Renewable Energy Resources – A Smart Idea for Sustainable Business Model
Prof. Nishikant Jha
Head Of Department – B.A.F.
Thakur College of Science & Commerce
Contact no: 9004883439
E-mail ID:
[email protected]
Animesh Choudhary
[T.Y. BAF Student,
Thakur College of Science & Commerce]
Contact No: 8108555817
E-mail ID:
[email protected]
Prachi Tated
[F.Y.BAF Student,
Thakur College of Science & Commerce]
Contact No: 9699595490
E-mail ID:
[email protected]
ABSTRACT:-
We all are aware of the fact that nowadays there is a need to use more of Renewable energy resources than that of the Non-renewable energy resources, exhaustible resources. Today the sources i.e the non-renewable energy resources through which we obtain the energy are on the edge of getting extinct. This is the need of the hour that we take a step towards using Renewable Energy resources. This is a survey conducted by us to know what are approximately the opinions of businessman of present world, about the access of renewable resources in business. Through this research we can discover what the efforts are taken by businessmen to promote renewable energy. Also we can know that today's businessman gives importance to profit earning or take a small step to save the environment.
KEYWORDS: -
profit-earnings, renewable energy, exhaustible energy, businessmen, environment.
OBJECTIVES:-
To find out how many companies are using renewable energy resources for the growth of the business.
To study the benefits and failures, companies may face while using renewable energy resources.
To make people aware about the benefits & usage of renewable energy resources.
To built ongoing monitoring and evaluation of the company's status by survey.
RESEARCH METHODOLOGY:-
Our survey was conducted using primary data.
We had used an online survey method.
Basically we targeted business-related people & tried to know their point of view.
We got total 75 respondents to our online survey.
We also tried to consider the employees opinions regarding use of renewable energy resources along with the businessman.
HYPOTHESIS:-
Hypothesis 1
H0 : The private companies use more of renewable energy resources.
H1 : The public companies use more of renewable energy resources.
Hypothesis 2
H0 : Due to use of renewable energy resources, companies earning capacity gets reduced.
H1: Due to use of renewable energy resources, companies earning capacity increases.
INTRODUCTION:-
The use of renewable energy resources such as solar, wind and hydraulic energy is very old; they have been used since many centuries before our time and their applications continued throughout history until the 'Industrial Evolution'; at times, due to the low price of petroleum they were abandoned.
But in recent years, a growing number of companies are adopting various renewable energy resources due to increase in the prices of fossil fuels and the environmental problems caused by the use of conventional fuels.
With this effect, we can now protect & prevent the environment from getting polluted because of the waste materials released from the companies which can eventually lead to a pollution free & Sustainable Business Model.
DATA ANALYSIS:-
According to you, is switching to Renewable Energy a smart business decision?
Answer Choices–
Responses–
–
Yes
78.26%
54
–
No
5.80%
4
–
Maybe
15.94%
11
–
Can't say
0.00%
0
Total
69
Can use of Renewable Energy affect the organisation's profit-earnings?
Answer Choices–
Responses–
–
Yes
60.87%
42
–
No
15.94%
11
–
Maybe
23.19%
16
Total
69
Will use of Renewable Energy make our country economically powerful, since-?
Answer Choices–
Responses–
–
No imports of fuels would be made
75.76%
50
–
No, there would be no effect on country's economy
24.24%
16
Total
66
What should an organisation do, if their profit-earnings decrease due to use of Renewable Energy?
Answer Choices–
Responses–
–
Ignore profit factor to some extent and continue using Renewable Energy
77.94%
53
–
Avoid using Renewable energy
22.06%
15
Total
68
Should our country's Government make more strict rules for business organisation to enhance use of Renewable Energy resources?
Answer Choices–
Responses–
–
Yes
60.87%
42
–
No
11.59%
8
–
Maybe
27.54%
19
Total
69
Using Renewable Energy, organisations can help to save the environment and eventually their expenses-
Answer Choices–
Responses–
–
Yes
95.65%
66
–
No
4.35%
3
Total
69
Can use of Renewable Energy help a business to maintain their company's status as a carbon neutral company?
Answer Choices–
Responses–
–
Yes
60.87%
42
–
No
0.00%
0
–
Maybe
39.13%
27
Total
69
According to you, which company uses more of Renewable Energy?
Answer Choices–
Responses–
–
Public company
53.62%
37
–
Private company
46.38%
32
Total
69
How can Renewable Energy help in development of masses?
1) Renewable energy sources will be an important factor in reducing carbon emissions and mitigating the destructive effects of climate change.
2) Environment needs human to take care of it, since we are spoiling it...
3) It will help to save more resources
4) It will reduce the energy consumption to some extents.
5) It starts with implementing them at industrial level
6) By using resources which can b recycled several times
7) Renewable energy the energy can be use again n again instead of using non renewable energy which can also not affect the environment and help us to keep the environment global.
8) HELP to develop electricity or help to create free pollution state
9) It surely can. Using more renewable energy can decrease other barrier in environment like pollution etc.
10) By effective use like green house system
11) Mostly I can say is that it will help to keep nature and surrounding pollution free and can help from lacking energy
12) Would reduce the expenses and hence there would be development
13) It will cut the cost of fuels and help in the development of the country.
14) Help to produce electricity at our home state with solar energy
15)If we use renewable energy then we are saving our energy for future and for development for people and if energy is over used then one time will come when will have lost our all resource so use more and more natural energy for example sunlight, hydroelectric power
16) It can provide fuel for our future gen.
17) Renewable energy involves invention of new fuel from the waste of existing ones.
18) The sun's rays supply an abundant amount of solar energy, which can be converted into electricity or heat. It has many benefits: Solar energy is free and does not add to the production of global greenhouse, acid rain, Also, the cost of solar energy technology has been decreasing significantly as the technology and market mature globally and within Massachusetts
19) By make people aware through advertisement i.e. by TV
What steps can be taken by a company to contribute to the Sustainable Renewable Energy?
1) Must use smoke absorbers in blast fumes.
2) Don't know
3) Use solar system wind, geothermal and hydro electricity can be used instead of thermal energy as a start
4) Strictly renewable energy should be used
5) All companies should shift from using fuel based technologies to using renewable energy. It saves a lot of money, time & is also effective.
TESTING OF HYPOTHESIS:-
Hypothesis 1
H0 : The private companies use more of renewable energy resources.
H1: The public companies use more of renewable energy resources.
Through the survey conducted, we can say that our H1 hypothesis is accepted.
Hypothesis 2
H0 : Due to use of renewable energy resources, companies earning capacity gets reduced.
H1: Due to use of renewable energy resources, companies earning capacity increases.
Through the survey, we can say that 60% respondents have the opinion that company's earning capacity gets increased & 40% respondents have the opinion that company's earning capacity gets diminished.
SUGGESTIONS:-
Through the research on the topic, we can suggest that the use of renewable energy resources should be encouraged more & more.
Though the profit-earnings of organizations would be affected, but the organisation should ignore profit-earning factor & use renewable energy resources.
Also the Government should make more strict rules for all organizations to quit non-renewable energy & use renewable energy.
Through increasing the use of renewable energy resources even the employment opportunities for the masses in our country could be increased.
CONCLUSION:-
Switching to renewable energy resources, a smart business decision.
The use of renewable energy affects the organisation's profit-earnings.
There would be no effect on country's economy with the use of renewable energy resources.
It spreads the message throughout the country to make use of renewable energy resources to adopt pollution free business.
REFERENCES:-
www.surveymonkey.com
www.sbmoffshore.com
www.reep.org
