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The Role of Sustainability‐Related Strategies on the Biofuel Industry: Trends, Prospects and Challenges

Michael Fotiadis and Michael Polemis ()

Business Strategy and the Environment, 2018, vol. 27, issue 6, 757-772

Abstract: The aim of this study is to elucidate the sustainability‐related strategies on the biofuel industry. Our empirical analysis is based on a time series data set covering diesel demand in Greece over the period 1978–2014 and on the basis of these estimates we make forecasts for biodiesel consumption in the coming years (2015–2030) under three alternative scenarios. Our approach utilizes unit root testing to investigate possible co‐integrated relationships among the sample variables. The empirical findings indicate that diesel demand is income and price inelastic in both the long and the short run, while biodiesel demand seems to have an upward trend over the simulated period. We argue that the importance of biofuel in the Greek energy balance will change the form of the existing business strategies towards issues such as sustainability, green entrepreneurship and corporate social responsibility to achieve the environmental goals set by the EU Energy Roadmap 2050. Copyright © 2018 John Wiley & Sons, Ltd and ERP Environment

Date: 2018
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Handle: RePEc:bla:bstrat:v:27:y:2018:i:6:p:757-772