Emerging Opportunities for Entrepreneurs in the Renewable Energy Segment

Emerging Opportunities for Entrepreneurs in the Renewable Energy Segment

Kesavan Dhanapal (Hindustan College of Arts and Science, Chennai, India)
Copyright: © 2020 |Pages: 25
DOI: 10.4018/978-1-7998-4882-0.ch009
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Abstract

Considering the breathtaking changes in global business models, all entities foresee to develop new markets and products for survival in the economy. Increasing pollution levels at major cities around the globe, changing climatic conditions, and global warming makes a cloud bubbling thought of making safer and environmentally friendly products. This agenda leads to generate ideas that may create innovative products or practices may bring a competitive advantage for the new establishments. We all know that energy production constitutes to majority of the pollution in the environment. In order to tackle this situation, fostering entrepreneurs can think of ideas that are relating to renewable energy generation. Recently the rise of electric vehicles market seems to be a playground for new technology breakthroughs. This segment has huge potential for the next two decades. New entrepreneurs can take advantage of the renewable energy in making new business prospects.
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Industrial Revolution And Environmental Impacts

The well renowned Industrial Revolution started during the late 18th and 19th centuries and was an era of significant economic development covered by the introduction of power-driven machineries. The Industrial Revolution originated in Britain and then later it spread to other countries. During the Industrial Revolution, several power-driven machines were invented; this eventually replaced the traditional hand tools used in production. This included the cotton gin, a machine used to remove cotton fibres and their seeds. The cotton gin, along with few inventions in spinning and weaving, paved the way for mass production of cloth possible and gave a huge propel to the textile industry.

This period also led to a huge increase in the use of coal. Coal was replaced with wood and other fuel sources because it was available in abundant, efficient and it was comparatively involved less work to mine than cutting wood. Coal was also used in making iron parts and components, which was highly used in the production of machines and tools, as well as the construction of bridges and ships. The Industrial Revolution also saw the invention of the steam engine, which was an engine that consumed steam to generate kinetic energy. Steam engines were used for transportation and to generate power for factories.

Ever since the orientation of industrial revolution with no doubt it has contributed enormously for the development and growth of nations as well as their economies. While tasting the prosperity, what about the cost that was borne for tasting this prosperity? Yes it has taken a lot from the human environment.

After 1930 there was a steady increase in the population of all the countries in the world. In order to address the needs of the growing population, many industries were established in a drastic manner. This included too much consumption of the non-renewable energy sources like the coal and fossil fuel for power generation and transportation. This usage is has taken us to a position of facing global catastrophe

  • Global warming

  • Changing climatic patterns

  • Increased frequency of drought

  • Melting ice caps

  • Green house emission

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Objectives

  • To address the need for alternate power source

  • To evaluate the feasibility of Renewable resources

  • To analyse the factors to be considered in Renewable energy

  • To suggest possible implications for renewable energy

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The Time To Rethink

Since the cost that was spared for these many developments and advancements has not only questioned our survival but all also shows a bitter truth of extinction. In order to come out this chaotic box, prominent entrepreneurs should concentrate on renewable energy business to promote sustainable growth. This re thinking can open the doors of profit making accompanied with zero environmental accountability and zero carbon foot print. So many countries has already started to invest and promote new business ventures to take up renewable energy linked ideas for power generation, transportation and technology.

Key Terms in this Chapter

VRE: Variable renewable energy.

NEEAP: National Energy Efficiency Action Plan.

IPCC: Intergovernmental Panel on Climate Change.

INFORSE: International Network for Sustainable Energy.

IRENA: International Renewable Energy Agency.

REEEP: Renewable Energy and Energy Efficiency Partnership.

UNEP: United Nations Environment Programme.

MW: Megawatt.

NGL: Natural gas liquids.

IEA SHC: Solar Heating and Cooling Programme of the International Energy Agency.

IEA: International Energy Agency.

ZEV: Zero-emission vehicle.

PHEV: Plug-in hybrid electric vehicle.

KW: Kilowatt.

UNO: United Nations Organisation.

UNFCCC: United Nations Framework Convention on Climate Change.

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