International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Sustainable Innovation in Renewable Energy: Business Models and Technological Advances

Author(s) Shaya Afrin Priya, Syed Kamrul Hasan, Md Ariful Islam, Ayesha Islam Asha, Nishat Margia Islam
Country United States
Abstract Renewable energy forms play a significant role in combating climate change and in the achievement of sustainable development objectives. Thus, the subject of the present paper is the relationship between technological progress and new forms of operation, occurring in the renewable energy industry. In this research, several changes pioneered in the solar, wind, and power storage industries are explored to understand the impact of those changes on the energy markets. The paper also examines decentralized energy systems, PPAs and Energy as a Service that are quickly assuming central roles as enablers of clean energy. Also, the research analyses the economic, regulatory and technical impacts of these changes suggesting future advancements in the specified field. This paper utilizes case evidence and data to outline some of the prominent forces that are enabling the transition to renewable energy around the world, including a detailed exploration of business model innovation. In this research, data collected from reliable sources including the International Renewable Energy Agency (IRENA), the World Economic Forum (WEF) among other academic and industrial journals has given an insight on how businesses can exploit the technologies in favor of sustainable energy.
Keywords Sustainable Innovation, Renewable Energy, Business Models, Technological Advances, Clean Energy Transition
Published In Volume 6, Issue 5, September-October 2024
Published On 2024-09-26
Cite This Sustainable Innovation in Renewable Energy: Business Models and Technological Advances - Shaya Afrin Priya, Syed Kamrul Hasan, Md Ariful Islam, Ayesha Islam Asha, Nishat Margia Islam - IJFMR Volume 6, Issue 5, September-October 2024. DOI 10.36948/ijfmr.2024.v06i05.28079
DOI https://doi.org/10.36948/ijfmr.2024.v06i05.28079
Short DOI https://doi.org/g5kns3
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