Green entrepreneurship (GE) seems optimistic to increase sustainable future of the society. Though, it is difficult to measure GE due to its multiple interaction with green activities and practices in the production sectors. This chapter, therefore, creates a green entrepreneurship index (GEI) as an integration of 43 variables which help to increase GE. Composite Z-score method is applied to develop GEI for selected 34 countries during 2000 - 2019. Accordingly, it describes the relative progress of these countries in GE in different time periods. It also observes a causal relationship between GE and ED using a Cobb-Douglas production approach. This chapter provides several policy proposals to increase ED, GE, green growth, and green GDP. It also claimed that GE will be favorable to increase green development and sustainable future of society in global countries.
Top1. Introduction
The prime objective of global countries is to achieve high economic growth to meet the social-economic needs of people (Singh et al., 2019a; Singh et al., 2020b). While, high economic development (ED) is main cause to increase environmental degradation. Primarily environment meets the requirements of raw materials of the production sectors and it plays a significant role to increase social-economic development. Sustainable future of society, therefore, may be in alarming position due to overutilization of environmental resources in the production sector (Singh et al., 2021). Also, most countries wish to be competitive in the global market. Thus, these countries are implementing their policies in diversified areas such as science & technological development (S&TD), intellectual property rights (IPRs), entrepreneurship ecosystem (EE), startup ecosystem, digitalization, ICTs infrastructure and foreign trade to achieve high economic growth (Jyoti & Singh, 2023). For instance, in the last two decades, India has been implemented various policies such as ‘Make in India’, ‘Startup India’, and ‘Digital India’ to increase EE, startup ecosystem, digitalization, financial inclusion, S&TD, technology transfer and commercialization (Singh et al., 2019b; Jyoti & Singh, 2020; Singh & Kumar, 2022a). The Chinese government also taken significant steps to increase entrepreneurial intention of students to be entrepreneurs in higher educational institutions (HEIs) (Guo et al., 2020; Gao & Qin, 2022). Nowadays, the entrepreneurship ecosystem (EE) has been emerged as a key focus area for the global countries for economic development (ED) in multiple ways (Singh & Ashraf, 2020; Sharma et al., 2023). Most emerging countries are also increasing their attention to make people entrepreneurs and job creators instead of job seekers. Entrepreneurs make significant changes through producing goods and services in the market. Entrepreneurs also take crucial initiatives to use labour, capital, skills, technology and raw materials to create innovative products for the consumers, and create jobs, reduce monopoly in the markets and enhance entrepreneurship. Entrepreneurship is a system of economic agents who take positive initiatives to start new business to meet the needs of consumers in the market (Dhahri & Omri, 2018; Singh et al., 2023d). Entrepreneurship is also a process in which entrepreneurial skills of people absorb labour, finance, capital, technology, raw materials and natural resources to produce innovative goods to satisfy the need of people (Zahedi & Otterpohl, 2015) EE, therefore, nurtures an appropriate business platform and it increases inspiration of the entrepreneurs to start new businesses or start-ups (Iversen et al., 2008; Singh & Jyoti, 2021; Gao & Qin, 2022; Sharma et al., 2023). Thus, EE helps to increases the intention of economic agents to be self-employed (Singh & Kumar, 2022b), creates jobs and innovation, and makes social-economic change (Omoruyi et al., 2017; Sharma et al., 2023). EE also creates a conducive ecosystem for industrial development (ID) that is a prime goal of global countries (Singh & Kumar, 2022b). Most studies have been highlighted a positive impact of EE on ED and ID (Baumol, 1990; Acs et al., 2008). ID is essential to increase jobs (Chen et al., 2023), while, it produces several negative impacts on environment (Vasilescu et al., 2023). ID is also caused to increase air population, water pollution, global warming and climate change (Kumar et al., 2017; Sharma & Singh, 2017; Neumann, 2022; Chen et al., 2023; Kumar & Singh, 2023; Mondal, 2023; Singh et al., 2023f). Thus, process of ID creates numerous impediments for sustainable development (SD) (Singh & Kumar, 2022c; Chen et al., 2023).