Modeling Green Economy Based on Green Technology and Energy Management System: an analytical evidence

The role of green technology for the transition to a sustainable economy has received increasing attention by policy decision-makers. Organizations are increasingly implementing energy management and green technology approaches to optimize resource utilization. However, integrating a circular economy functionality into such systems remains a challenge since the measurement of efficiency in these models is difficult. In this study, we propose a data-driven model to provide a comprehensive framework in assessing whether a green economy model represents an effective way of delivering sustainability. In this approach, a novel energy optimization process and management strategy were developed for direct monitoring of energy consumption on smart grids, and a predictive analytics model was realized. By collecting data and insights from multiple case studies, i.e., companies, we derive indicators that represent the efficiency gains contained in renewable energy projects: one is the level of energy savings of green technologies and the other is the cost efficiency given by energy savings; then we develop an assessment tool using the structural equation modeling (SEM) method. Evidence is found that green technologies and renewable energy sources both support the transition of organizations, although strong regulatory frameworks are especially important. For the relationship between investment in green technology and energy savings, differences in the implementation strategies and regulatory policies significantly impacted effectiveness. The approach enhances the potential of the green economy model to be applied in high growth industrial sectors. The results shed new light on the role of green technology and thus have interesting policy and practical implications.

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