

50

67

67

69

58

63

38

31

46

41

36

25

37

34

35

23

39

25

31

36

18

29

17

23

41

49

59

41

37

40

45

37

41

33

34

51

29

33

21

34

31

33

74

66

80

63

71

70

73

60

67


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








74

0

5

10

15

20

25

30

35

40

45

50


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40

45


Italy EU US




75

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Latvia EU US

9

34

57

91


0

5

10

15

20

25

Latvia EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






LATVIA – ENERGY EFFICIENCY

• Two fifths of firms that invest in Latvia, also invest in EE (34% of all firms).

• Firms in Latvia allocate 13% of their total investment in EE improvements, more than the EU and the US average. This proportion is higher in energy intensive sectors such as infrastructure.

• Firms in Latvia report a third of their building stock to be of high or highest energy efficiency (EE) standards, compared to two fifths in the EU and similar to the US.

• Two thirds of the firms surveyed in Latvia with an energy audit invest in EE improvements.

• Two fifths of the firms surveyed in Latvia had an energy audit in the past three years, similar to the EU and compared to a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Latvia are more likely to invest in EE improvements when they implement advanced management practices.



76

65

35

With an Audit


31

69

Without an Audit


0

10

20

30

40

50

60

70

80


Country Sector Size

2019 2017

0

10

20

30

40

50

60


Country Sector Size

2019 2016







77

0

5

10

15

20

25

30

35

40

45


Latvia EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

83

73

74

71

83

85

79

86

82

50

68

41

68

62

62

59

71

65

50

52

52

55

47

59

54

29

41

39

57

48

55

49

31

47

14

31

70

68

59

68

68

87

72

57

65

79

77

82

70

79

80

79

60

69

34

54

27

48

44

43

39

80

60

50

44

59

55

39

43

48

40

44

42

57

45

48

53

41

47

40

44

66

74

67

80

69

61

70

40

55


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








78

0

10

20

30

40

50

60

70

80


Country Sector Size

2019 2016

0

10

20

30

40

50

60

70


Latvia EU US




79

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Lithuania EU US

12

24

6488


0

2

4

6

8

10

12

14

Lithuania EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






LITHUANIA – ENERGY EFFICIENCY

• Less than a third of firms that invest in Lithuania, also invest in EE (24% of all firms).

• Firms in Lithuania allocate 7% of their total investment in EE improvements, less than the EU and the US average. This proportion is higher in energy intensive sectors such as manufacturing and infrastructure.

• Firms in Lithuania report 15% of their building stock to be of high or highest energy efficiency (EE) standards, a share significantly below that of EU and US counterparts (two fifths and a third, respectively).

• Half of the firms surveyed in Lithuania with an energy audit invest in EE improvements.

• Almost two fifths of the firms surveyed in Lithuania had an energy audit in the past three years, similar to the EU and compared to a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Lithuania are more likely to invest in EE improvements when they implement advanced management practices.


80

52

48

With an Audit


21

79

Without an Audit


0

10

20

30

40

50

60

70

80


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45


Country Sector Size

2019 2016







81

0

5

10

15

20

25

30

35

40

45


Lithuania EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

55

55

45

57

59

47

56

33

44

13

40

5

39

33

11

26

8

17

30

24

35

32

20

14

23

25

24

26

14

20

25

22

28

25

8

17

47

43

65

50

46

17

44

25

34

56

45

56

45

51

57

52

60

56

12

30

18

30

16

9

17

30

24

26

26

28

30

16

30

26

30

28

26

24

37

22

26

18

25

30

28

38

41

42

38

40

36

39

50

44


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








82

0

5

10

15

20

25

30

35


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40


Lithuania EU US




83

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Luxembourg EU US

17

33

50

83


0

2

4

6

8

10

12

14

16

18

20

Luxembourg EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






LUXEMBOURG – ENERGY EFFICIENCY

• Two fifths of firms that invest in Luxembourg, also invest in EE (33% of all firms).

• Firms in Luxembourg allocate 12% of their total investment in EE improvements, more than the EU and the US average. This proportion is higher in energy intensive sectors such as manufacturing.

• Firms in Luxembourg report a third of their building stock to be of high or highest energy efficiency (EE) standards, compared to two fifths in the EU and similar to the US.

• Two thirds of the firms surveyed in Luxembourg with an energy audit invest in EE improvements.

• Almost a fourth of the firms surveyed in Luxembourg had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Luxembourg are more likely to invest in EE improvements when they implement advanced management practices.



