Biophysical economics and management of biodiesel, a harbinger of clean and sustainable energy
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ORIGINAL ARTICLE
Biophysical economics and management of biodiesel, a harbinger of clean and sustainable energy P. Patel1 · B. Patel2 · E. Vekaria3 · M. Shah4 Received: 18 December 2019 / Accepted: 26 July 2020 © Islamic Azad University (IAU) 2020
Abstract Due to the non-renewable nature of fossil fuels and the impact they have on the environment, they will be completely used up in the near future. Mankind will be forced to retreat to more environment-friendly options. Although some companies are switching towards more eco-friendly options, it hardly meets the growing demand of the energy requirements. This paper portrays the important perspectives and significance of Biophysical Economics and why it is necessary for economies to consider the consumption of energy in such a way that would yield a higher efficiency in the economy. Traditional models used to neglect the importance of Biophysical energy keep the economy connected by the balanced flow of energy. Problems related to shifting towards renewable energy are often considered economic, institutional, political, social or biophysical. From an energy synthesis perspective, BPE is incorporated with the monetary economy within the global biosphere. The objective of this paper is to discuss how money, economy, and energy are interlinked Biophysical Assessment and models which are developed by successful economists help us to determine the methods we could collaborate biophysical approach in our economy some of which are discussed in this paper. The paper is concluded by how these approaches would help to gain economic efficiency by taking biophysical economics and renewable sources of energy as the primary sources in any industry for a promising future. Keywords Biophysical economics · Management · Biodiesel · Renewable energy
Introduction This paper offers the essential interpretations and the significance of Biophysical Economics. The approach to biophysics starts with ecology and perceives the economy as a wholly owned subsidiary of the ecosystem (Daly 2005). Contributing to conventional economics, BPE has added thermodynamic and ecological principles, by placing weight on how natural resources are important in economic processes (Dale et al. 2012; Shah et al. 2017; Sircar et al. 2017).
* M. Shah [email protected] 1
Graduate in Business Administration and Fashion Design Buffalo State College, New York, NY, USA
2
Department of Mechanical Engineering L.J. Institute of Engineering and Technology, Ahmedabad, Gujarat, India
3
Graduate in Genectics, Leeds University, Leeds, UK
4
School of Technology, Pandit Deendayal Petroleum, University, Gandhinagar, Gujarat, India
Biofuels are categorized into three generations. The first generation comprises of starch, sugar, eggshells, vegetable oil and animal fat to be the fuel sources. The second generation pertains to waste biomass (Joshi et al. 2019). Third generation biofuels are made from oil of algae (Oilgae). This oil–gas costs lower than the first generation biofuels, and yields about 30 ti
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