The Impact of Various Renewable Energy Sources to Reduce the Case of Resource Scarcity in the Global Business Market Area

Abstract

Implication of renewable resources energy can properly develop every business practices. These are various renewable resources such as: solar energy, tidal power, hydroelectric power which can prevent environmental degradation. Carbon footprint has been highlighted due to innumerable usage of non-renewable resources. This should wisely use with usage of substitutes which prevent resource scarcity. Moreover, fossil fuels, coal and petroleum gas can accelerate pollution rate, hence there should be usage of alternative resources which can be fruitful for sustainable business development. Global business development mainly gives importance on low cost manufacturing which is mainly possible with the utilisation of renewable resources. This article mainly focussed on creating qualitative analysis by gathering secondary data from authentic journals. Article has been mentioned the renewable energy potential (reV) Model, this new tool to measure capacity of renewable resources. This can form positivity in business practices to have procurement in global business environment. Apart from this, some statistics such as Installation of renewable energy capacity in leading countries throughout the world in 2021, revenue of company for usage of alternative resources and capacity of renewable resources make a clear idea on positive impact with utilisation of renewable resources. Keyword : Business practices, procurement, Renewable resources, sustainable.