Renewable Energy as a Main Factor of Sustainable Development: The Case of African Emerging Economies

Abstract

The amount of energy provided by the sun is almost infinite in nature, which can potentially provide an emerging economy with a sufficient capacity to meet the ambitions of enhancing both urban and rural development. The development of renewable energy technology is now widely seen as important if the world is to move towards a sustainable approach to energy generation. That is why development of renewable energy technology in emerging economies of the world is now widely seen as a huge step, if the world is to move towards a sustainable development. The use of renewable energy is now widely adopted by companies. A strategy companies have adopted is to volunteer their services or manpower to the development of communities in which they are situated, in some cases by providing communities various forms of relief efforts or more. Oil companies in Nigeria provided locals with photovoltaic systems to dissuade them from burning firewood for fuel. Several companies are looking to renewable energy as a solution to sustainable development. This paper examines the direct and indirect influence of renewable energy on sustainable competitive advantage in emerging economy, it also describes a wider context in which companies can fully make achieving sustainable development a primary policy.