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An increasing number of industries are seeking to use energy more efficiently due to market pressure, public awareness of environmental sustainability, and rising energy costs and volatility. Energy efficiency is potentially one of the most important and cost-effective means by which industries can mitigate their greenhouse gas emissions for sustainable development. Despite the availability of cost-effective energy efficiency measures in industries, these are not always implemented due to various barriers and obstacles. This research investigates the current status of energy management practices in the Korean steel industry in order to examine how drivers and barriers to energy efficiency operate, the circumstances in which these practices arise and the extent to which public policy or organizational change may overcome them. This study finds that market-based factors, as well as organizational/individual behavioural factors, play important roles in energy efficiency investment towards sustainable development. In particular, economic factors (cost savings, energy tax, capital budget, cost of identifying and analysing business opportunities, beneficial loans for energy efficiency investments) and organizational factors (technical risk, lack of manager's influence, owner's demand, top management commitment, and corporate reputation) seriously affect energy efficiency in the steel industry. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment
Ki‐Hoon Lee (Fri,) studied this question.