84

66

34

With an Audit


30

70

Without an Audit


0

5

10

15

20

25

30

35

40

45

50


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45

50


Country Sector Size

2019 2016







85

0

5

10

15

20

25

30

35

40

45


Luxembourg EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

54

47

43

56

56

45

54

27

41

7

24

7

11

15

5

9

18

14

7

18

22

7

15

13

7

12

6

7

11

15

5

10

9

10

15

18

7

17

30

15

21

9

15

57

63

68

65

47

45

58

50

54

3

26

22

7

5

9

5

12

11

4

9

13

23

13

6

10

26

4

35

7

9

14

13

13

13

26

8

30

13

14

16

25

20


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








86

0

5

10

15

20

25

30


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40


Luxembourg EU US




87

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Malta EU US

6

36

58

94


0

2

4

6

8

10

12

14

16

18

20

Malta EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






MALTA – ENERGY EFFICIENCY

• Two fifths of firms that invest in Malta, also invest in EE (36% of all firms). This share rises to 48% for the energy intensive sectors.

• Firms in Malta allocate 12% of their total investment in EE improvements, more than the EU and the US average. This proportion is higher in energy intensive sectors such as manufacturing and infrastructure.

• Firms in Malta report two fifths of their building stock to be of high or highest energy efficiency (EE) standards, similar to the EU and compared to a third in the US.

• Almost two thirds of the firms surveyed in Malta with an energy audit invest in EE improvements.

• A fourth of the firms surveyed in Malta had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.



88

62

38

With an Audit


33

67

Without an Audit


0

10

20

30

40

50

60

70

80

90


Country Sector Size

2019 2017

0

10

20

30

40

50

60

70

80

90


Country Sector Size

2019 2016







89

0

5

10

15

20

25

30

35

40

45


Malta EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

88

77

100

85

76

88

83

88

85

14

27

15

24

15

20

10

14

5

33

12

18

15

8

12

23

33

23

24

15

23

11

21

23

31

24

18

21

25

23

78

70

89

73

82

72

78

33

56

13

20

7

18

19

15

8

17

10

22

7

11

21

16

8

19

30

22

13

21

26

22

33

28

16

20

11

20

29

9

17

9


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








90

0

5

10

15

20

25

30


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40


Malta EU US




91

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Netherlands EU US

11

34

55

89


0

2

4

6

8

10

12

14

Netherlands EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






NETHERLANDS – ENERGY EFFICIENCY

• Less than two fifths of firms that invest in Netherlands, also invest in EE (34% of all firms).

• Firms in Netherlands allocate 8% of their total investment in EE improvements, less than the EU and the US average.

• Firms in Netherlands report two fifths of their building stock to be of high or highest energy efficiency (EE) standards, similar to the EU and compared to a third in the US.

• More than half of the firms surveyed in Netherlands with an energy audit invest in EE improvements.

• Almost two fifths of the firms surveyed in Netherlands had an energy audit in the past three years, similar to the EU and compared to a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Netherlands are more likely to invest in EE improvements when they implement advanced management practices.



92

54

46

With an Audit


26

74

Without an Audit


0

10

20

30

40

50

60


Country Sector Size

2019 2017

0

10

20

30

40

50

60


Country Sector Size

2019 2016







93

05

101520253035404550


Netherlands EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

43

44

49

26

49

29

40

36

38

10

22

5

9

15

13

11

10

11

16

17

20

11

13

16

16

12

14

8

14

10

9

13

2

11

3

7

8

8

7

7

7

13

7

12

9

42

38

40

39

46

37

40

46

43

4

13

2

5

8

8

7

3

8

10

5

11

6

12

8

13

10

4

8

6

9

3

5

4

5

4

8

5

8

7

5

4

5


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








94

0

5

10

15

20

25

30


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40


Netherlands EU US




95

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Poland EU US

11

33

57

90


0

2

4

6

8

10

12

14

Poland EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






POLAND – ENERGY EFFICIENCY

• Almost two fifths of firms that invest in Poland, also invest in EE (33% of all firms).

• Firms in Poland allocate 7% of their total investment in EE improvements, less than the EU and the US average. This proportion is higher in energy intensive sectors such as infrastructure.

• Firms in Poland report a fifth of their building stock to be of high or highest energy efficiency (EE) standards, a share significantly below that of EU and US counterparts (two fifths and a third, respectively).

• Almost half of the firms surveyed in Poland with an energy audit invest in EE improvements.

