Powering A Sustainable Future: Renewable Energy as the Engine of the Green Economy

Abstract

This study explores the role of renewable energy within the context of the green economy. The main aim is to discuss the advantages renewable energy offers and clearly identify the challenges affecting its adoption. To achieve this, the paper reviews existing literature on renewable energy and applies a SWOT analysis to better understand internal strengths and weaknesses as well as external opportunities and threats. While renewable energy presents clear environmental benefits and potential for economic growth, significant issues like high initial costs, infrastructural limitations, and inconsistent energy supply remain major obstacles. The study first defines the green economy concept, then provides a detailed SWOT analysis specifically focused on renewable energy, and finally discusses how digital marketing and artificial intelligence could help overcome identified barriers. Findings highlight the importance of government support, technological improvements, and digital strategies for successful renewable energy adoption. The insights presented here may help policymakers, businesses, and researchers effectively navigate the transition to a more sustainable economy.

Keywords

• Artificial intelligence
• Digital marketing
• Digital branding
• Green financing
• SWOT analysis

References

1. Chen C, Hu Y, Karuppiah M, Kumar PM. 2021. Artificial intelligence on economic evaluation of energy efficiency and renewable energy technologies. Sustain Energy Technol Assess, 47: pp: 101358.
2. Fang W, Liu Z, Putra ARS. 2022a. Role of research and development in green economic growth through renewable energy development: empirical evidence from South Asia. Renew Energy, 194: pp: 1142-1152.
3. Fang Z, Yang C, Song X. 2022b. How do green finance and energy efficiency mitigate carbon emissions without reducing economic growth in G7 countries? Front Psychol, 13: pp: 879741.
4. Fernández L. 2024. Renewable energy capacity 2023 by country, https://www.statista.com/statistics/267233/renewable-energy-capacity-worldwide-by-country/ (accessed date: September 17, 2024).
5. Gasparatos A, Doll CN, Esteban M, Ahmed A, Olang TA. 2017. Renewable energy and biodiversity: Implications for transitioning to a Green Economy. Renew Sustain Energy Rev, 70: pp: 161-184.
6. Guney T. 2019. Renewable energy, non-renewable energy and sustainable development. Int J Sustain Dev World Ecol, 26(5): pp: 389-397.
7. Gyimah J, Yao X, Tachega MA, Hayford IS, Opoku-Mensah E. 2022. Renewable energy consumption and economic growth: New evidence from Ghana. Energy, 248: pp: 123559.
8. Harmon R, Demirkan H, Auseklis N, Reinoso M. 2010. From green computing to sustainable IT: Developing a sustainable service orientation. In: 5-8 January 2010, 43rd Hawaii International Conference on System Sciences, Honolulu, Hawaii, USA, pp: 1-10.

9. Harmon RR, Auseklis N. 2009. Sustainable IT services: Assessing the impact of green computing practices. In: 2-6 August 2009, Portland International Conference on Management of Engineering and Technology, Portland, OR, USA, pp: 1707-1717.
10. Hu W, Wu Q, Anvari‐Moghaddam A, Zhao J, Xu X, Mohamed Abulanwar S, Cao D. 2022. Applications of artificial intelligence in renewable energy systems. IET Renew Power Gener, 16(7): pp: 1279-1282.
11. Jha SK, Bilalovic J, Jha A, Patel N, Zhang H. 2017. Renewable energy: Present research and future scope of Artificial Intelligence. Renew Sustain Energy Rev, 77: pp: 297-317.
12. Karakul AK. 2016. Educating labour force for a green economy and renewable energy jobs in Türkiye: A quantitative approach. Renew Sustain Energy Rev, 63: pp: 568-578.
13. Kolosok S, Saher L, Kovalenko Y, Delibasic M. 2022. Renewable energy and energy innovations: examining relationships using Markov switching regression model. Marketing i menedžment innovacij, 2: pp: 151-160.
14. Loiseau E, Saikku L, Antikainen R, Droste N, Hansjürgens B, Pitkänen K, Thomsen M. 2016. Green economy and related concepts: An overview. J Clean Prod, 139: pp: 361-371.
15. Mealy P, Teytelboym A. 2022. Economic complexity and the green economy. Res Policy, 51(8): pp: 103948.
16. Mohsin M, Taghizadeh-Hesary F, Iqbal N, Saydaliev HB. 2022. The role of technological progress and renewable energy deployment in green economic growth. Renew Energy, 190: pp: 777-787.
17. Olabi AG, Abdelkareem MA. 2022. Renewable energy and climate change. Renew Sustain Energy Rev, 158: pp: 112111.
18. Østergaard PA, Duic N, Noorollahi Y, Mikulcic H, Kalogirou S. 2020. Sustainable development using renewable energy technology. Renew Energy, 146: pp: 2430-2437.
19. Pahle M, Pachauri S, Steinbacher K. 2016. Can the Green Economy deliver it all? Experiences of renewable energy policies with socio-economic objectives. Appl Energy, 179: pp: 1331-1341.
20. Sayed ET, Olabi AG, Alami AH, Radwan A, Mdallal A, Rezk A, Abdelkareem MA. 2023. Renewable energy and energy storage systems. Energies, 16(3): pp: 1415.
21. Sherif A. 2023. Global enterprise sustainability IT strategy 2021. by sector, https://www.statista.com/statistics/1247940/sustainable-enterprise-strategy-it-global-category/ (accessed date: September 12, 2024).
22. Srivastava SK. 2020. Application of artificial intelligence in renewable energy. In: 2020 International Conference on Computational Performance Evaluation, Chennai, India, pp: 327-331.
23. Turkenburg WC, Faaij A. 2000. Renewable energy technologies. In: UNDP/UNDESA/WEC: Energy and the Challenge of Sustainability. World Energy Assessment, New York, NY, USA: UNDP, pp: 219-272.
24. Wang L, He Y, Wu R. 2024. The Green Engine of Growth: Assessing the Influence of Renewable Energy Consumption and Environmental Policy on China’s Economic Sustainability. Sustainability, 16(8): pp: 3120.