| Abstract | The energy efficiency represents a global and multi-faceted issue. It is especially
important in the former socialist countries belonging to the Balkan’s region being
geographically located in the Southeastern Europe (SE). The research problem
addressed in this paper focuses on the unexplored potential links between the
energy efficiency and the economic development. Energy efficiency is deemed to
be highly job intensive phenomenon. It delivers multiple long-range benefits by
the means of increasing competitiveness, energy affordability, and decreasing
energy bills. Furthermore, it seeks to tackle the important issues of reduced
reliance on energy importing, reduction in harmful greenhouse gas emissions and
freeing up of funds to be critically invested in other economic areas. Energy
efficiency, efficient and effective policies have been found to be directly linked to
job creation and deliverance of the economic stimulus. These types of jobs are
related to the activities with the paramount aim in reduction of the energy
consumption. Investments in energy efficiency in the buildings and construction
sector have been found to have brought about the greatest macroeconomic
impact. This impact is due to the increasing need for the construction of new
buildings and renovation of existing ones, in addition to its considerable potential
in activation of the above listed industries’ value chains. The introduction of
energy management system (EMS) being exemplified through the set of
processes which utilize data to maintain and enhance energy efficiency and
operational efficiency could be one of the important avenues to pursue. On the
other hand, the EMS reduces the energy intensity and detrimental environmental
polluting impact.
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