*2.2. Energy E*ffi*ciency Policies*

EEPs might be regarded as abstract solutions to bolstering EE in a given legislative context. The development of an effective EEP is not a one-off activity. It is, in fact, a continuous, dynamic process that should establish conditions and rules for energy consumers and direct that change toward environmental and economic benefits. The policy-making cycle combines the design, implementation, and setting up of multiple criteria for evaluating policy instruments' impacts in a closed, repetitive loop. However, EEPs are not universal in nature or freely transferable between markets. To develop a policy tailored to the sector of the economy, one must understand the EE maturity level, and then develop a customized policy as well as to adapt it to the specifics of a business branch. Bukarica and Tomši´c introduced the notion of the energy efficiency market as a concept for establishing EEPs; aside from appliance manufacturers, energy auditors, smart meter software designers, cogeneration developers, and their respective backgrounds, the market also covers sponsors, owners, authorities, and institutions that provide financing and assistance in the implementation of EE projects [6].

Many countries brought up initiatives targeted at promoting low-carbon development and improving EE in every sector of the economy that primarily features regulations and taxation [28]. On the other hand, Avgerinou, Bertoldi, and Castellazzi stress that the European Union and other major economies introduced policies and measures that are not punitive in nature [29]. Financial support policies constitute an important tool in that regard. In the Chinese market, two types of EE credits were implemented [30], enabling running EE projects with institutional support from financial institutions to counteract discontinuing investments due to the capital scarcity. As households and commercial building upgrades and retrofits are concerned, several programs may act as a benchmark for future ventures. From the USA market alone, the American Recovery and Reinvestment Act (ARRA) directed as much as \$58 billion towards EE; programs under ARRA targeted, inter alia, insulation of low-income homes as well lighting/appliance upgrades with more energy-efficient solutions [31].

Some instruments covered by policies are put in place in order to prompt interest in EE projects, while others aim to advance such projects from the early stages of development towards real-life implementation [6]. At the company level, EEPs must be integrated into organizational economic planning, technical and management conditions, and business development processes. A properly developed EEP ought to increase the maturity of management, the organizational structure of the company, as well as the competencies behind it; the joint effort of practitioners and researchers contributes to advancing the understanding of the relationship between improving EE in business organizations, the change processes responsible for that, and the drivers that affect these processes [19]. We argue that effective application of austerity policies proves to be a big challenge, however, their preparation, implementation, and continual improvement is even harder.
