“…Several studies have examined the relationship between investments and energy efficiency with varying approaches and scopes, including: (I) a fairly broad-ranged, general approach [6], [7], [8], [9]; (II) an approach focused on developed and developing countries [10], [11], [12], [13]; (III) a one-country approach [14] in the Indian context; (IV) an industrial approach [15], [16], [17]; (V) an approach based on specific industries [18] in the energy intensive sectors context, [19] in the paper industry, [20] in the iron and steel industry; (VI) effects of particular policy strategy between energy efficiency and investments [21], [22], [23]; (VII) an approach attentive to the barriers and obstacles to energy efficiency investments in the industrial sector [24], [25], [26]; and (VIII) an approach focused on energy efficiency and technology investment [27], [28], [29], [30]. These studies have mainly focused on the potential savings of energy or costs, the application of specific technologies, costbenefit analysis and qualitative, rather than quantitative, aspects thereof.…”