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Overview A WORLD

BANK REPORT 2023

Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure Authorized

This report was led by Leonardo Iacovone and jointly authored with Matias Belacin, Xavier

Cirera, and Santiago Reyes Ortega. Chapter 1 is based on an early note by Giorgi Mukhilishvili.

The report was prepared under the supervision of Ilias Skamnelos (Practice Manager) and

the overall guidance of Lalita Moorty (Regional Director) and Sebastian Molineus (Country

Director). The authors are grateful to the companies that agreed to participate in the case

studies, the counterparts from the Government of Georgia with whom the preliminary ﬁndings

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eective and productive collaboration in data collection for the Technology Adoption Survey

and their willingness to share anonymized ﬁrm-level data, which permitted the authors to

perform most of the analysis presented in this report.

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PublicDisclosureAuthorizedPublicDisclosureAuthorizedPublicDisclosureAuthorizedPublicDisclosureAuthorizedOverviewAWORLDBANKREPORT2023©2023TheWorldBankGroup1818HStreetNW,Washington,DC20433Telephone:202-473-1000;Internet:www.worldbank.orgThisworkisaproductofthestaffofTheWorldBankGroupwithexternalcontributions.“TheWorldBankGroup”referstothelegallyseparateorganizationsoftheInternationalBankforReconstructionandDevelopment(IBRD),theInternationalDevelopmentAssociation(IDA),theInternationalFinanceCorporation(IFC),andtheMulti-lateralInvestmentGuaranteeAgency(MIGA).TheWorldBankGroupdoesnotguaranteetheaccuracy,reliabilityorcompletenessofthecontentincludedinthiswork,ortheconclusionsorjudgmentsdescribedherein,andacceptsnoresponsibilityorliabilityforanyomissionsorerrors(including,withoutlimitation,typographicalerrorsandtechnicalerrors)inthecontentwhatsoeverorforreliancethereon.Theboundaries,colors,denomi-nations,andotherinformationshownonanymapinthisworkdonotimplyanyjudgmentonthepartoftheWorldBankGroupconcerningthelegalstatusofanyterritoryortheendorsementoracceptanceofsuchboundaries.Thefindings,interpretations,andconclusionsexpressedinthisvolumedonotnecessarilyreflecttheviewsoftheorganizationsoftheWorldBankGroup,theirrespectiveBoardsofExecutiveDirectors,andthegovernmentstheyrepresent.Thecontentsofthisworkareintendedforgeneralinfor-mationalpurposesonlyandarenotintendedtoconstitutelegal,securities,orinvestmentadvice,anopinionregard-ingtheappropriatenessofanyinvestment,orasolicitationofanytype.SomeoftheorganizationsoftheWorldBankGrouportheiraffiliatesmayhaveaninvestmentin,provideotheradviceorservicesto,orotherwisehaveafinancialinterestin,certainofthecompaniesandpartiesnamedherein.Nothinghereinshallconstituteorbeconstruedorconsid-eredtobealimitationuponorwaiveroftheprivilegesandimmunitiesofanyoftheorganizationsofTheWorldBankGroup,allofwhicharespecificallyreserved.RightsandPermissionsThisreportwasledbyLeonardoIacovoneandjointlyauthoredwithMatiasBelacin,XavierCirera,andSantiagoReyesOrtega.Chapter1isbasedonanearlynotebyGiorgiMukhilishvili.Thematerialinthisworkissubjecttocopyright.BecauseThereportwaspreparedunderthesupervisionofIliasSkamnelos(PracticeManager)andTheWorldBankGroupencouragesdisseminationoftheoverallguidanceofLalitaMoorty(RegionalDirector)andSebastianMolineus(Countryitsknowledge,thisworkmaybereproduced,inwholeDirector).Theauthorsaregratefultothecompaniesthatagreedtoparticipateinthecaseorinpart,fornoncommercialpurposesaslongasfullstudies,thecounterpartsfromtheGovernmentofGeorgiawithwhomthepreliminaryfindingsattributiontothisworkisgivenandallfurtherpermissionsofthisreportweresharedanddiscussed,andinparticulartoGEOSTATforanextremelythatmayberequiredforsuchuse(asnotedherein)areeffectiveandproductivecollaborationindatacollectionfortheTechnologyAdoptionSurveyacquired.TheWorldBankGroupdoesnotwarrantthatandtheirwillingnesstoshareanonymizedfirm-leveldata,whichpermittedtheauthorstothecontentcontainedinthisworkwillnotinfringeontheperformmostoftheanalysispresentedinthisreport.rightsofthirdparties,andacceptsnoresponsibilityorliabilityinthisregard.AllqueriesonrightsandlicensesshouldbeaddressedtoWorldBankPublications,TheWorldBankGroup,1818HStreetNW,Washington,DC20433,USA;e-mail:pubrights@worldbank.org.verviewWhyenergyTwokeyDecomposingFromenergyefficiencynecessarythedriversconsumptionto&reducingreformareasofenergyCO2emissionsgreenhouseconsumptiongasemissionsCH.2&carbonCH.4shouldbeaemissionspolicypriorityinGeorgiaCH.3CH.1ContentsPagePagePagePage1358ThepotentialeffectsHowlargeareThedriversofPriceincentivesmatterforofenhancingenergythegainsfromenergyenergyefficiencyenhancingenergyenergyefficiencyefficiency?CH.7CH.8CH.5CH.6PolicyrecommendationsCH.9PagePagePagePage91015211OverviewGreeningFirmsinGeorgiaWhyenergyefficiencyandGHGemissionsgrowthinGeorgia58%reducinggreenhousegasbetween2021and2022emissionsshouldbeapolicypriorityinGeorgiaCHAPTER1Georgia’sgreenhousegasAlthoughmanycountriesaredecoupling(GHG)emissionspercapitatheirgrowthfromemissions,GeorgiaarestillbelowtheEuropeanhasnotyetdoneso.EconomicgrowthUnion(EU)averagebutaretypicallydemandsmoreenergyandthusgrowingfasterthanthoseinraisescarbonemissions.However,inthetheEU,andGeorgianfirmslastdecades,severalcountries(includingareusingveryenergy-in-developedanddevelopingeconomies)haveefficientmethodsthatwilldecoupledtheirgrowthfromemissions.Foraffecttheircompetitivenessexample,Germany,France,theUK,andtheasenergypricesincrease.GreeningtheUShavecombinedoutputexpansionwithprivatesectorshouldbeatoppolicyprior-emissionsreductions.Aspirationalpeersityforseveralreasons.First,fastergrowthsuchasBulgaria,Romania,andPolandhaveinemissionsandemissionsgrowthinde-alsocutemissionsandstillgrownsubstan-pendentofeconomicgrowththreatenthetially.Infact,between2000and2022GDPinaccomplishmentofexistingnationallydeter-high-incomecountriesgrewby49percent,minedcontributions(NDCs).Second,green-butemissionsdeclinedby7percent.Further-ingtheprivatesectorhasapro-competi-more,acrosslower-middle-andupper-mid-tivenesseffect.Asenergypricesincrease,dle-incomecountries,GHGemissionsgrewusingoldandobsoleteenergy-intensivemuchslowerthanoutput.Eventhoughthistechnologiesandprocessesismorecostly,decouplinghasremarkablyintensifiedintheaffectingfirms’competitiveness.Giventhelast10years,Georgiahasbeenunabletofol-directpass-throughfromenergyintensitylowthistrend(FigureO.1).Between2010and(energyconsumptionperunitofoutput)to2022,GHGemissionsgrowthinGeorgiaout-GHGemissions,thiscanalsoaffectfuturepacedoutputexpansion(77percentand58accesstoEUmarkets.Third,asadversecli-percent,respectively),creatingtheneedtomateshocksandenergyshocksassociatedurgentlyaddresstheunderlyingchallengeswithgeopoliticaltensionsincreasetheirfre-tosupportthegreentransition