• More than half of the firms surveyed in Poland had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Poland are more likely to invest in EE improvements when they implement advanced management practices.


96

48

52

With an Audit


31

69

Without an Audit


0

10

20

30

40

50

60

70

80

90


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45


Country Sector Size

2019 2016







97

05

101520253035404550


Poland EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

71

72

82

62

85

53

71

70

70

51

65

55

60

62

35

56

48

52

38

35

32

38

26

35

33

27

30

25

20

36

19

29

16

23

27

25

47

52

64

47

47

51

53

36

44

69

66

78

57

79

63

66

84

75

36

66

33

49

60

45

46

60

53

43

42

44

46

39

43

44

32

38

27

30

33

29

30

23

28

36

32

56

48

60

51

56

50

54

56

55


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








98

0

10

20

30

40

50

60

70


Country Sector Size

2019 2016

0

10

20

30

40

50

60

70


Poland EU US




99

0

10

20

30

40

50

60

70

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Portugal EU US

5

45

50

95


0

2

4

6

8

10

12

14

16

18

Portugal EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






PORTUGAL – ENERGY EFFICIENCY

• Half of firms that invest in Portugal, also invest in EE (45% of all firms). This share jumps to 60% for the energy intensive sectors.

• Firms in Portugal allocate more than a tenth of their total investment in EE improvements, similar to the EU and the US average. This proportion is higher in energy intensive sectors such as infrastructure.

• Firms in Portugal report more than a third of their building stock to be of high or highest energy efficiency (EE) standards, compared to two fifths in the EU and similar to the US.

• Two thirds of the firms surveyed in Portugal with an energy audit invest in EE improvements.

• More than two fifths of the firms surveyed in Portugal had an energy audit in the past three years, similar to the EU and compared to a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Portugal are more likely to invest in EE improvements when they implement advanced management practices.



100

62

38

With an Audit


38

62

Without an Audit


0

10

20

30

40

50

60

70

80


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45


Country Sector Size

2019 2016







101

0

10

20

30

40

50

60


Portugal EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

53

42

59

35

49

52

52

38

45

52

68

41

57

66

61

61

51

56

46

50

46

43

51

46

51

36

44

16

21

26

20

21

9

20

16

18

49

56

38

50

59

52

52

51

51

47

40

52

38

51

42

45

47

46

39

60

30

42

60

48

43

53

48

45

44

43

38

53

45

46

37

41

17

18

17

17

23

15

17

23

20

46

45

46

38

55

45

46

43

45


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








102

0

10

20

30

40

50

60

70


Country Sector Size

2019 2016

0

10

20

30

40

50

60

70


Portugal EU US




103

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Romania EU US

20

25

5580


0

2

4

6

8

10

12

14

16

18

Romania EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






ROMANIA – ENERGY EFFICIENCY

• A third of firms that invest in Romania, also invest in EE (25% of all firms).

• Firms in Romania allocate a tenth of their total investment in EE improvements, similar to the EU and less than the US average.

• Firms in Romania report a third of their building stock to be of high or highest energy efficiency (EE) standards, compared to two fifths in the EU and similar to the US.

• Half of the firms surveyed in Romania with an energy audit invest in EE improvements.

• More than a third of the firms surveyed in Romania had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Romania are more likely to invest in EE improvements when they implement advanced management practices.



104

52

48

With an Audit


25

75

Without an Audit


0

5

10

15

20

25

30

35

40

45

50


Country Sector Size

2019 2017

0

10

20

30

40

50

60


Country Sector Size

2019 2016







105

0

5

10

15

20

25

30

35

40

45


Romania EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

53

47

38

50

55

53

52

38

45

29

44

23

40

35

22

26

59

43

39

29

38

29

31

41

37

14

26

27

22

36

27

20

19

26

17

22

58

56

59

56

48

53

54

52

53

53

48

60

44

51

51

51

55

53

20

47

9

32

36

37

27

50

39

42

30

40

32

35

49

40

25

33

30

26

36

26

27

26

29

20

25

54

45

51

48

51

54

50

60

55


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








106

0

10

20

30

40

50

60


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40

45


Romania EU US




107

01020304050607080

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Slovakia EU US

26

45

29

74


0

5

10

15

20

25

Slovakia EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






SLOVAKIA – ENERGY EFFICIENCY

• Three fifths of firms that invest in Slovakia, also invest in EE (45% of all firms). This share jumps to 74% for the energy intensive sectors.

• Firms in Slovakia allocate almost 15% of their total investment in EE improvements, more than the EU and the US average. This proportion is higher in energy intensive sectors such as infrastructure.

