Keywords: peak oil, oil-based energy, bio-based energy, biofuels, renewable energy, technological change, paradigm shift, bioenergy, energy security, sustainability, sustainable development, diffusion modelling, energy innovation, energy supply
Security and sustainability strategies for energy innovation systems
The peaking of world oil production presents the world with an unprecedented energy crisis. In the midst of global oil supply concerns, bio-based energy is seen as a new challenge to help solve energy shortage. Bio-based energy is seen as the next new wave for future businesses and strategies for sustainable development. The study discusses the diffusion model of the energy industry under its transition from an oil-based to a bio-based energy system as well as the direction of technological change of the energy innovation system. The study suggests the market trend and development of bio-based energy in addressing energy supply problems. The study offers policy recommendations to build security and stability in the energy innovation system.