Globalization beyond Business Sustainability, Energy and the Economy of the Future

Benabed Anis () and Boeru Andreea-Cristina ()
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Benabed Anis: Bucharest University of Economic Studies, Bucharest, Romania Doctoral School of Economics and International Business
Boeru Andreea-Cristina: Bucharest University of Economic Studies, Bucharest, Romania; Doctoral School of Economics and International Business

Proceedings of the International Conference on Business Excellence, 2023, vol. 17, issue 1, 1569-1583

Abstract: Globalization has gradually shaped the world for ages and it has been accompanied by various waves of industrialization. It moved the world and human society from simple energy resources such coal and wood to fossil fuels for industry as sources of energy and to sustainable energy and business, step by step it globalized the energy market, every step is accompanied by energy consumption, so the intensive use of energy has become fundamental in economy. The Global economy has known many challenges, the supply and demand are keys for profit, economy and business. The research questions are how has Globalization shaped business, energy and economy? And how has it shaped the world under business sustainability and the economy of the future? The methodology of research based on literature review, descriptive qualitative and data analysis and applying sustainable value by Hart and Milstein in business to see if there are value to reach. The Results show that there is certainly a need to reduce carbon footprint, and it needs more ambitious visions especially after the recent circumstances, sustainability has not been a priority, the development of artificial intelligence has made business opportunities easier for most companies. The fifth industrial revolution has increased chances towards the economy of the future. In conclusion, Globalization has been a key of innovation and new perspectives for business, energy and economy, the cost of sustainability will need more ways to boost its implementation in the international level, especially for the emerging market, developing countries and low income countries that find difficulties to balance their economies during the transition of Globalization and its impact. Applying a sustainable strategy in businesses lead to sustainable and business values. The main commodities that drive world’s industries and productions are still oil and natural Gas. The transition to renewables is still slow.

Keywords: Globalization; energy; economy; future; business; sustainability; transition; market (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:poicbe:v:17:y:2023:i:1:p:1569-1583:n:49

DOI: 10.2478/picbe-2023-0141

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