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Trends and opportunities for green entrepreneurship in India

Today, many industries are coming to the forefront to develop environment-friendly products. These industries are known as green industries. The prime aim of these industries is to produce eco-friendly products and service to reduce all types of environmental hazards. These products and services emit less pollution and keep the earth safe. Like other countries, India is also taking initiative to boost this sector. So let’s get an idea about the trends, opportunities and growth of Green entrepreneurship in India.

Trends and opportunities for green entrepreneurship in India

Opportunities for Green Entrepreneurships

Green industries have gained massive popularity in India over the years. These entrepreneurs use advance technologies and ideas to produce environment friendly products. 

Green products– Today all are aware of the environmental degradation and its adverse impact on the climate. This degradation always deteriorates public health and lowers economic growth, too. Hence, people are using eco-friendly products more, leading many organizations to implement a green entrepreneurship ecosystem within the business.

Eco-friendly event planning– It has been noticed that event planners use green ideas to find eco-friendly values. These planners are known as green planners. They also prefer to use only green or eco-friendly materials for the events. 

Green Finance– India is now taking its steps towards introducing green finance. It denotes making investment towards the business in india that will generate positive impact on the environment. Prime focus of Green financing is to boost environment friendly products and services.

Corporate Decarbonisation 

Corporate decarbonisation is another significant trend in recent time. This is the process of reducing and eradicating carbon release from different organisational activities. Carbon is the most harmful element for the environment and it is responsible for ecological hazards. Many Indian companies are committed now to this initiative. The following measures are considered to achieve the success of corporate decarbonisation. 

  • Carbon capture, storage and application
  • low carbon fuel
  • use of green energy

The importance of decarbonisation can never be ignored as it helps controlling global warming. Every organisation should add include decarbonisation technology in the entrepreneurial decision process. 

Implementation of BESS or Battery Energy Storage System

The Indian government is planning to implement solar energy on a large scale, and there is hope that the entire process will be successful by 2030. It is necessary to implement battery storage to generate power from solar as well as from wind. 

At present, there is a huge advancement in battery technology, and the Government has also projected that the cost of battery storage will be reduced massively. Hence India will be able to add 140-200GW of battery storing capability by the end of 2040. 

Offshore wind Technology

Recently, the Ministry of New and Renewable Energy has announced a 4GW tender for offshore wind energy. India has targeted to achieve 30GW capacity of offshore wind by 2030

Women empowerment

The implementation of green business ideas have made given huge rise to women entrepreneurs in India. The WBI or Women’s Green Business Initiative is working towards breaking the fences and assisting women to achieve economic development.

Green entrepreneurship in India and its positive impact on the Economy

Green industry is the new trends in entrepreneurship and this trend is going to make immense impact on the Indian economy. 

  •       Job making: Green technology largely impacts job creation. Experts expect that this trend will generate nearly 30 million job opportunities by 2050 in India. 30% of these new vacancies will be from renewables, 18% will be from construction, and almost 15% will be from climate change. 
  •       Revolution and new technology: Implementation of Green technology within the ecosystem in entrepreneurship can foster invention.
  •       Overseas investment: Foreign investment highly recommended for financial growth in the country. Advancement and implementation in the green technologies in different industries will attract more foreign investment. 
  •       Reduced contamination: The aim of implementing Green economies and technologies will be innovative business ideas. This process will help to lower pollution and improve public wellbeing.
  •       Energy safety: The Government is also taking initiative to implement Green economies that can contribute to maintain the safety of energy.
  •       Empower rural populations: Green finance can develop the rural livelihoods. Rural communities can get more benefits with the rise of green entrepreneurs. 

Challenges for Green Industries

No doubt, green finance and technologies are creating huge impact on the Indian Economy besides saving the earth. However many organisations are facing some challenges while they are implementing green ideas in the entrepreneurial decision process. 

  • An extreme initial expense is the prime challenge that every company is facing while planning for implementing green technologies in the organisation. 
  • Sometimes, a lack of comprehensive planning and dedicated leadership limits the application of green entrepreneurship development. 
  • Many organisations cannot take strong steps to apply green technology due to a lack of awareness. 

Besides, fluctuation in the political environment, poverty and lack of advanced mechanisms also hindrance the implementation of green technologies. 

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