.quency,greeningtheprivatesectorislikelytobethemostimportantsourceofprivatesectorresilienceincomingyears.GreeningFirmsinGeorgiaOverview2Industryisoneofthesectorsresponsi-alsototherelianceonoutdatedtechnolo-itiveexternalitiesusingpublicpolicy.ThisbleforthemostemissionsinGeorgia,butgies,theinefficientuseofenergy,andweakreportaddressesthislargeevidencegapus-othersectorsmatter,becauseofthedirectincentivesduetotheoverallinstitutionalingauniqueandgranulardatasettomeasurelinkbetweenemissionsandenergycon-frameworkanddistortedlowenergyprices.energyefficiency,GHGemissions,andtheirsumption.TheindustrysectoraccountsforbarriersanddeterminantsinGeorgiawhile17percentofaggregateGHGemissions.To-Yetdespitetheseelementsdemandingprovidingacomprehensiveandrigorousgetherwithservices(transport,construction,swiftactiontodecarbonizeandmakeanalysisoftherecentevolutionofenergyandretail),itisasignificantcontributortotheprivatesectormoreenergyefficient,efficiencyinthebusinesssectoraswellasin-therecentgrowthinemissions.Ifnourgentpolicymakershavelittleinformationtoformedpolicyrecommendations.Through-actionsaretaken,currentprojectionsesti-designpoliciestoacceleratethegreenoutthereport,weacknowledgetheprogressmatethatindustryemissionscouldincreasetransition.Thisdearthofinformationismadebythepublicandprivatesectorsandby90percentbetween2015and2030.Thecriticalduetotheurgentneedtoreduceaddressthemainchallengesthatfirmsfacealarmingrateatwhichcarbonemissionsarecarbondioxide(CO2)emissions,alignwithinlightofclimatechangeandtheurgentgrowingisnotonlyduetoGDPgrowthbuttheParisAgreement,andaddresslargepos-needtotransitiontoagreenereconomy.GHGemissionsrefertogasesreleasedintotheatmospherethattrapheatandcontributetoglobalwarming.Theseincludecarbondioxide(CO2),methane(CH4),nitrousoxide(N2O),andfluorinatedgases.AccordingtotheUnitedStatesEnvironmentalProtectionAgency(2023),carbondioxideaccountsforthelion’sshareofGHGemissions(in2021,theyrepresented79%oftotalGHGemissions)TBILISI3OverviewGreeningFirmsinGeorgiaFIGUREO.1CO2emissionsinGeorgiahavegrownfasterthaninpeercountriessince2005CO2emissions(index,1975=1),Movingaverage(5years)SRB1.8ARM1.6BGR1.4HUN1.2MKD1.0ROUEU27GEO0.80.60.40.20.0197519771979198119831985198719891991199319951997199920012003200520072009201120132015201720192021Source:WorldBankelaborationbasedonGlobalCarbonBudget(2022)CHAPTER2Twokeynecessaryreformareas2.1Acriticalbindingconstrainttogreen-Wefindevidenceofpriceincentiveseffec-ingtheprivatesectoristhatelectricitytivelyreducingenergyconsumptionand,Removingenergyandgaspricesarerelativelylowduetomoreimportantly,increasingenergyandsubsidiesgovernmentsubsidies,discouragingelectricityefficiencyinGeorgia.Specifi-theadoptionofcleantechnologiesandcally,a1percentpriceincreaseisassociatedmoreefficientenergyuse.Explicitenergywitha0.9–1.3percentreductioninelectricitysubsidiesinGeorgiaareamongthehighestconsumption.WealsofindthatfirmswithacrossEUandregionalpeercountries,re-greaterelectricitydependencyarelessre-sultinginlowerelectricityandgastariffs.sponsivetopricechanges,whichsuggestsElectricitypriceadjustmentsin2021andthatpriceinstrumentscouldbelesseffectivetherecentgasincreasein2022markedaforencouragingenergysavingamongfirmssignificantchangeinthecostofenergyforthatuseenergymoreintensively.Further-non-householdconsumersinGeorgia.Lowmore,energypricechangesarepositivelyas-energypricesreducethereturnsofgreensociatedwithenergyandelectricityefficien-investments,furtheraffectedbythecur-cy.A1percentincreaseinelectricitypricesrentregulatoryframeworkandlackofin-isassociatedwitha0.74–1.25percentriseinformationaboutcutting-edgetechnologiesenergyefficiencyanda1.08–1.47percentriseamongbusinesses.inelectricityefficiency.GreeningFirmsinGeorgiaOverview42.2UpgradingtheinstitutionalandregulatoryframeworkGeorgia’sinstitutionalsettingandreg-However,Georgiahasbeenimprovingitstoringandcontrol,certifications,efficiencyulatoryframeworkdonotencourageregulatoryframeworkbasedonEUener-codesandnorms,andlabelingschemesinamoreresponsibleapproachtothegydirectivesandregulationsandispro-additiontosector-specificactionsacrossen-environmentalimpactofproduction.gressivelyrollingoutacoordinatedcli-ergy-andcarbon-intensiveactivities.ThisEnhancingenergyandcarbonefficiencymatechangestrategytoincreaseenergyinitiativecomeswithaNationalClimaterequiressteeringinvestmenttowardlow-pol-efficiencyandmitigatecarbonemissionsChangePlan,theLawofGeorgiaonEnergylutingactivities,adoptingnewtechnologies,throughtechnologyadoption,innova-Efficiency,andabusiness-orientedstrate-andbuildingcapacitiesacrossandwithintion,andaccumulatinghumancapital.gytoenhanceenergyefficiencyandreduceindustries.AnappropriateinstitutionalandTheMinistryofEconomyandSustainabletheenvironmentalfootprintofeconomicregulatoryenvironmentsetstheincentivesDevelopment(MoESD),incoordinationwithactivity.thatarecrucialforgreeningtheeconomy,theMinistryofFinance(MoF),theMinistryconstitutinganareaofopportunitythatofEnvironmentProtectionandAgricultureAlthoughthestrategyseekstoharmonizerequiresattentioninGeorgia.Cross-coun-(MEPA),theClimateChangeCouncil,inno-thelegislativeenergyefficiencyframe-trystandardizedmetricsthatmeasurethevationandenergyagencies,andotherrele-workwithEUlegislationandstandards,adequacyoftheregulatoryframeworkandvantbusinessesandfinancialandnon-profitthetranslationintoeffectiveimplementa-schemeofincentivesrelatedtoenergyef-stakeholdershavebeentakingimportanttionremainsachallenge.Todate,noagen-ficiencyandrenewableenergyshowthatstepstomitigatecarbonemissionsandim-ciesorinstitutionsareresponsibleforimple-Georgiahasconsiderableroomtoimproveproveenergyefficiency.Therearevariousmentingtherelevantlaws.Furthermore,tobecomparedtoregionalpeersandaspirationalactionsinplace.Themostimportant,theNa-successful,thestrategyreliesondevelopingcountries(FigureO.2).Georgialagsespecial-tionalEnergyPolicyofGeorgia,whichGeor-qualification,accreditation,andcertificationlyinincentivesandmandatestoindustrygiarecentlydrafted,isanationalintegratedschemesforenergyserviceproviders,up-andcommerce,financingmechanisms,en-energyandclimateplanaimingtoprovidegradingmanagers’andworkers’capabilities,ergyutilityprograms,carbonpricingandenergysecurityandsolidarity,cutgreen-aligningincentivestoclimatechangetargets,monitoring,energyefficiencyperformancehousegasemissions,enhanceinnovation,developingcreditinstruments,encouragingstandards,labelingsystems,andenergyandstrengthencompetition.Thestrategytechnologyadoptionandinnovation,andcre-codes.Also,thecountryranksatthebottomcoordinatesefforts,planning,andresourceatingawarenessofclimatechange.However,intermsofrenewableexpansionplanning,allocationfocusingonstrengtheningthethereisstillampleroomforimprovingamongincentives,regulatorysupport,andfinanc-schemeofincentives,energy-savingactionsthesedimensions.ingofrenewableenergyprojects.inhighenergy-intensivecompanies,moni-FIGUREO.2Georgia’senergyefficiencyandrenewableenergyregulatoryframeworkscomparedtoregionalpeersandaspirationalcountriesPANELAPANELBPANELCEnergyeciency:IncentivesEnergyeciency:RegulationsRenewableEnergyI&M:I&M:FinancingCarbonBuildingEnergyMinimumenergyPlanningIncentivesAttributesofIndustryEnergymecha-pricingandenergylabelingeciencyperformanceforandﬁnancialandandutilitynismsmonitoringcodessystemsstandardsrenewableregulatoryregulatorycommerceprogramsexpansionsupportincentivesendusersGermanyRomaniaGermanyRomaniaUnitedKingdomGermanystanKazakhGeorgiaPolandGeorgiaUnitedKingdom10K0azakhstanUnitedStatesGeorgiaRomaniaUnitedStatesBulgariaTurkey100801008060806040604040TurkeyKazakhstanUnitedStatesBulgariaCroatiaPolandUnitedKingdomBulgariaCroatiaTurkeyCroatiaPolandNotes:I&Mare‘Incentivesandmandates.’Source:WorldBankelaborationbasedonRegulatoryIndicatorsforSustainableEnergy(RISE).5OverviewGreeningFirmsinGeorgiaDecomposingFIGUREO.3thedriversofenergyDecomposingenergyefficiencyconsumption&carbonemissionsandcarbonemissionsAEnergyconsumption(CO2emission)changeB.1B.2OverallScaleeffectefficiencyC.1C.2SectorintensityStructuraltransformationD.1D.2MarketUnweightedreallocationaveragefirmintensityCHAPTER3Severalelementscouldcontrib-InGeorgia,althoughoutputgrowthex-❝utetoincreasingenergycon-plainsasignificantpartofrisingemis-InGeorgia,althoughsumption,soimprovingenergysionsandenergyconsumption,thereoutputgrowthexplainsefficiencyandreducingcarbonareotherkeydriversovertheperiodasignificantpartofemissionsrequiresdecompos-2007–2021.Overthewholeperiod,busi-risingemissions&energyingenergyconsumption.First,nessenergyconsumptiongrewby155per-consumption,thereareanexpandingeconomywhereout-cent,mainlyexplainedbytheexpansionofotherkeydriversovertheputisgrowingmaydemandmoreproduction(scaleeffect)andthestructuralperiod2007–2021❞energyevenwhentheaverageenergyinten-transformationoftheeconomy,whichhassityoffirms(howmuchenergytheyneedtospecializedtowardmoreenergy-intensiveproduceoneunitofoutput)doesnotvarysectors.Improvementinfirms’efficiencyorevendecreases.Moreover,theemergenceduetofirms’upgrading(decreasingun-ofnew,moreenergy-efficientsectors—orweightedaveragefirmintensity)andreal-theexpansionofexistingones—canpushlocationofmarketshareswithinthesameaverageenergyconsumptiondownwardsectors(marketreallocation)havepositive-despiteanincreaseinaggregatebusinesslycontributedtoreducingconsumption.energydemand.Further,reallocationofHowever,theseimprovementshavenotmarketsharesbetweenfirmswithdifferentbeenenough.Since2017,theyhaveevenlevelsofenergyefficiency,orentryandexitbeennegative(firms,onaverage,becameoffirms,canalsoinfluenceoverallenergymoreinefficientduring2017–21).consumptionandemissions.GreeningFirmsinGeorgiaOverview6TBILISI7OverviewGreeningFirmsinGeorgiaTSALENJIKHASince2016,high-energy-intensiveindus-fuelinnovativegrowtharelikelytohavemoreultimatelydrivenbydeeperproblemssuchtrieshaveoutgrownlow-energy-inten-impactinmoreinnovativesectors.However,aslackofincentivesandperceivedlowre-siveones.Throughouttheperiod,structur-thesesectors,whichtendtobelessenergy-in-turnstoinvestments,anunderdevelopedaltransformationcontributedtoincreasedtensive,arenotyetmature,hinderingthegreeninnovationecosystem,andbarriersaggregateenergyconsumptionashigh-en-entryandgrowthoftheseinnovativefirms.tofinancinggreenprojects.ergy-intensivesectorsexpandedmorethanlow-energy-intensiveones.ThesepatternsSince2017,improvementsinenergyef-Fortunately,since2017,marketrealloca-haveintensifiedsince2016,likelydrivenbyficiencyatthefirmlevelhavereversedtionhashelpedloweroverallenergycon-relativelylowenergyprices,aninstitutionalandworkedagainstgreeningtheGeor-sumption.Duringtheperiod2007–16,mar-andregulatoryframeworkthathasnotpro-gianeconomy.Inthefirstpart(2007-16)ketreallocationdroveconsumptionupasvidedincentivesforlessenergy-intensiveoftheperiodanalyzed(2007-21),firm-levelmarketsharesofless-energy-efficientfirmssectors,andbarrierstoaccesscredittoinvestefficiencyimprovementshelpedmoderateincreasedrelativelymore.However,sinceingreeneractivities.Althoughbankcreditenergyconsumptiongrowth.However,this2017,thishasreversed(FigureO.4),pointingtotheprivatesectorinGeorgiaisabovethepatternreversedinthelastfewyears,sug-outthatmarketfunctioningandfirmchurn-regionalaverageandhasimprovedinrecentgestingchallengesforfirmstoimprovetheiringarepromotingtheexpansionofrelativelyyears,itmostlyfocusesontraditionalinstru-levelsofefficiency.Theimmediatecausesmoreefficientfirms.Thischangeispartiallyments,whichmightnotsupporttheemer-ofthisarelikelyunderinvestmentingreenexplainedbythefactthatstart-upsandnewgenceandexpansionofnewerandgreenerandenergy-savingtechnologiesandpoorfirmsaregreenerandreplaceexistingfirmsactivities.Additionally,businessangelsandimprovementsinmanagementquality,dis-thattypicallyhavemoreoutdatedtechnol-seed-stageinvestmentactivitiesthatwouldcussedinmoredetaillater.Briefly,theseareogiesandprocesses.FIGUREO.4Energyconsumptiongrowthdecomposition3-yearaggregateenergybyenergyintensityofsectorsconsumptionchange,2018–21ScaleeectFirmintensityStructuraltransformationMarketreallocationChangeinagg,energyconsumptionShareofenergyconsumption(2017)-75%-50%-25%0%25%50%75%100%LowintensiveLower-middleintensiveUpper-middleintensiveHighintensiveSource:WorldBankelaborationbasedonGEOSTAT.GreeningFirmsinGeorgiaOverview8Improvingenergyefficiencyhasalargedirecteffectonreducingcarbonemissions.Ourcalculationsuggeststhattheestimatedfirm-levelelasticitybetweenenergyquantityconsumptionandCO2Fromenergycons1um.0ption5toCO2–emiss1io.n0s6emissionefficiencyisbetween->CHAPTER4CO2emissionsgrewover2015–21FIGUREO.5CO2emissionsandgrowthdecompositioninGeorgiamainlyduetoproductionscaleandsectorcompositioneffectsScaleeect3-yearaggregateemissionschange,2018–21butalsoduetohigherfirmcarbonemissionintensity.Alongsideris-FirmintensityStructuraltransformationMarketreallocationingenergyconsumption,CO2emis-sionsgrewsteadilyfrom2015to2021,80%onlycurbedbytheCOVID-19pandemicin2020.Despiterecenttrendsshowingcoun-Changeinenergy60%triesmakingremarkableprogressincuttingconsumptioncarbonandGHGemissionsalongsideGDPgrowthandthatcarbonintensitydeclines40%withGDPpercapita(Burn-Murdoch,2022),CO2emissionsfromthebusinesssectorkeep20%growinginGeorgia.However,aswithenergyconsumption,thisrisecannotbeattributedChangeinemissions0%onlytoeconomicgrowth.Thecontributionofoutputexpansiontocarbonemissionswas-20%significantin2018–19butlessimportantaf-terward.Incontrast,thefactthatcarbon-in--40%tensiveactivitiesaregainingmarketshareeconomy-wideincreasedthecontribution-60%ofthestructuraltransformationtocarbonemissionsgrowth.Atthefirmlevel,Figure-80%O.5showsthatbusinessesincreasedtheintensityofemissions(CO2emissionsper20182019202020212015-2021unitofoutput)until2020inlinewithhigherenergyconsumptionintensity.Remarkably,Source:WorldBankelaborationbasedonGEOSTAT.marketreallocationhelpedmoderatetherateofgrowthofcarbonemissions,especiallyisusedandbetween0.92and0.94ifexpensespricechangesareremoved,a1percentriseduringthefirstyearofthepandemic.areusedinstead.Asforhowfirm-levelfac-inenergy(quantity)efficiencyisassociatedtorscanchangeemissionintensity,weassesswitha1.05–1.06increaseincarbonemissionImprovingenergyefficiencyhasalargetherelationshipbetweenenergyandcarbonefficiency,suggestingalargerthan1pass-directeffectonreducingcarbonemis-emissionefficiency.Theresultsindicatethatthrough.Thisresultisconsistentwithfirmssions.Energyefficiencyisdirectlylinkedtoa1percentincreaseinenergy(expenses)ef-investingingreener,lesspollutanttechnolo-emissions,andourcalculationsuggeststhatficiencyisassociatedwitha0.92–0.94risegyandprocesses,andswitchingenergyfuelstheestimatedfirm-levelelasticitybetweenincarbonemissionefficiencyonaverage.andadecliningtrendincombustionfactorsenergyandCO2emissionefficiencyrangesThisdataimpliesanimperfectpass-through(substitutingfossilfuelsforelectricityandbetween1.05and1.06whenenergyquantityfromenergyefficiencytocarbonemissioncontentfactorschangingovertime,thusaf-changes.However,oncetheeffectsofenergyfectingthepollutioncontentofenergyuse).9OverviewGreeningFirmsinGeorgiaFIGUREO.9Averageenergyefficiency&dispersionacrosssectorsWithinsector-by-sizedispersion(p75-p25)4.53.52.51.50.5-0.5-1.5Unweightedsector-by-sizeefficiency01234567Notes:Bubblesizequantifiesthesector-Source:WorldBankelaborationbasedby-sizeenergyconsumption.onGEOSTAT.ThepotentialeffectsCHAPTER5ofenhancingenergyefficiencyDifferencesinlevelsofenergyef-usedifferencesthanbythekindsofinher-❝ficiencybetweenfirmsofsimi-enttechnologicalandproductivedifferencesTheconsiderabledisparitieslarsizewithinthesamesectorsthattypicallyarisebetweensector-by-sizeinenergyefficiencybetweenareevenlargerthanaveragegroups.Thisisakeyfindingfromapolicyfirmswithinthesamesector-differencesbetweensize-sectorperspectivebecauseitmeansthereissignif-by-sizegroupssuggeststhatgroups.Itisunsurprisingtofindicantscopetoreduceenergyconsumptionenergyefficiencydispersionisdifferencesinenergyefficiencyandimproveefficiencylevelswithoutaffect-drivenbyfirm-levelenergyuseacrosssectorsandfirmsofdifferentsizesbe-ingoveralloutputandthesectoralstructuredifferencesratherthaninherentcausespecifictechnologiesandproductionoftheeconomy.technologicalandproductiveprocessescharacterizedifferentindustriesdifferencesthatarisefromandbusinessscales.However,inGeorgia,Inaddition,within-industrydispersionsectorsandscale.❞wefindevenmoreconsiderabledifferencesseemsparticularlylargeamongbigen-inenergyefficiencybetweenfirmswithinergyconsumers.Wefindthatsector-sizethesamesector-by-sizegroupsthanacrossgroupswithahigher-than-averageefficien-thesegroups.Firmsatthe75thpercentilecydispersionaccountedfor55percentofoftheirsector-by-sizegroupproduce6.5energyvalueconsumptionin2021butonlytimesasmuchoutputwiththesameenergyforone-quarteroffirms(FigureO.6).Theseinputsasfirmsatthe25thpercentile.Thisaresectorssuchastransportandstorage,disparitysuggeststhatenergyefficiencydis-construction,agriculture,andcertainman-persionisdrivenmorebyfirm-levelenergyufacturingindustrieslikebasicmetals,meatGreeningFirmsinGeorgiaOverview10FIGUREO.7Firm-levelchangesinenergyefficiencyproduction,footwear,andtreatmentandcoatingofmetals.Thisresultsuggestsasig-Fittedvalues(unweighted)Fittedvalues(weighted)nificantopportunityforimprovingoverallenergyefficiencybyfacilitatingthediffusionAvg.ﬁrmenergyeciencyin2017-2021ofenergy-efficienttechnologyandsustain-ablemanagerialpracticesin“laggards”to1045˚linecatchupwiththeefficiencyfrontier,espe-ciallyamonghigh-energy-intensivesectors.9Giventheirimportance,energyefficiency"catchingup"gainsatamicrolevelinthese8sectorscouldgreatlyimpactenergysavingsand,thus,GHGemissionsatthemacrolevel.7Theseefficiencygapsbetweenfirmsare6persistent.Weanalyzeconvergencepat-ternsandpersistenceoftheseefficiency5gapsandfindthatenergyefficiencydiffer-encespersistovertime(FigureO.7).Thatis,4high-efficiencyfirmsin2007–11continuedtodisplayhighefficiencylevelsin2017–19,3onaverage,andweseeonlysomelimitedcatchingup.Thisdoesnotruleoutenergy2efficiencyconvergencebutsuggestsitcouldbeaslowprocess.1Howlarge0arethegainsfromenergy012345678910efficiency?Avg.ﬁrmenergyeciency2007-2011CHAPTER6Note:Dotsrepresentincumbents’averageenergySource:WorldBankefficiency;bubblesizedepictsincumbents’averagerealcalculationsbasedonGEOSTAT.saleslevel.Bluelinesarefittedvaluesbothweighted(dashed)andunweighted(solid).6.1AthoughtexperimenttoprioritizepolicyfocusWESIMULATEtheimpactofimprovingtheenergyefficiencyoffirmswithlevelsofefficiencybelowthemedianintheirsector-sizegroup.Akeyquestionforpol-icymakersishowlargethepotentialgainsforenergyefficiencyarewhensupportinglaggardstoachievelevelsofefficiencyofthemedianfirminthesector.Thisbench-markhastheadvantagethatthesearere-11OverviewGreeningFirmsinGeorgiaalisticlevelsknowninthesector.TothiscentbecauseenergybillsonlyrepresentaSlightlymorethan75percentofcarbonend,thereportpresentsasimplethoughtsmallfractionoftotalcosts(8.6percentinemissionreductionswouldbeconcentrat-experiment,anaccountingsimulation,to2021amonginefficientfirmsand4.4percentedinconstruction,non-metallicminerals,provideanorderofmagnitudeofthepoten-amongallfirms).Theprofitrate,measuredasminingofmetalores,water,auxiliarytrans-tialimpactofimprovingenergyefficiencytheaverageprofit-to-costratio,wouldrisebyportactivities,manufacturingoffoodandonoverallenergyconsumptionandother7percentagepoints,from3.9percentto10.9beverages,wholesaletrade,andbasicmetalsfirmvariablessuchascostsandprofits.Wepercent.Theseresultshelptounderstand(FigureO.10).Themagnitudeofthecontribu-simulateapolicyinterventionthattargetswhyfirmsfacelowincentivestoimprovetionultimatelydependsontheimportancelowenergy-efficiencycompaniesandreduc-energyefficiencywithoutanudgeorotherofthesectorintermsoftheenergysourcesesenergyconsumption,keepingtheoutputsupportmeasurestoinvestingreentechnol-used,thesectoroutputsizeandtheintensitylevelunchangedbyanalyzingwhatwouldogyorintroducemoreefficientproductiveofenergyintheproductionprocess(itsscalehappeniffirmswithefficiencylowerthanandorganizationalprocesses.andintensity)andthesizeofthetailofinef-theirsector-sizemedianimprovedtheiref-ficiencyfirms(dispersion).ficiencytothatofthemedianfirmintheirAsexpected,theimprovementinener-samesectorandsizeclass.gyefficiencywouldalsohalvecarbonImprovingenergyefficiencyinnon-en-emissions.Energyefficiencyimprovementsergy-intensivesectorscanalsoyieldre-Relativelymodestenergyefficiencyim-havepositiveexternalitiesbeyondthepri-ductionsinCO2emissions.Thelargestprovementshavealargeaggregateim-vateincreaseofprofitsandthereductionofimpactsoncarbonreductionsareinhigh-pactonoverallconsumptionbutamuchenergycosts.Thepass-throughfromenergyer-energy-intensitysectorssuchascon-smallerimpactonfirms’costsavings.efficiencyimprovementstocarbonemissionstructionandtransport.Nevertheless,sec-Inthescenariothatallfirmswithanener-reductionislargeandcloseto1.CO2emis-torssuchaswholesaleandretailorfoodandgyefficiencylevelbelowthemedianreachsionswouldfallby51percentbyimprovingbeveragesalsohaveasignificanteffectonthetheirsectoral-sizeclassmedianefficiencyenergyefficiencytothemedianofthesectorreductionofemissions,around13percent.level,aggregateenergyconsumptionwouldandsize(FigureO.9).Thissuggeststhatamorehorizontalbusi-halve(FigureO.8).However,costreductionsnesstargetingthatalsoincludeslargesectors(rawmaterialsplusenergybills)wouldbeThree-quartersofcarbonemissionsav-intermsofenterpriseunitsandemploymentmuchmoremodest.Forinefficientfirms,ingsfromimprovingenergyefficiencysharescanalsocontributesignificantlytothetheaveragecostwouldbereducedby7per-wouldcomefrom8outof52sectors.objectiveofreducingemissions.FIGUREO.8Simulatedimpactofimprovingenergyefficiency2021,million(mln.)GELonenergysavings,costs,andprofitsAggregateenergyexpensesAveragecostsofinecientﬁrmsAverageproﬁtsofinecientﬁrms(Mln.GEL)(Mln.GEL)(Mln.GEL)1,2700.22▼50%2.97▼7%2.75Baseline631BaselineEciency0.10▲114%improvementtoEciencythemedianBaselineEciencyimprovementtoimprovementtothemedianthemedianFIGUREO.9CO2emissionsifinefficientfirmsoptimizedenergyuseThousandsofCO2tonnes805▼51%Baseline392Note:profitsarerevenuesnetoftotalcostsandwages.EciencyimprovementtothemedianSource:WorldBankcalculationsbasedonGEOSTATandsimulations.GreeningFirmsinGeorgiaOverview12FIGUREO.10ContributiontoCO2savingsShareoftotal,percentage24.8Construction8.312.6MiningofmetaloresNon-metallicminerals6.17.9FoodandbeveragesWatertransport4.34.76.0UtilitiesBasicmetalsOthersectors0.91.51.85.8Paper5.30.881.12.44.0transpAoirrtAgricultureAux.transportact.OtherRetailtradebusinessOtherminingChemicals1.6act.LandtransportWholesaletrade13OverviewGreeningFirmsinGeorgia6.2Whatwouldittakeforfirmstomakethisenergyefficiencyupgrade?WEFINDTHAT8outof10inefficient8Outoffirmswouldrequireupgradingoraug-mentingcapitaltoconvergetotheme-10inefficientfirmsdianefficiency.Animportantquestionforpolicyiswhatfirmswouldrequiretoachievewouldrequiremedianefficiencylevels.Onewayofinform-upgradingoraugingthisquestionisbycomparingfirmsbelowmentingcapitaltothemedianwithfirmsinthemedianefficien-convergetothecylevelson,forexample,thelevelofcapital.medianefficiency.For80percentoffirms,improvingenergyefficiencywouldlikelyrequiremorecapitaltoreplaceoutdatedmachinery,equipment,andinfrastructurefornewvintagesofassets(FigureO.11).Assetvaluesfortheremaining20percentoffirmsaresimilartothoseofthemedianefficiencyfirm,implyingthatupgradingenergyefficiencymayrequireanothersetofpoliciesthanthosepromotinginvest-ment.Forthesefirms,improvingmanage-mentqualityandorganizationalcapabilitiesandprovidinginformationonwhatsolutionsareavailablecouldimprovetheirenergyeffi-ciency,whichgreatlyimpactstotalsavings.These20percentoffirmsthatmaynotrequirelargecapitalinvestmenttoreachthemedianefficiencycouldcontributeuptonearlyhalfoftheaggregateener-gysavings.Buildingonoursimulation,wedecomposethetotalsavingsintotwoparts.Onepartisaccountedforbyfirmsrequiringcapitalupgrading,andtheotherbyfirmsnotrequiringcapitalupgrading.Resultsshowthatthefirstgroupofcompanieswouldaccountfor54percentoftotalsavings.Incomparison,46percentofsavingswouldbeexplainedbyfirmsnotneedingmoreinvest-mentsinphysicalcapitalbuthigherman-agerialqualitybecausetheirassetlevelisequivalenttoorhigherthanthatofefficientfirmsintheirsamesector-sizegroup.Thelattergroupcouldbe“low-hangingfruit”inthesearchtoreduceemissionsviaimprovedenergyefficiency.GreeningFirmsinGeorgiaOverview14FIGUREO.11ShareoffirmsrequiringcapitalandamountofcapitalrequiredtoimproveefficiencyBATUMIPANPEALNAELAHowHmowanmyaﬁnrymﬁsrmresqureirqeuciraepcitaaplitalPANELBCapitalrequirementstoctooncvoerngveertgoethtoetmheedmiaendﬁiarnmﬁ?rm?forimprovingeciencymsrequirecapitalﬁrm?FirmsFitrhmastrtheaqturireeqcuairpeitcaalpitalFirmsFitrhmastdthoantodtorneoqturireeqcuairpeitcaalpitalCapitalof3.62797%93%.26CapitalofinecientFirmsthatdonotrequirecapital808%0%ﬁrmsrequiringmedianinvestmentCapitalofImIpmropvroevmeemnetnttop-25%totohethmeemdeiadnian0.90efﬁefcﬁiecniecnycyeciencyeciency2200%%ﬁrmsﬁrmsSource:WorldBankcalculationsbasedonGEOSTATandsimulations.ImIpmropvroevmeemnetnttotohethteopto-2p5-2%5%efﬁefcﬁiecniecnycy%79%ovement20%Improvement19%emediantothetop-25%ciencyefﬁciency15OverviewGreeningFirmsinGeorgiaThedriversofenergyefficiencyCHAPTER77.1ThedynamicsofefficiencyamongfrontierandlaggardfirmsMOREPRODUCTIVEFIRMSarealsoand4.73percentintheaverageefficiencyofefficientthanstate-ownedandself-governedmoreenergyefficient,andtherearesub-the“exposed”firms.Also,marketconcen-firms(suchascooperatives)oncesector,lo-stantialspatialspillovers.Weanalyzethetrationappearstohavesome(negative)ef-cation,andsizeareaccountedfor.Therefore,driversoffirm-levelenergyefficiencytoun-fectonenergyefficiency,althoughsmallinencouragingthereplacementofoutdatedderstandthecharacteristicsassociatedwithmagnitude.Aplausibleexplanationforthismachineryandequipmentwithahorizontalhigherlevelsofefficiency.Wefindthatpro-effectisthatmarketconcentrationmayhin-policyapproachbasedoninitiativesthatad-ductivity,measuredastotalfactorproduc-derinnovationandinvestment,ultimatelydresscredit,informationandfirmcapabilitytivity(TFP),isthemostimportantcorrelateaffectingenergyefficiency.Notsurprisingly,problemscaneffectivelyoptimizeenergyuseofenergyefficiency.Wealsofindevidencelargerfirmstendtobemoreenergyefficientacrossbusinesses.forpossiblespilloversbecausefirmstendtoonaverageonceweconsidervariousotherbemoreefficientwhentherearemoreeffi-characteristicsandcorrelates.Wealsofindevidenceofconvergence,cientbusinessesintheirlocationandsector.albeitslow,inenergyefficiencywithinThesespilloverscouldoccurbecauseofsev-Someotherresultsconfirmfindingssectorsandwithinmunicipalities.Firmseralmechanisms:throughthelabormarketfromtheliteratureandareimportanttofurtherawayfromthelocal(sector-by-mu-(workersmovingbetweenfirmsandsharingguidepolicyinterventions.Specifically,nicipality)frontierdisplaythehighestknow-howandbestpractices),throughsup-firmsthatinvestinphysicalorintangibleas-growthintheirenergyefficiency.However,plychainrelationships(suppliersandcus-sets,R&D,orICTtendtobemoreenergyef-thisconvergenceisveryslow.Ourback-of-tomersofferinganddemandingproductsficient(FigureO.12),andthesedeterminantsthe-envelopecalculationssuggestthat,bywithspecificenergystandardsandexchang-remainsignificantevenaftercontrollingfor2029,one-quarteroflaggardfirms(thoseatinginformationaboutfrontiertechnology),productivitylevel,size,age,sector,region