• Firms in Slovakia report two fifths of their building stock to be of high or highest energy efficiency (EE) standards, similar to the EU and compared to a third in the US.

• Three fourths of the firms surveyed in Slovakia with an energy audit invest in EE improvements.

• More than a third of the firms surveyed in Slovakia had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size.

• Firms in Slovakia are more likely to invest in EE improvements when they implement advanced management practices.



108

7525

With an Audit


55

45

Without an Audit


0

10

20

30

40

50

60

70


Country Sector Size

2019 2017

0

10

20

30

40

50

60


Country Sector Size

2019 2016







109

0

5

10

15

20

25

30

35

40

45


Slovakia EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

69

57

71

64

60

48

59

60

60

36

37

31

26

44

25

31

40

35

39

35

34

38

32

39

38

26

32

9

6

11

16

10

13

13

9

11

30

22

31

22

31

33

32

19

25

63

47

67

29

69

61

61

50

55

26

32

10

21

45

25

27

25

26

44

42

62

36

38

39

46

13

29

10

11

19

14

3

7

11

5

32

47

43

36

31

32

37

13

25


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








110

0

5

10

15

20

25

30

35

40


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40


Slovakia EU US




111

0

10

20

30

40

50

60

70

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Slovenia EU US

7

44

49

93


0

5

10

15

20

25

Slovenia EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






SLOVENIA – ENERGY EFFICIENCY

• Half of firms that invest in Slovenia, also invest in EE (44% of all firms). This share rises to 60% for the energy intensive sectors.

• Firms in Slovenia allocate 13% of their total investment in EE improvements, more than the EU and the US average. This proportion is higher in energy intensive sectors such as manufacturing and infrastructure.

• Firms in Slovenia report two fifths of their building stock to be of high or highest energy efficiency (EE) standards, similar to the EU and compared to a third in the US.

• Two thirds of the firms surveyed in Slovenia with an energy audit invest in EE improvements.

• More than a third of the firms surveyed in Slovenia had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Slovenia are more likely to invest in EE improvements when they implement advanced management practices.



112

63

37

With an Audit


40

60

Without an Audit


0

5

10

15

20

25

30

35

40

45

50


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45

50


Country Sector Size

2019 2016







113

0

5

10

15

20

25

30

35

40

45


Slovenia EU US





finance


Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

73

48

80

52

65

56

61

69

65

28

48

30

38

35

26

34

31

33

32

23

43

33

19

35

32

20

26

10

15

10

14

12

9

13

6

9

22

35

20

24

29

21

24

29

26

59

66

63

52

71

54

58

89

73

15

31

4

24

29

22

19

11

15

24

22

29

24

26

19

24

33

29

12

9

13

14

9

11

12

6

22

22

19

17

29

24

23

11

17


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








114

0

5

10

15

20

25

30

35

40


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40

45

50


Slovenia EU US




115

0

10

20

30

40

50

60

70

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Spain EU US

15

44

41

85


0

2

4

6

8

10

12

14

16

18

20

Spain EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






SPAIN – ENERGY EFFICIENCY

• Half of firms that invest in Spain, also invest in EE (44% of all firms). This share rises to 60% for the energy intensive sectors.

• Firms in Spain allocate 12% of their total investment in EE improvements, more than the EU and the US average. This proportion is higher in energy intensive sectors such as manufacturing and infrastructure.

• Firms in Spain report half of their building stock to be of high or highest energy efficiency (EE) standards, a share significantly above that of EU and US counterparts (two fifths and a third, respectively).

• Almost three fourths of the firms surveyed in Spain with an energy audit invest in EE improvements.

• Two fifths of the firms surveyed in Spain had an energy audit in the past three years, similar to the EU and compared to a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Spain are more likely to invest in EE improvements when they implement advanced management practices.



116

7129

With an Audit


40

60

Without an Audit


0

10

20

30

40

50

60

70

80


Country Sector Size

2019 2017

0

10

20

30

40

50

60


Country Sector Size

2019 2016







117

05

101520253035404550


Spain EU US





finance


Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

51

51

58

56

53

40

51

51

51

55

67

46

62

67

62

63

56

60

61

70

65

71

64

65

70

56

63

35

38

46

38

30

39

38

35

37

62

72

63

70

77

60

70

65

67

53

42

46

49

54

50

51

38

44

39

55

52

41

48

34

43

46

45

60

53

63

53

65

53

59

54

57

46

42

48

57

41

38

48

25

37

70

62

73

67

67

64

68

63

65


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








118

0

10

20

30

40

50

60


Country Sector Size

2019 2016

0

10

20

30

40

50

60

70


Spain EU US




119

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

Sweden EU US

9

43

48

91


0

5

10

15

20

25

Sweden EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






SWEDEN – ENERGY EFFICIENCY

• Almost half of firms that invest in Sweden, also invest in EE (43% of all firms).

