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Narrative Review | Management | India | Volume 13 Issue 10, October 2024 | Popularity: 5.2 / 10

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Harnessing Renewable Energy for Local Economic Growth: Future Research Themes and Strategies

Radhika Yadav

Abstract: This paper explores the economic impact of renewable energy projects on local communities, focusing on how these initiatives influence income growth. It highlights renewable energy sources like solar, wind, hydro, and biomass, which have a smaller environmental footprint than traditional fossil fuels and have shown significant potential for stimulating local economies. The research emphasizes the direct, indirect, and induced effects of renewable energy projects, including job creation, supply chain stimulation, and increased local spending. Through empirical evidence and case studies, the study demonstrates how community ownership and innovative financing models enhance the economic benefits of renewable energy for local populations. Additionally, it addresses the challenges of ensuring equitable distribution of these benefits and proposes strategies to overcome financial barriers for low-income communities.

Keywords: renewable energy, local communities, income growth, job creation, economic benefits

Edition: Volume 13 Issue 10, October 2024

Pages: 340 - 345

DOI: https://www.doi.org/10.21275/SR24912220808

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