IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v13y2021i11p5837-d560111.html
   My bibliography  Save this article

Sustainability of Investment Projects with Energy Efficiency and Non-Energy Efficiency Costs: Case Examples of Public Buildings

Author

Listed:
  • Mališa Đukić

    (Belgrade Banking Academy, Faculty of Banking, Insurance and Finance, Union University, 11000 Belgrade, Serbia)

  • Margareta Zidar

    (Department for Energy Efficiency, Energy Institute Hrvoje Požar, HR-10000 Zagreb, Croatia)

Abstract

According to the European Commission Energy Union strategy from 2015, some of the main objectives are to improve energy efficiency, reduce dependence on energy imports, cut emissions, and drive jobs and growth. Achieving the objectives of the Energy Union requires significant financing, particularly for investments in energy efficiency. Serbia and Croatia included the objectives of the Energy Union in their national strategies and have implemented various investment projects in this area. This paper focuses on the sustainability of energy efficiency projects for public buildings which include not only energy efficiency investment cost but also non-energy efficiency investments. By applying the European Commission methodology for cost-benefit analysis, we assessed the sustainability of several projects in Serbia and Croatia. The sustainability assessment is done by quantifying energy savings, greenhouse gas emission reductions and the social and economic benefits that are related to non-energy efficiency project components. The values of economic performance indicators imply that society would be better off with projects that would contribute to achieving not only the targets set in national energy strategies but also to creating broader social benefits.

