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Abstract Satisfying the rising energy demands across the globe and limiting the environmental impact are two intertwining issues affecting stakeholders in the 21st century. This resulted in many policy incentives to promote eco-friendly green energy utilization together with other conservation measures. In this regard, the objective of the study is to investigate the introduction of business decisions that enhance the likelihood of companies adopting green energy sources, leading to reduced carbon emissions. It also intends to investigate various decarbonization strategies, which may have implications for profitability. Ultimately, it aims to underscore environmental preservation as a critical aspect of sustainable business practice.
The methodology entails an analysis of existing literature focusing on green energy policies and measures for the promotion of green energy. The study uses the survey method to investigate articles and perspectives related to the subject in the UAE. Observations will be made to determine the most effective policy and regulatory direction in areas of green energy and sustainability. Similarly, the process entails an examination of how to design a green energy policy with economic and environmental factors in mind and, through the analysis, the methods include an evaluation of different incentives.
The study underscored the importance of establishing energy policies and putting in place incentives for stakeholders, including businesses and end-users to embrace green energy production, supply, and usage. Key incentives identified include favorable government policies, rising costs of fossil fuels, and the need to reduce emissions levels globally. Notably, despite the high initial cost of green energy, the investigation noted substantial future financial savings along with protecting the environment and introducing the social cost of carbon (SCC) in the analysis. Therefore, standardization of green energy costs would contribute to the adoption of green energy sources. Above all, the rising cost of conventional energy makes it imperative for governments and organizations to adopt green energy.
Despite many studies on green energy, this paper presents novel ideas as it focuses on incentives for production costs. It outlines how to lower the cost of producing green energy to the same standard as conventional sources increasing its capacity compared with historical patterns. The incentives under discussion also underscore energy efficiency by making it a cheaper and cost-competitive alternative, and technology comes out as a crucial ground leveler in achieving cost-effectiveness and efficiency. For example, improvement of storage would be vital in storing power for extended periods once harnessed or fuel transitioning in transportation. Overall, government incentives and interventions in areas of funding, research, and development would mitigate existing challenges and contribute to the long-term development of green energy.
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