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Sustainable and Renewable Energy initiatives across the globe: Opportunities and challenges

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Review Article

Author Details : Rao MVKS , Nguyen Ha Trang*

Volume : 11, Issue : 1, Year : 2024

Article Page : 18-23

https://doi.org/10.18231/j.jmra.2024.004

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Abstract

In 2023, China, USA, India, Russia, and Japan are the top 5 countries in the world with the highest electricity consumption per year respectively. Similarly, Most of the countries across the globe are utilising massive electricity, coal, petroleum, and other natural resources. Hence, it is inevitable to produce sustainable and renewable energy for domestic and industrial purposes. Right now, the majority of the countries have taken initiatives to generate sustainable and renewable energy across the globe. China is at the top list in sustainable and renewable energy initiatives and production, followed by the USA, India, Russia, and Japan.Hence, an attempt is made to study sustainable and renewable energy initiatives across the globe and also observe the opportunities and challenges on the same across the globe would be very helpful to proceed further in this area of knowledge with the main objectives of understanding the concept of sustainable and renewable energy; reviewing the existing literature on the topic concerned; reviewing opportunities and challenges of the same across the globe. The study is an observatory in nature and revealed that the main opportunity is to get support from respective governments of the countries to exploit the sustainable and renewable energy sources that are abundant and helpful for economic development. Similarly, mitigating environmental impact, ensuring electricity security, applying technological advances and creating jobs are other opportunities to discover. Besides these opportunities, sustainable and renewable energy initiatives also face some challenges, via lack of facilities and infrastructures to bring these initiatives into our lives; additionally, cost, time, manpower and awareness are also becoming challenges for these initiatives. In some perspectives, sustainable and renewable energy is still a new field that needs a lot of time to be fully understood and make it a part of our lives.

Keywords: Energy, Sustainable energy, Renewable energy, Sustainable and renewable energy, Energy initiatives, Sustainable and renewable energy initiatives, Sustainable growth

How to cite : Mvks R, Trang N H, Sustainable and Renewable Energy initiatives across the globe: Opportunities and challenges. J Manag Res Anal 2024;11(1):18-23

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