,thebottom75percentoftheefficiencydistri-oreventhroughinteractionsbetweenman-andtime-fixedeffectssopoliciespromotingbution)wouldconvergetothelocalfrontieragersandtechnicalstaff.Analternativewaytheadoptionofcertaintechnologiesorun-iftheymanagedtokeeptheircurrentcatch-spatialspilloversmightoccurcouldbetheleashinginnovationcouldresultinhigherupspeed.Knowledgeflowsbetweenfirmsexistenceoflocalizedbusinessservicemar-energyefficiency.Anotherinterestingresultwithinthesameindustryinseveralways.kets(consultantsinenergyefficiency).Theisthatmorecapital-intensivefirmsarelessIndustryassociations(suchasroundtables,magnitudeofthesespilloversiseconomi-efficient,possiblyduetomachineryandnetworkingevents,andsharingbestprac-callymeaningfulbecauseanincreaseof10equipmentdemandingmoreenergy.Anoth-ticesviacollaborationworkshops)andsup-percentintheefficiencyofthelocalfrontiereristhatdomesticprivatebusinessesarelessply-chainrelationships(supplier-customerisassociatedwitharisebetween2.34percentenergyefficientthanforeignfirmsbutmorelinkages)mayberelevantchannels.More-GreeningFirmsinGeorgiaOverview16FIGUREO.12Therelationshipbetweenenergyefficiencyandinvestment,innovation,ICT,andexportingInvestsGrowthincapitalstockInvestsinR&DInnovatesICTadoption(z-score)Firmexports-0.100.000.100.200.300.400.50GaprelativetobaselineNotes:Dotsdepictpointestimatesandbracketsconfidenceintervals(10percentlevelofsignificance).AllSource:WorldBankelaborationbasedvariablesarebinary(whetherthefirminvestsinfixedassests,inR&D,innovatesorexports;No=0,Yes=onGEOSTATandtheICTUsagein1)exceptforloginvestmentandICTadoptionz-score.GrowthincapitalstockisthefirstdifferenceoftheEnterprisesandInnovativeActivityofloggedcapitalstock(conditionalonbeingpositive).EnterprisesSurveys.over,labormobility(employeesreallocating7.2ACRITICALDRIVERofenergyefficien-betweenfirmsandsharingtheirknow-how)cyistheadoptionofgreentechnologies;andtrainingprogramscouldalsoimproveTheroleoftechnologyhowever,informationonhowmuchtech-energyefficiencyamonglow-efficiencyadoption,prices,andnologycontributestoenergyefficiencyfirms.Also,thecompetitionenvironmentinnovationonenergyisscarce.Inthisreport,weuseauniqueandtheinnovativeperformanceofhigh-ef-consumptionanddatasetthatmergesinformationonenergyficiencyfirmswithinsectorscouldpoten-efficiencyconsumptionwithverygranularinformationtiatetheknowledgeoflow-efficiencyfirmsontheadoptionanduseoftechnologies.Athroughlearningbyobservingorappropri-keyfindingisthattheadoptionofsomesomeating(atleastpartially)partoftheknowledgeadvancedgeneralICTtechnologies,notnec-generatedbyfrontierfirms.essarilyassociatedwithgreeneroutcomes,correlatesignificantlywithhigherenergyOuranalysisconfirmstheimportanceofefficiency.informationandknowledgespilloversinimprovingfirm-levelenergyefficiency.GreeningtheprivatesectorstartsattheAone-standard-deviationincreaseintheenergysourceandthequalityoftheelec-growthofthelocalefficiencyfrontierspeedstricityinfrastructure.Georgianfirmsexpe-upefficiencyimprovementsatthefirmlev-riencetoofrequentoutagesthatincentivizeelbyone-tenthofastandarddeviation.investinginfuelgenerators.Forexample,Resultsforthespilloversfromthesectoral96percentofGeorgianfirmsexperienceandregionalfrontiergrowtharesmallerinfrequentoutages.Anunreliableelectricitymagnitudebutqualitativelysimilar.Fromnetworkincreasestheincentivesforautono-apolicyperspective,spilloverspointtothemyfromthenetwork.However,thisneedforimportanceoffosteringinformationshar-autonomyisassociatedwithresortingtofueling,collaboration,imitation,andtechnol-generatorsinsteadofgeneratingonsiteen-ogytransferbecausetheyarechannelsthatergyfromrenewables(FigureO.12).Whereascontributetoenhancingenergyefficiency30percentofGeorgianfirmsusegenerators,inGeorgia.lessthan1percentproducerenewableson-site.Duetotheuseofdiesel-poweredgener-17OverviewGreeningFirmsinGeorgiaFIGUREO.13FIGUREO.14ators,thistranslatesintomuchhigherGHGemissionscomparedtothegrid,generatorsOutages,useofgenerators,andGreentechnologycanemittwicetheGHGemissionsfortheproductionofrenewableenergyadoptionsameamountofenergy.)Besidesgeneratorsbeingcheaper,lowonsiterenewableenergyPANELA->OwningageneratorPANELA->Greentechnologiesgenerationisalsoexplainedbytheregula-andpracticesadoptedtoryframework(e.g.,integrationofvariableProbablityofowningagenerator(shareoffirms%)renewableenergysourcesornetmeteringregulatorysystemallowingmicrogenerators50O12345678withacapacitybelow500KW).4047Inaddition,adoptingstandardgreentechnologiestomakeproductionbuild-30ingsandpremisesgreenerisstillveryincipientinGeorgia.Around40percent20offirmsuseLEDlighting,and30percentuseVAC/HVACsystems(FigureO.14,panelA).101916Still,otherimportanttechnologiessuchas1033100smartthermostats,IoTsystems,andener-0gy-efficientmachineryarerarelyused,evenNumberofgreentechnologies(outof8)whenthesetendtoexplainalargershare051015ofthe90thto10thpercentiledifferencesinenergyefficiency.Specifically,havingAvg.numberofpoweroutagesinamonthsmartthermostatsandIoTsystemsexplainsaround18percentofthisgap.KERNEL=EPANECHNIKOVDEGREE=0AnotherrelevantfindingisthatadoptingBANDWIDTH=3certainadvancedICTandsector-specif-PWIDTH=1.42ictechnologiesishighlycorrelatedwiththefirm'soverallenergyefficiency.EvenPANELB->ProducingPANELB->Radarofgreenifitisnotthemaingoalofsuchtechnolo-renewableenergytechnologiesandpracticesgies,itisimportantinexplainingenergyef-adopted(%)ficiencydifferences.TheadoptionofgreenProbablityofproducingrenewableenergyandgeneraltechnologiesishighlycorrelat-LEEDcertiﬁeded(FigureO.15,PanelA),suggestingsimilar50driversandbarrierstoadoption.Inaddition,having1unitmoretechnologysophistication40MongyStarexplainsaround16–17percentofthe90thitorEnerto10thpercentiledifferencesinenergyeffi-COEmciency.Lookingatindividualtechnologies,issioEnergyecientlightingusingenterpriseresourceplanning(ERP)30nsVAVsystemsexplainsaround7percentofthe90th–10thenergyefficiencygap,andhav-20ISO14000HVAingautomatedqualitycontrolprocessesCsysexplainsnearly18percentofthe90th–10th10080604020temsdifferences.Oneimplicationoftheseresultsisthattechnologiesaimedatincreasingthe10systemProgrammablethermostatsoverallefficiencyofproductionplanningaretemp.centraltosuccessfullyimplementingsus-0nabledtainabilityandenergyefficiencyplans.IoTe051015Avg.numberofpoweroutagesinamonthKERNEL=EPANECHNIKOVDEGREE=0BANDWIDTH=3PWIDTH=1.42Note:PanelAshowstheshareoffirmsadoptingeach#oftechnologiesdescribedinpanelB,whilepanelBshowsthepercentageoffirmsadoptingeachtechnologySource:WorldBankelaborationbasedonFATsurveys.GreeningFirmsinGeorgiaOverview18❝AdoptingcertainadvancedICTandsector-specifictechnologiesishighlycorrelatedwiththefirm'soverallenergyefficiency❞19OverviewGreeningFirmsinGeorgiaFIGUREO.15Thecorrelationbetweengreenandnon-greentechnologyadoptionPANELA->GBFtech.adoptionPANELB->Sectortech.adoptionandgreentech.adoptionandgreentech.adoptionPredictednumberofgreentech.