Perceived success of energy strategies for South Africa’s financial services industry

Abstract

Energy strategies have become a global focal point involving both individuals and organisations. These strategies are implemented widely by developed countries in order to address greenhouse gas emissions. However, developing countries are lagging behind with this important global objective of reducing emissions. South Africa, in particular, is one of these countries due to its rapid industrialisation along with its increasing use of coal to produce energy. Therefore, it is imperative for South Africa to develop and implement energy strategies that are supported by a culture and awareness of energy management. The purpose of this article is to create an awareness of the current state of energy strategies in terms of energy conservation, efficiency and sustainability. A quantitative non-experimental research design was followed using a questionnaire to evaluate the energy management strategies implemented by the South African financial services industry. The results indicated that there are two main barriers against the implementation of these energy strategies, namely, the cost of the strategies, and limited awareness and knowledge of the various available energy strategies. Although most organisations seem to implement energy conservation and efficiency strategies, the results show that renewable energy strategies are not exploited to a beneficial degree. One way to enhance the development and efficiency of renewable energy strategies is to improve communication about the benefits through training and education programmes.