Authors: Charles Joseph Odumusor, Dominic Offiong Edem, Martina Irima Obi
Abstract: The increasing environmental issues like global warming, degradation of biodiversity, and the excessive depletion of natural resources have essentially changed the nature of the operation of the economies and businesses. To address these calls, an observable change has occurred between conventional forms of growth and an inclination towards sustainable and inclusive modes of growth. In the changing environment, entrepreneurship has ceased to be considered only as a way of making profits, but rather means of solving environmental and social issues as a strategic instrument. This paper looks at how green entrepreneurship serves as an interface between environmental sustainability and economic development. Taking a theorical gain, the paper combines the most important views regarding the Resource-Based View, Institutional Theory, Stakeholder Theory, and Sustainable Development Theory to present a combined framework of how the activities of green entrepreneurship leads to socio-economic development. The discussion shows that green entrepreneurship fosters eco-innovation, helps to shift to low-carbon economies, and makes firms more competitive by reducing the consumption of non-sustainable resources. Simultaneously, it leads to more extensive social benefits such as job creation, reduction of poverty, environmental protection, and inclusion to society. The paper goes further to suggest that the effects of green entrepreneurship are not only limited to the results of the firm-level but also to the macroeconomic change especially in the developing and emerging economies where environment and socio-economic issues are closely intertwined. Green entrepreneurs, by incorporating sustainability in business strategies, help in fulfilling the global development agenda like Sustainable Development Goals. Generally, this research offers a deep theoretical background explaining the multifaceted interdependence between green entrepreneurship and socio-economic development. It can benefit researchers, policymakers, and practitioners as it evidences that sustainable entrepreneurship practices are critical in realizing the enjoyment of long-term economic resilience, environmental sustainability, and inclusive growth.
DOI: http://doi.org/10.5281/zenodo.20961943
