In this paper we investigate the effects of improving the energy efficiency in Italy. We use an autoregressive model (VAR) to identify our system of equations and to study the impulse response functions of value added, employment, energy consumption and emissions of carbon dioxide to a positive shock at the investment spending in energy efficiency. We focus on manufacturing and construction. The period considered goes from 2010 to 2020. We get three main results. First, from our empirical analysis emerges a substantial positive impact on value added and employment of policies aimed at improving energy efficiency. Second, in the best scenarios a rise in energy efficiency contributes in reducing both energy consumption and emissions of GHGs as carbon dioxide. Finally, our assessments follow the trends of other similar empirical researches, but our estimates are less optimistic about the magnitudes of the impacts of energy efficiency on the economic growth. .
Keywords: Energy efficiency, VAR, investments, employment, polluting emissions
Jel Code: C32, O47, Q4, Q43