engleski

ENERGY EFFICIENCY PROJECTS OF BUDGET BENEFICIARIES AND ITS IMPACT ON REGIONAL ECONOMY

Local and regional government (further: government) have multifunctional scope. Its activities are limited primarily by financial resources, which highlights the major principle of “good government” that involves selection of projects and programs with best investments effects. In times of economic downturn, criticism and expectations of public opinion is focused primarily on governments’ ability to, through the carried-out projects and programs, not only create, but also stimulate economic growth. It is questionable how and how much the implementation of energy efficiency projects affects the regional economic growth. Knowing that on European, national and regional level significant financial resources are planned for energy efficiency project, made us believe that inefficiency could be chance for justified investment projects that could have impact on economic growth. The key research questions addressed in this paper are: 1) what are the range of benefits from energy efficiency for regional economic growth, 2) what is the value of investments and payback period, estimated employment and environmental effects of energy efficiency projects after renewal implementation and 3) what are the main policy remarks (challenges) of energy renewal implementation. After defining economic effects of energy efficiency projects, energetic and environmental impacts of implemented energy efficiency projects in seven budget beneficiaries of Osijek-Baranja County of The Republic of Croatia have been analyzed. Results have led to conclusions and defining policy remarks about impact of those projects on regional economic growth.

Energy efficiency, Economic impact, Cost-benefit analysis

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