The role of big data and digitalization in energy transition and business sustainability

Selman Sevindik

Chapter 5 in The Elgar Companion to Energy and Sustainability, 2024, pp 90-107 from Edward Elgar Publishing

Abstract: The global energy landscape is undergoing a transformative shift towards sustainability, driven by the urgent need to mitigate climate change. This transition requires innovative solutions, where big data and digitalization emerge as pivotal catalysts. Big data facilitates data-driven decision-making and optimizes energy systems, generating real-time insights through smart devices, sensors and internet of things. This helps to facilitate informed decisions, demand forecasting, and optimized energy distribution. Digitalization enhances utilizing technologies like smart grids for producer-consumer bidirectional communication. It ensures integration of renewable sources, addressing solar and wind power intermittency for a stable energy supply. Despite substantial potential, challenges persist in big data and digitalization implementation, with data privacy and security requiring robust measures. This chapter delves into their transformative impact, defining roles, underscoring digitalization’s significance in smart grids, and proposing mitigation strategies while exploring future trends like Internet of Things, Artificial Intelligence, Deep Learning, Blockchain in data analysis and decision-making.

Keywords: Business and Management; Development Studies; Economics and Finance; Environment; Geography; Innovations and Technology; Law - Academic; Politics and Public Policy Sustainable Development Goals (search for similar items in EconPapers)
Date: 2024
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