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The energy efficiency of the Russian economy lags far behind the developed countries of the world that worsens its socio-economic development. To increase energy efficiency, it is necessary to introduce innovative solutions that require large investments. The object of the research is the economy of the Irkutsk region that energy efficiency growth, being the most important priority of socio-economic development, is of particular relevance due to its high energy intensity. The purpose of the study is to perform an energy-economic analysis of the Irkutsk region, and to determine the impact of investment on the energy efficiency growth. The methodological approach developed by the authors and used in this research is based on the balance and statistical methods. In course of the research, retrospective fuel and energy balances (FEB) of the Irkutsk region have been developed, and the energy efficiency indicators have been calculated on their basis. The main directions for the fuller use of the fuel and energy resources (FER) have been identified, the implementation of which will significantly increase the energy efficiency indicators. It will require an increase in investments in the fuel and energy complex (FEC) by 1.7-2 times by 2030 as compared to 2016.

Growth of investments as a condition for increasing energy efficiency of the Irkutsk region’s economy