Global demands are forcing manufacturing industries to
develop their energy programs by increasing efficiency and lowering
environmental impacts. Energy management has therefore played a key role in
industrial energy efficiency in recent years. However, still there are problems
at very first step of energy management programs which is decision making. The
reason can be explained through market and non-market failures. Another
essential reason can be explained through how an energy program is
characterized by top managers. Managers are positioned in a place to make strategic
decisions. Therefore, any program including energy programs should have both
financial and strategical value for the company. Keeping in mind the adoption
of energy investment through conformation with financial analysis and
organization’s contextual factors together with characteristics of energy
management program as two macro perspectives in energy efficiency literature,
this paper aims to understand the main driving factors which lead to either
positive or negative energy investment decision making for a particular energy
management program. The investigation has been conducted as a multiple case
study involving 15 manufacturing companies of varying size and in different
sectors located in Sweden. Having the results from studied cases enabled the
authors to develop taxonomy of drivers and barriers for energy management
investment decision making. The most relevant and pronounced barriers and
drivers to negative and/or positive investment decision making through the
studied cases are: access to capital, time and expertise, awareness and
uncertainty, practice characteristics, risk and industry’s complexity.
According to the analysis of the results, two of the listed barriers that
appeared most prominently were non-core business character of the programs and
awareness and uncertainty which cause relatively high perception of risk.