Exploring Precursors of Renewable Energy Portfolio Diversification Using TPB

Renewable energy is produced from natural sources that can regenerate quickly, such as the sun, wind, water, biomass and the earth’s heat. This implies that the resources used do not have a significant negative impact on the environment, which aligns with current concerns for protecting the planet and ecosystems. This study aims to explore the behavior of entrepreneurs regarding the processing of resources that can be introduced in the circular economy and the development of the renewable energy portfolio by transforming horse manure into bioenergy. Employing Structural Equation Modeling (PLS-SEM) and based on an extensive dataset comprising 104 responses from entrepreneurs engaged in or aspiring to participate in the renewable energy sector, this research reveals a noteworthy finding. Contrary to prevailing expectations, it demonstrates that the perceived interest in safeguarding future resources and the environment among these entrepreneurs is currently low. This study not only enriches the understanding of entrepreneurial behavior within the renewable energy domain but also extends the Theory of Planned Behavior. In doing so, it underscores the critical significance of sustainability factors as drivers of future business development and underscores the need for comprehensive policy initiatives that compel greater commitment to renewable energy and circular economy practices.