Suggested Citation

  • Mališa Đukić & Margareta Zidar, 2021. "Sustainability of Investment Projects with Energy Efficiency and Non-Energy Efficiency Costs: Case Examples of Public Buildings," Sustainability, MDPI, vol. 13(11), pages 1-15, May.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:11:p:5837-:d:560111
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/13/11/5837/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/13/11/5837/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Mikulić, Davor & Bakarić, Ivana Rašić & Slijepčević, Sunčana, 2016. "The economic impact of energy saving retrofits of residential and public buildings in Croatia," Energy Policy, Elsevier, vol. 96(C), pages 630-644.
    2. Galatioto, A. & Ricciu, R. & Salem, T. & Kinab, E., 2019. "Energy and economic analysis on retrofit actions for Italian public historic buildings," Energy, Elsevier, vol. 176(C), pages 58-66.
    3. Saez, Carmen Almansa & Requena, Javier Calatrava, 2007. "Reconciling sustainability and discounting in Cost-Benefit Analysis: A methodological proposal," Ecological Economics, Elsevier, vol. 60(4), pages 712-725, February.
    4. Viscusi, W. Kip & Masterman, Clayton J., 2017. "Income Elasticities and Global Values of a Statistical Life," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 8(2), pages 226-250, July.
    5. Rosenow, Jan & Platt, Reg & Demurtas, Andrea, 2014. "Fiscal impacts of energy efficiency programmes—The example of solid wall insulation investment in the UK," Energy Policy, Elsevier, vol. 74(C), pages 610-620.
    6. Filippidou, Faidra & Nieboer, Nico & Visscher, Henk, 2017. "Are we moving fast enough? The energy renovation rate of the Dutch non-profit housing using the national energy labelling database," Energy Policy, Elsevier, vol. 109(C), pages 488-498.
    7. Kerr, Niall & Gouldson, Andy & Barrett, John, 2017. "The rationale for energy efficiency policy: Assessing the recognition of the multiple benefits of energy efficiency retrofit policy," Energy Policy, Elsevier, vol. 106(C), pages 212-221.
    8. Lisa Ryan & Nina Campbell, 2012. "Spreading the Net: The Multiple Benefits of Energy Efficiency Improvements," IEA Energy Papers 2012/8, OECD Publishing.
    9. Saldivia, Mauricio & Kristjanpoller, Werner & Olson, Josephine E., 2020. "Energy consumption and GDP revisited: A new panel data approach with wavelet decomposition," Applied Energy, Elsevier, vol. 272(C).
    10. Sooriyaarachchi, Thilanka M. & Tsai, I-Tsung & El Khatib, Sameh & Farid, Amro M. & Mezher, Toufic, 2015. "Job creation potentials and skill requirements in, PV, CSP, wind, water-to-energy and energy efficiency value chains," Renewable and Sustainable Energy Reviews, Elsevier, vol. 52(C), pages 653-668.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Rachael Sherman & Hariharan Naganathan & Kristen Parrish, 2021. "Energy Savings Results from Small Commercial Building Retrofits in the US," Energies, MDPI, vol. 14(19), pages 1-16, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Paolo Bertoldi & Marina Economidou & Valentina Palermo & Benigna Boza‐Kiss & Valeria Todeschi, 2021. "How to finance energy renovation of residential buildings: Review of current and emerging financing instruments in the EU," Wiley Interdisciplinary Reviews: Energy and Environment, Wiley Blackwell, vol. 10(1), January.
    2. Marc Ringel & Roufaida Laidi & Djamel Djenouri, 2019. "Multiple Benefits through Smart Home Energy Management Solutions -- A Simulation-Based Case Study of a Single-Family House in Algeria and Germany," Papers 1904.11496, arXiv.org.
    3. Nie, Pu-Yan & Wang, Chan & Yang, Yon-Cong, 2017. "Comparison of energy efficiency subsidies under market power," Energy Policy, Elsevier, vol. 110(C), pages 144-149.
    4. Paolo Zangheri & Marina Economidou & Nicola Labanca, 2019. "Progress in the Implementation of the EU Energy Efficiency Directive through the Lens of the National Annual Reports," Energies, MDPI, vol. 12(6), pages 1-16, March.
    5. Kerr, N. & Winskel, M., 2020. "Household investment in home energy retrofit: A review of the evidence on effective public policy design for privately owned homes," Renewable and Sustainable Energy Reviews, Elsevier, vol. 123(C).
    6. Brown, Donal & Sorrell, Steve & Kivimaa, Paula, 2019. "Worth the risk? An evaluation of alternative finance mechanisms for residential retrofit," Energy Policy, Elsevier, vol. 128(C), pages 418-430.
    7. Economidou, M. & Ringel, M. & Valentova, M. & Castellazzi, L. & Zancanella, P. & Zangheri, P. & Serrenho, T. & Paci, D. & Bertoldi, P., 2022. "Strategic energy and climate policy planning: Lessons learned from European energy efficiency policies," Energy Policy, Elsevier, vol. 171(C).
    8. Borissov, Kirill & Shakhnov, Kirill, 2011. "Sustainable growth in a model with dual-rate discounting," Economic Modelling, Elsevier, vol. 28(4), pages 2071-2074, July.
    9. Constantinos A. Balaras & Andreas I. Theodoropoulos & Elena G. Dascalaki, 2023. "Geographic Information Systems for Facilitating Audits of the Urban Built Environment," Energies, MDPI, vol. 16(11), pages 1-26, May.
    10. Bohlmann, H.R. & Horridge, J.M. & Inglesi-Lotz, R. & Roos, E.L. & Stander, L., 2019. "Regional employment and economic growth effects of South Africa’s transition to low-carbon energy supply mix," Energy Policy, Elsevier, vol. 128(C), pages 830-837.
    11. Lidija MADZAR, 2019. "Energy Intensity Of The Household Sector In The Republic Of Serbia," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 4(1), pages 25-37.
    12. Daoping Wang & Ottar N. Bjørnstad & Tianyang Lei & Yida Sun & Jingwen Huo & Qi Hao & Zhao Zeng & Shupeng Zhu & Stéphane Hallegatte & Ruiyun Li & Dabo Guan & Nils C. Stenseth, 2023. "Supply chains create global benefits from improved vaccine accessibility," Nature Communications, Nature, vol. 14(1), pages 1-15, December.
    13. Moroni, Stefano & Antoniucci, Valentina & Bisello, Adriano, 2016. "Energy sprawl, land taking and distributed generation: towards a multi-layered density," Energy Policy, Elsevier, vol. 98(C), pages 266-273.
    14. Yushchenko, Alisa & Patel, Martin Kumar, 2017. "Cost-effectiveness of energy efficiency programs: How to better understand and improve from multiple stakeholder perspectives?," Energy Policy, Elsevier, vol. 108(C), pages 538-550.
    15. Kamil Makieła & Błażej Mazur & Jakub Głowacki, 2022. "The Impact of Renewable Energy Supply on Economic Growth and Productivity," Energies, MDPI, vol. 15(13), pages 1-13, June.
    16. Jayaraj, Nikhil & Klarin, Anton & Ananthram, Subramaniam, 2024. "The transition towards solar energy storage: a multi-level perspective," Energy Policy, Elsevier, vol. 192(C).
    17. Petrov, Ivan & Ryan, Lisa, 2021. "The landlord-tenant problem and energy efficiency in the residential rental market," Energy Policy, Elsevier, vol. 157(C).
    18. Assadi, Mohammad Reza & Ataebi, Melikasadat & Ataebi, Elmira sadat & Hasani, Aliakbar, 2022. "Prioritization of renewable energy resources based on sustainable management approach using simultaneous evaluation of criteria and alternatives: A case study on Iran's electricity industry," Renewable Energy, Elsevier, vol. 181(C), pages 820-832.
    19. Moritz A. Drupp & Martin C. Hänsel, 2021. "Relative Prices and Climate Policy: How the Scarcity of Nonmarket Goods Drives Policy Evaluation," American Economic Journal: Economic Policy, American Economic Association, vol. 13(1), pages 168-201, February.
    20. del Saz Salazar, Salvador & Hernandez Sancho, Francesc & Sala Garrido, Ramon, 2009. "Estimación del valor económico de la calidad del agua de un río mediante una doble aproximación: una aplicación de los principios económicos de la Directiva Marco del Agua," Economia Agraria y Recursos Naturales, Spanish Association of Agricultural Economists, vol. 9(01), pages 1-27.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:13:y:2021:i:11:p:5837-:d:560111. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.