The Impact of Green Economy on the Growth of Renewable Energy-Based MSMEs in Developing Countries

Abstract

The green economy has emerged as a critical driver for sustainable development, particularly in developing countries. This study explores the impact of the green economy on the growth of renewable energy-based Micro, Small, and Medium Enterprises (MSMEs) in these regions. With increasing global emphasis on environmental sustainability, renewable energy sectors such as solar, wind, and bioenergy are becoming pivotal in reshaping economic landscapes. The research highlights how government policies, financial support, and technology adoption contribute to the growth of MSMEs within the renewable energy sector. Through qualitative and quantitative analysis, the study demonstrates that a green economy not only accelerates the development of green enterprises but also fosters innovation, job creation, and local economic empowerment. Furthermore, the challenges these MSMEs face, such as access to capital, infrastructure limitations, and regulatory barriers, are discussed. The findings underscore the need for tailored policies and strategic interventions to enhance the potential of renewable energy-based MSMEs in driving sustainable growth in developing countries.