Sustainable and Responsible Entrepreneurship for Sustainable Energy Development

Introduction

Energy is an essential driving force and basis of human life. The different eras of human civilization have been shaped by innovation and the ways in which various energy sources are consumed. Energy can be defined as a cornerstone of social life and a decisive factor in industrial and economic development. Today, the global energy system is highly dependent on fossil fuels, with fossil fuels currently producing about 78.4% of the world's electricity. Combustion of fossil fuels releases various types of toxic and dangerous pollutants that have negative impact on environment and human health through the food chain in a variety of ways. Although this way of energy generation has a negative impact on the environment: on groundwater, soil, air, vegetation, biodiversity etc., the most important problems are linked to air pollution, the greenhouse effect and climate change. Burning fossil fuels releases huge amounts of greenhouse gases into the atmosphere, also classical pollutants such as sulphur and nitrogen dioxides, slid particulates, carbon monoxide etc. In addition, burning of fossil fuels have an increasing negative impact on public health and on people's financial condition and quality of life. For this reason, the implementation of the sustainable energy concept, in particular increase of use of renewable energy sources, is currently receiving a great deal of attention among scholars, decision makers and general public.

The future of global energy must first and foremost be about implementing the concept of sustainable energy development. The main goal of sustainable energy development policy is the development of energy services by reducing the impact of energy production and consumption on the environment and ensuring the implementation of long - term development goals of humanity. In order to respond to high and fluctuating energy prices, growing energy import dependence, rapidly growing global energy demand and global warming, it is necessary to clearly define and pursue energy policies at both national and global levels. In general, energy policy seeks to ensure security of energy supply, affordability, competitiveness and reduction of environmental impacts. Energy security and the completion of the internal market is one of the main priority areas for energy policy. Security of energy supply, energy scarcity and climate change are global challenges. Global energy policy and a balanced response of countries to the current situation in energy markets, diversification of energy supply and promotion of Energy Efficiency (EE) and use of Renewable Energy Sources (RES) are particularly important in addressing energy security issues. Energy and climate change policies already transcend national or regional borders. An effective fight against climate change is only possible with the involvement of all regions of the world. The innovations are playing the key role in providing sustainable energy development and implementing the main Sustainable Development Goals (SDG). However, there are many challenges facing innovation process in delivering sustainable energy targets.

This chapter of the book deals with the main barriers and drivers of entrepreneurship and innovations in sustainable energy and develops recommendations for policies and measures necessary to overcome these barriers and promote entrepreneurship and innovations in sustainable energy. Renewable energy are the main sustainable energy issues discussed in the article. Therefore, innovations in energy sector are linked to new technologies based on renewables and providing energy efficiency improvements also allows to implement Green House Gas (GHG) emission reduction targets. As, there are still a lot of barriers and market failures preventing fast penetration of advanced sustainable energy technologies, public policies are necessary to address these barriers and to promote entrepreneurship and innovations in sustainable energy area.

The chapter deals with the following issues addressed in three sections: the linkages between sustainable energy development and entrepreneurship are analysed; the new sustainable energy technologies are discussed; the main barriers and drivers of entrepreneurship and innovations in sustainable energy are scrutinized and grouped in regulatory, economic, informational, technological etc. barriers based on comprehensive literature review. The policies and measures targeting these barriers are analysed and analytically assessed in terms of their weaknesses and strengths to overcome regulatory, economic, informational and technological barriers and recommendations for enhancement of policies and measures targeting promotion of entrepreneurship and innovations in sustainable energy are given.