• Firms in Sweden allocate 14% of their total investment in EE improvements, more than the EU and the US average. This proportion is higher in energy intensive sectors such as manufacturing and infrastructure.

• Firms in Sweden report roughly a third of their building stock to be of high or highest energy efficiency (EE) standards, compared to two fifths in the EU and similar to the US.

• More than half of the firms surveyed in Sweden with an energy audit invest in EE improvements.

• Half of the firms surveyed in Sweden had an energy audit in the past three years, compared to two fifths in the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in Sweden are more likely to invest in EE improvements when they implement advanced management practices.



120

54

46

With an Audit


40

60

Without an Audit


0

10

20

30

40

50

60

70

80


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45


Country Sector Size

2019 2016







121

05

101520253035404550


Sweden EU US






Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

41

31

62

27

35

30

41

24

33

15

28

14

22

17

17

20

11

16

15

17

24

16

6

15

15

13

14

8

6

7

6

6

9

7

7

7

20

24

29

24

11

20

20

20

20

39

26

56

37

30

26

36

29

32

11

26

6

15

20

13

16

5

10

16

7

28

4

17

11

16

8

13

11

3

4

23

9

11

14

13

22

9

13

20

20

21

18

24

21


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








122

0

5

10

15

20

25

30


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40


Sweden EU US




123

0

10

20

30

40

50

60

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

EnergyIntensive

Non EnergyIntensive

UK EU US

14

34

52

86


0

2

4

6

8

10

12

14

UK EU US Construction Infrastructure Manufacturing Services SME Large

Country Sector Size

2019 2018






UNITED KINGDOM – ENERGY EFFICIENCY

• Two fifths of firms in the UK invest in EE improvements (34% of all firms). This share jumps to 50% for the energy intensive sectors.

• Firms in the UK allocate 5% of their total investment in EE improvements, substantially less than the EU and the US average.

• Firms in the UK report a fourth of their building stock to be of high or highest energy efficiency (EE) standards, a share significantly below that of EU and US counterparts (two fifths and a third, respectively).

• Half of the firms surveyed in the UK with an energy audit invest in EE improvements.

• Two fifths of the firms surveyed in the UK had an energy audit in the past three years, similar to the EU and a third in the US. The implementation rate of energy audits increases with size and is particularly high in energy intensive sectors.

• Firms in the UK are more likely to invest in EE improvements when they implement advanced management practices.



124

50

50

With an Audit


32

68

Without an Audit


0

10

20

30

40

50

60


Country Sector Size

2019 2017

0

5

10

15

20

25

30

35

40

45


Country Sector Size

2019 2016







125

0

5

10

15

20

25

30

35

40

45


UK EU US





finance


Energy Intensive

Construction

Infrastructure

Manufacturing

Services

SME

Large

Total

38

44

38

41

34

38

38

38

38

20

37

4

23

25

30

25

15

20

15

15

14

29

10

12

16

14

15

5

10

8

9

9

7

8

8

8

38

34

42

39

40

32

37

39

38

40

24

41

39

31

41

39

28

34

16

22

10

14

15

25

17

16

16

19

15

17

19

9

29

20

9

15

14

10

19

11

12

14

14

9

12

38

39

29

30

40

49

38

44

41


0

5

10

15

20

25

30

35

40

Austria

Czech Republic

Hungary

Luxembourg

France

Estonia

Greece

United Kingdom

Denmark

Finland

USA

Germany

Croatia

Portugal

Sweden

Poland

EU Latvia

Lithuania

Ireland

Netherlands

Romania

Belgium

Slovakia

Spain

Slovenia

Bulgaria

Italy

Cyprus








126

0

5

10

15

20

25

30


Country Sector Size

2019 2016

0

5

10

15

20

25

30

35

40


UK EU US



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European Investment Bank98 -100, boulevard Konrad AdenauerL-2950 Luxembourg3 +352 4379-1www.eib.org – U [email protected]

06/2020 – ENeBook: ISBN 978-92-861-4711-1pdf: ISBN 978-92-861-4712-8

Go

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