&practicesPredictednumberofgreentech.&practices2.5502401.5301200.5100012341234GBFtechnologyindex–ExtensiveSectorspeciﬁctechadoptionindex–ExtensiveLOCALPOLYNOMIALSMOOTHINGESTIMATIONLOCALPOLYNOMIALSMOOTHINGESTIMATIONPANELC->TechnologyadoptionandenergyefficiencyTECH.ADOPTIONINDEXGBFEXTENSIVENUMBEROFGREENTECH.Note:PanelAshowsthecorrelationbetweenthe00.51.01.52.0predictednumberofgreentechnologiesandprices,Marginaleectonenergyeciencycontrollingforsector,regionandsizeandanSource:WorldBankelaborationbasedonFATsurveys.indexofsophisticationoftechnologyingeneralbusinessfunctions(GBF),whilepanelBshowsthesamecorrelationwithanindexofsophisticationoftechnologyinsector-specificbusinessfunctions(SSBF).Theindicesrangefrom1(manualtechnologies)to5(frontiertechnologies).PanelCshowsthecoefficientsofalinearregressionofenergyefficiency(de-meanedbysector)controllingforsector,region,size,andcharacteristicsofthefirm(logcapital,exportingstatusandownershipstatus).GreeningFirmsinGeorgiaOverview207.3AlthoughTheimportanceof44%managementandfirms’organizationoffirmsmonitorconsumption,GOODQUALITYgreenmanagementisMacedonia,Serbia,Slovenia),GeorgiaranksrareamongGeorgianestablishments,inthebottomthreecountriesacrossthedif-andfocusesonlyonenergyconsumption.ferentdimensionsofgreenmanagement,Onlyone-tenthoftheestablishmentshavesuchasstrategy,responsibility,monitoring,greenobjectivesorhireamanagerresponsi-andtargeting.Forexample,only10percentbleforgreenissues.Forthosethatdo,thereofGeorgianfirmshavestrategicobjectivesaredifferentgreenmanagementpracticesatrelatedtotheenvironment,thelowestthefirmlevel,suchassettinggreenstrategicamongallcountriesexceptAzerbaijan.Also,objectives,includingamanagerwithaman-inmostcountries,establishmentsaremoredatetodealwithenvironmentalorclimatelikelytohaveamanagerresponsibleforenvi-changeissues,monitoringandsettingtargetsronmentalissues,monitoring,andtargetingforconsumptionofenergyorgreenhousegasenergyconsumption.emission,andadoptingmeasurestoenhanceenergyefficiency.DespitetheseveralgreenWeidentifyandgroupfactorsthatseemonlymanagementpracticesonwhichfirmscantoexplainlevelsofgreenmanagement.focus,adoptionamongGeorgianfirmsisFirst,wefindthatsectoraldifferencesex-12%low.NearlyhalfthefirmstheWorldBankplainpartofthevariationingreenmanageri-surveyedthroughtheWBESreportedmoni-alpractices.Specifically,emission-intensiveoffirmsadoptmeatoringenergyconsumption.However,onlyaactivitiestendtohavehigherqualitygreensurestoenhancetheirfewadoptedanyothergreenpractices.Thismanagementrelativetothoselessemis-energyefficiency.lackofadoptionsuggestsarelativelypassivesion-intensive.Second,andsomewhatmoreattitudetowardbeingmoreenvironmental-surprisingly,largerandolderfirmstendtolyfriendlywhichisconfirmedinthedata.havehigher-qualitygreenmanagement.Forexample,only12percentoffirmsadoptThird,exportersandfirmswithforeignown-measurestoenhancetheirenergyefficiency,ershiptendtohavebettergreenmanagerialalthough44percentmonitorconsumption.andorganizationalpractices.Finally,greenmanagementpositivelycorrelateswithover-Georgianestablishmentsarelesslikelyallmanagementquality,suggestingthatthetoadoptgreenmanagementpracticesagendatoimprovemanagementandorga-whencomparedtothoseinECAcoun-nizationisalsoveryimportanttoenhancetries.Amongcomparablepeers(Azerbaijan,greenmanagerialpractices.Bulgaria,CzechRepublic,Hungary,North21OverviewGreeningFirmsinGeorgiaPriceincentivesmatterforenhancingenergyCHAPTER8EnergypricesplayakeyroleingreeningthebusinesssectorinGeorgiabecausetheyrespondtopricechangesrationally.Wefindevidenceoffirmsreducingenergyconsumptionwhenelectricitypricesgoup.Forexample,a1percentin-creaseinelectricitypricesisassociatedwithanaveragedecreaseinelectricityquantityconsumptionofbetween0.9and1.3.How-ever,lowerelectricitydemandisnottothedetrimentofoutputreductionbutofenergyefficiencygains.Accordingtotheevidence,businessesrespondrationallytohigherelectricitychargesbyusingenergymoreefficiently,avoidingwasteoroverconsump-tion.A1-percentriseinelectricitypricesisassociatedwitha1.25percentriseinoverallenergyefficiencyand1.47percentriseinelectricityefficiency.PreliminaryfindingsalsosuggestthatGeorgianfirmsdonotreduceemploy-mentafterariseinelectricitycharges.Besidesimprovingefficiency,firmsdonotseemtorespondbyadjustingtheirlaborde-mandintheshortterm.Rather,theyseemtopassonthepriceincreasetofinalconsum-ers.Weobserveapositiveincreaseinover-allcostsandsales.Forexample,a1percentincreaseinenergypricesraisescostsby2.48percentandsalesby1.20percent.Althoughwecannotobservefirm-levelproductpriceresponses,oneplausibleinterpretationofthepositiveeffectsonbothcostsandsalesisthatfirmspasshigherenergycostsonthroughprices.GreeningFirmsinGeorgiaOverview22Policyrecommendationstypesofcreditinstruments(forexample,utilityon-billfinancing)maytakeconsider-CHAPTER9abletimebecauseitrequiresfirstdevelopingfinancialmarkets,changingtheregulatoryframework,andstrengtheningfinancialin-stitutions’capacitiestoperformscreeningandriskassessments.Developingandim-plementingsuchpolicyinstrumentsiscom-plex.Inthesameway,consultingservicesfirstrequiretechnicalcapacitiesandarisingawarenessamongfirmsthattheyneedandarewillingtopayforenvironmental-relatedconsulting.However,informationcampaignscanbelaunchedswiftlyanddonotinvolveahighdegreeofcoordinationandregulatoryprocedures.Wesummarizepolicyrecom-mendationsandclassifythemintermsoftheirpriority(short,mid,orlongterm)andtheircomplexity(low,medium-low,medium,medium-high,andhigh),withtheintentiontoguideprioritizationandimplementation.ThepolicyagendastartswiththetothemedianefficiencylevelintheirownBeyondthespecificpolicysolutions,needtoaccelerateGeorgia’sre-sector-sizegroup.wediscusstheimportanceoftargetingformsonenergysubsidiesandbecausebusinessesfacedifferentneedstheconvergenceofitsinstitu-Toimplementthisgreeningprocess,thisandbarrierstobecominggreener.Toin-tionalandregulatoryframeworkreportdistinguishestwolevelsofpolicyformthistargeting,thefirststepistodevelopwiththeEU.Thesearenecessaryrecommendations:recommendationsappropriatediagnosticandbenchmarktoolsconditionsforgreeningtheprivateatthesystemiclevel,focusingoninsti-thatprovidemoreinformationonindividualtutionsandthelegalframework,andfirms’needsandcapacities.SuchdiagnosticsectorinGeorgia.Lowpricesreducethein-recommendationsthattargetfirmsandtoolscouldhelpassessthe“readiness”ofthesectors.Basedonthefindingsdiscussedfirmsfordifferentinterventionsandchannelcentivestoinvestinenergyefficiency.In-inthereport,thepolicyrecommendationsthefirms’investmentsandsupporttowardcanbedividedintotwogroups.First,wethemorepressingneedsandbindingcon-completeorinappropriateregulatoryanddiscusscross-cuttingrecommendationsstraintsintheirparticularsituations.Variousthatareeconomy-wideandfocusondevel-toolsarediscussedinthereportasexamplesinstitutionalframeworksalsoreducetheopingaconduciveenablingbusinessenvi-ofdiagnosticinstrumentstohelpbusinessesronmentcenteredontheappropriatepriceidentifyspecificareasforenergyefficiencyincentivestobecomegreener,forexample,signalsandregulations.Second,wefocusimprovements.Thesediagnostictoolscanonfirm-levelrecommendationsandgroupalsohelppolicyandprogrammanagersas-byreducinginvestmentsintheproductionthemaroundthreepillars:(1)information,(2)sessthereadinessofpotentialbeneficiariescapabilities—management,technology,andandimprovetargeting.ofrenewablesonsite.skills—and(3)finance(seeFigureO.16belowforaschematicview).ThedifferentpolicyOnejustificationfortargetingistheneedAcriticalfindingofthisreportisthatinstruments,alongwithexamplesofexistingtotreatsectorsdifferentlybecauseofthethereisscopetoimproveenergyeffi-programs,aredescribedinmoredetailinthedifferencesinthepotentialsourcesforciencywithoutsignificantchangesinTechnicalReport.energyefficiencygains.Thedecomposi-outputortheindustrycompositionoftionanalysiscanhelpidentifytheprioritiestheeconomy.GiventhelargedifferencesPolicyrecommendationsaregroupedac-thatshouldguidepolicyinimprovingener-inenergyefficiencyacrossfirmswithinsec-cordingtotheir‘priority’and‘complex-gyefficiency.TableO.2showsthreekeypol-tors,ouranalysissuggeststhatgreeningtheity’toguidethedesignandimplemen-icyareasforgreeningsectorsbasedontheGeorgianeconomycanbedonemainlybytation.Therecommendationsarelistedinpotentialsourcesforenergyefficiencygains.investinginupgradingfirm-levelefficiencyTableO.1.Priorityinvolvesanassessmentof(1)First,forsomesectors,betterfunction-ratherthanchangingthepatternsofeco-urgency,andwedistinguishbetweenshort-ingofmarkets—havingbetterregulationnomicspecialization.Acost-effectiveap-term,mid-term,andlong-termbasedontheandlessdistortedenergypricescanhaveproachwouldfocusatleastinitiallyonkeytimeitwouldtakeforeffectiveimplemen-agreaterimpactonenergyefficiency.(2)Inprioritysectorscharacterizedby(i)ahightation.Complexityreferstotechnicalfeasi-someothersectors,thepriorityshouldbedispersionofenergyefficiencyacrossfirmsbility,butitalsoincludespoliticaleconomytheadoptionanddiffusionofgreentechnol-and(ii)ahighlevelofenergyconsumptionfeasibility.Forexample,developingspecificogiesthatcanchangeefficiencyandtech-becauseoftheintensityandscaleofthesec-nique.(3)Finally,changingthepatternsoftor(intermsofoutputandemployment).activityspecializationwithinsectorsisalsoForexample,construction,non-metallicimportantforothersectors.Theimportanceproducts,andtransportserviceswouldac-countforabouttwo-thirdsoftotalenergysavingsthatwouldresultfromimprovingenergyefficiencyamonginefficientfirms23OverviewGreeningFirmsinGeorgiaFIGUREO.16Structureofpolicyrecommendations312FinanceInformationCapabilitiesGuaranteesBlendedfinanceandcreditlinesAwarenessManagementandorganizationGrantsandtaxincentivesESCOsInformationaboutsuppliersofTechnologyadoptionUtilityon-billfinancingsolutionsSkillsforworkers,andmanagersLeasingEnergysavingsinsuranceEnergyauditsUnderstandingaboutsolutionsConduciveenablingbusinessenvironmentINSTITUTIONS+REGULATIONS+PRICESSource:WorldBankelaboration❝Onejustificationfortargetingistheneedtotreatsectorsdifferentlybecauseofthedifferencesinthepotentialsourcesforenergyefficiencygains❞oftheseprioritiessometimesalsodiffersnationalgoodpracticesbutalsogroundedfyingrelevantactorsthroughwhichportfoliowhencomparingenergyefficiencyandGHGonasoundunderstandingoftheidiosyn-interventionscanbedeliveredandbusiness-emissionsefficiency.craticneedsandsituationsofbusinessesinescanbereached;and(iv)minimizingmoralGeorgia.SomekeyprinciplestodeploythishazardproblemsbyincludingcommitmentTOCONCLUDE:Approachtheproblemofmodularapproachare(i)ensuringtheen-premiumsinsupportpolicieswhenpossiblepromotingenergyefficiencywithamod-ablingregulatoryenvironmentandreducing(thatis,interestratereductionsorcash-backularportfolioapproachandapplysup-pricedistortions;(ii)minimizingtheinfor-grantsbasedonachievingenergyefficiencyportprogramstoclusterstopotentiatemationgapsandmakingsuretechnologiestargets).Inaddition,whenpossible,sup-spillovers.Inthisperspective,anysupportareavailableatthelowestcostpossible(thatportsolutionsmaybeappliedtoclustersprogramcouldbeconsideredasetofmod-is,eliminatingimporttariffs);(iii)assessingorgroupsoffirmstofurtherpromotetheulartoolsandaportfolioofinterventionsthereadinessofpotentialbeneficiarieswithemergenceofpositivespilloversintermsofthatshouldbeputforwardbasedoninter-diagnosticsandbenchmarktoolsandidenti-informationandknowledgesharing.GreeningFirmsinGeorgiaOverview24TABLEO.1PrioritizingpolicyrecommendationsPriorityComplexityandassessingtheircomplexityInformation▶Raiseawareness▶Providefeedbackand▶Ensurefirmshavethroughlow-costbenchmarkingaboutaccesstogreensolutionsinformationcampaignsenergysavingsandsuppliersSHORTLOWSHORTMED-LOWSHORTLOW▶Extendmarket▶Developinteractive▶DevelopeducationalenergyauditstoolsforinformationresourcesforenergydisseminationefficiencyMIDMEDSHORTMED-LOWMIDMED-LOWCapabilitiesFirms'andWorkers'▶Provideconsultingand▶Trainmanagersand▶ProvidespecializedoutsourcingservicesworkersonenergytechnicalassistanceforefficiencyproductiontechniquesMIDMEDMIDMED-HIMIDMED▶Supportfirmdigitalization▶BoosttechnologyadoptionMIDMEDMIDMED-HI▶Encouragebanksto▶Expandblendedfinance▶Extendspecial▶ProvidegrantsprovideloanguaranteesandconcessionalloanscreditlinesthroughandtaxincentivesthroughincentivesdevelopmentbanksMIDMEDSHORTMED-LOWMIDMEDSHORTMED-LOW▶DevelopenergySource:WorldBank▶Enableenergysavings▶Developutilityon-bill▶Enhancesavingsinsuranceelaboration.contracting(ESCOmarket)financingandrepaymentequipmentleasingLONGMED-HIMIDMED-HILONGHILONGMED-HITABLEO.2Whatshouldpolicyactionsaddress?AgricultureandfishingMiningandquarryingManufacturingEnergyConsumptionC02EmissionsEnergyConsumptionC02EmissionsEnergyConsumptionC02EmissionsPatternsofactivityFunctioningFunctioning–TechnologyTechnologyspecializationofmarketsofmarketsadoptionadoptionUtilitiesConstructionWholesaleandretailEnergyConsumptionC02EmissionsEnergyConsumptionC02EmissionsEnergyConsumptionC02EmissionsFunctioningPatternsofactivityTechnologyTechnologyFunctioningFunctioningofmarketsspecializationadoptionadoptionofmarketsofmarketsAccommodationTransportactivitiesOtherservicesandrestaurantsEnergyConsumptionC02EmissionsEnergyConsumptionC02EmissionsEnergyConsumptionC02EmissionsFunctioningFunctioningTechnologyFunctioningPatternsofactivityPatternsofactivityofmarketsofmarketsadoptionofmarketsspecializationspecializationSource:WorldBankelaborationbasedonGEOSTAT.25OverviewGreeningFirmsinGeorgia❝Approachtheproblemofpromotingenergyefficiencywithamodularportfolioapproachandapplysupportprogramstoclusterstopotentiatespillovers❞GreeningFirmsinGeorgiaOverview26

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