Global energy demand and the role of technological innovation towards renewable energy generation for economic growth and a cleaner environment: A review

Abstract

Energy is a global commodity that every sector cannot survive without today. Energy is utilized in various sectors such as households, public and private operations, transportation, production industries, energy generation and agriculture. The world's primary energy source is fossil fuels, which are unsustainable and environmentally harmful due to their greenhouse gas emissions. Researchers are urged to conduct extensive research and innovations in alternative and sustainable renewable energy sources to address the current global energy challenges. The present study examines global energy demand and the role of technological innovation (TI) in the development and adoption of renewable energy. This study explores potential strategies and feedstocks for sustainable and renewable energy generation, the energy source for current and future economies. These findings underscores the importance of global governments investing in renewable energy generation to support the rapidly growing economies and improve people's lives in a cleaner environment. Renewable energy adoption in third-world countries is hindered by weak policy, infrastructure, financial constraints, market structure, social acceptance, regional adaptation, and political instability. Thus, this study integrates global energy demand, TI, and renewable energy generation to promote economic growth and environmental sustainability. The study indicates that the implementation of innovative technologies enhances renewable energy utilization in electricity generation, leading to energy savings and improvements in efficiency. Studies in other nations suggest that renewable energy growth is influenced by factors beyond TI, as there is no direct correlation between these two factors; perhaps, TI may be too costly, unreliable, and ineffective for use in these nations.

Topics & Concepts