Unsustainable patterns of energy production and consumption threaten not only human health and quality of life but also affect ecosystems and contribute greatly towards climate change.
Needs of Sustainability in the energy sector:
Sustainable energy can be seen as an engine for poverty reduction, social progress, equity, enhanced resilience, economic growth, and environmental sustainability. This is due to the fact that investing in renewable energy creates jobs, fosters economic growth, and improves energy security for countries that lack domestic fossil fuel resources. In addition, according to Accenture (2011), energy CEOs belief in the importance of sustainability is stronger than ever, in spite of the recent economic downturn.
Kenya is using several policy tools to stimulate renewable energy development and grow its national energy supply. With the rapidly growing demand, the government has clearly identified renewable energy, such as solar, wind, and geothermal, as a reliable and sustainable way to increase energy supply, with both small enterprises and big corporates following suit.
Challenges of SIB in the renewable energy sector:
A rapid transition to clean energy is initially very costly, but if you look ahead a few decades the financial balance shifts are in favor of renewable energy. Once the initial costs have been recuperated, companies face an increase in profits due to fuel savings.
Summary of SIB in renewable energy sector
Businesses that opt for renewable energy benefit highly as they do not only assist in tackling the potential cost of climate change from increased greenhouse emissions, but avoid degradation caused from extraction, storing, transporting and processing fossil fuels.