A report by the European Investment Bank based on the opinion of 12,000 European SMEs and 900 in the United States presents that the cost of energy is one of the biggest obstacles to investments in energy efficiency. In addition, there is a disadvantage in relation to prices in the United States (Fig. 1) that may continue in the next decade due to the role of gas in electricity generation.
Fig. 1: Electricity prices for industry, €/MWh. Source: DGENER, Electricity market report (2024)
The average % of the companies’ budget allocated to energy efficiency improvements is presented in (Fig. 2), although it is always higher in large and electro-intensive companies compared to SMEs.
Fig. 2: Source: EIBIS 2020-2024
Regulatory frameworks also influence firms’ decisions. Policies such as European Emissions Trading and the European Green Deal encourage energy improvements that also boost productivity, innovation and job creation.
Energy audits and climate targets help companies improve their efficiency. Both strategies are complementary. Audits report on the costs and benefits of investment in efficiency and climate objectives are associated with decarbonisation strategies. Since large companies use these strategies, SMEs will be able to benefit by participating in the deployment of these improvements (Fig. 3).
Fig. 3: Impact of audits and climate objectives on investments (in %, year 2024). Source: EIBIS 2020-2024
Firms that integrate digital technology and good energy management practices and that see the climate transition as an opportunity report greater energy savings. These internal capabilities and activities complement external drivers such as energy audits and climate targets. Barriers have a negative impact that can decrease investments, just as good energy management practices can increase them. (Fig. 4).
Fig. 4: Impact of several factors on the decision to invest in energy efficiency (In %, year 2024).
Source: EIBIS 2024
Fuente. UNLOCKING ENERGY EFFICIENCY INVESTMENTS BY SMALL FIRMS AND MID-CAPS (EIB 2025). “Mid-caps” = Firms with 250 to 2999 employees.
