Energy management is the continuous and regular monitoring, control, and improvement of an organization’s energy use to save energy and reduce energy expenditures [12,13]. Minor steps such as checking monthly energy bills and upgrading to energy-saving lightbulbs fall under the purview of energy management. It might imply more comprehensive upgrades such as adding insulation or installing a reflective roof to cover or enhance heating and cooling equipment to maximize their energy performance. Additionally, energy management can cover more complex operations, such as developing financial predictions for commissioning renewable energy services and implementing other changes for clean energy usage and lower energy expenses in the next few years [14]. Technology is used in more advanced energy management strategies. Utility tracking software, for example, forecasts future energy demand and sets energy budgets, which assists a company’s strategic decision-makers in ensuring that its energy management strategy aligns with its objectives and financial planning. Enterprise management software makes use of IoT, sophisticated connectivity, and big data to enable a company to benefit from energy data analytics for improved facility management and to assist with energy consumption and management difficulties [15,16].

Despite the role of technology, the Balanced Scorecard (BSC) developed by Kaplan and Norton (1992), which has proven to be one of the most extensively used instruments in management strategy, can serve as another tool to aid in energy management operations. Furthermore, Hansen and Schaltegger (2012) identified the four objectives reviewed by the traditional BSC—finance, customers, internal procedures, and learning and growth—as ignoring the inclusion of sustainability issues and so needing to be modified to the changing business environment [17]. While the traditional BSC framework can assist managers in matching business sustainable development goals with firm strategy, experts in the field argue that the framework should include economic, social, and environmental factors. Key economic data should be addressed in the usual BSC from a financial approach [2,18]. As a result of incorporating the dimension of sustainability into the traditional BSC, a focus on the social and environmental measuring criteria may be placed. To begin, the required environment and society indicators, goals, and accompanying Global Reporting Initiatives (GRI) must be included into the conventional BSC framework to include the social and environmental metrics in the present four BSC frameworks. The GRI may assist managers by providing a wide range of performance and department-specific metrics.

Thus, based on the above insights of experts in the field, developing a BSC for a given business sector and identifying the social and environmental variables relevant to the business sector plans can be characterized as a critical task. Many studies have investigated the use of the Sustainable Balanced Scorecard (SBSC) in different sectors for the sustainable continuity of businesses [5]. Although, neither has further investigated the contribution of SBSC in the energy efficiency of a business. Specifically, an efficient energy performance is dependent on the development of a sustainable balanced scorecard, which implies that businesses must define targets that relate to the organization’s strategy for energy efficiency and long-term continuity. A group of crucial success criteria will then serve as a representation or driver of these goals and translate into a set of actions or initiatives. The following are some of the most vital categories of critical success criteria to investigate and comprehend: (i) political aspects that include government, energy, and industry policies, as well as renewable energy industry policies and worldwide environmental challenges, such as greenhouse gas reduction targets, (ii) technology criteria include advancements in renewable energy technology and technical assessment criteria, such as the cost of creating renewable energy, (iii) market considerations include worldwide energy prices, market demand (local and even external) for renewable energy-related businesses, domestic industry development, and (iv) natural resource factors including renewable energy availability [5].

Based on the above, an example of the SBSC model that businesses may use is based on four perspectives, from which the vital success criteria, key performance indicators, and objectives should be defined. Thus, learning and growth, customers, internal business processes, and welfare are four insights on which enterprises’ SBSC should be founded in order to achieve energy efficiency and sustainability [13]. The first three concepts are not significantly different from Kaplan and Norton’s initial viewpoints. However, the category of welfare replaces the original financial viewpoint at the top of the strategy plan since, for an organization, local community prosperity is the most important strategic objective, which will be demonstrated by optimizing the long-term stakeholder value [19]. Figure 1 depicts the SBSC that might be utilized if a company wishes to be more energy efficient and sustainable, where the objectives, initiatives, measurements (KPIs), and targets for each viewpoint must be presented [20,21,22]. The objectives indicated inside each viewpoint must work together to solve the relevant key-related question.