Economic Impact of using Biomass for Biogas Production in the Context of Sustainable Development

Abstract

The negative effects of fossil fuels use on the environment and their non-renewability force economists to think about other options and ways of obtaining energy, on the one hand, from sources that are quickly renewable and, on the other hand, from those that during the process of obtaining energy do not cause excessive environmental pollution. The importance of the circular economy as a new direction of economic development is increasingly contributing to sustainable development. The diversification and expansion of economic activities are considered through biofuel production to be an effective way of increasing the share of renewable sources in solving the world's ecological problems. For governments to guarantee clean home energy access, biogas energy must be produced and used sustainably. The production of biogas from biomass has various economic effects that can significantly support sustainable development objectives. Strategic planning, cooperation, and innovation are required to optimize these economic gains to overcome governmental and regulatory difficulties, market dynamics, technological restrictions, and budgetary restraints. Market risks—classified as political, economic, social, technological, legal, and environmental (PESTLE)—impact this. To determine the PESTLE restrictions and evaluate their effects on the sustainable development of technology in the EU, this study reviews peer-reviewed literature. The Pestel method is used to identify strengths, weaknesses, opportunities, and threats because the market is subject to constant changes and is characterized by dynamics. PESTEL analysis can detect new opportunities in the biofuels market that a company can use for its growth and overtake potential competition in strategic steps.