Sustainable energy mix by strategy development and risk management in heavy industry.

Changing the energy mix within energy-intensive industries has significant policy implications for risk management, transformation processes, and strategy development. This study, which was based on a mixed method approach and included both qualitative and quantitative primary data, provides critical insights into the transformation of heavy industries from the exclusive use of fossil fuels towards a more sustainable energy mix. By incorporating perspectives of strategy development and risk management, this research presents an untapped viewpoint in the existing literature. The key contributions of this study stem from the empirical examination of the strategic development processes and risk management practices in heavy industries during their shift to sustainable energy sources. This study makes a significant contribution to the identification and management of risks associated with this transition process are pivotal in shaping the strategic pathways adopted by these industries. The research findings suggest that the effective orchestration of transformation processes is contingent upon the integration of strategic development and risk management. The employed integrated approach enables industries to mitigate potential adversities and leverage opportunities presented by the shift to renewable energy sources. Additionally, the study highlights significant implications for government policymakers. It emphasizes the need for supportive policies and regulations that foster an enabling environment for the transition towards sustainable energy use. Policymakers should consider both the opportunities and risks associated with the energy transition and to determine how their policies can help manage these risks and drive strategic development in heavy industries. In conclusion, this research offers valuable insights to industrial practitioners and government policymakers alike, fostering a more comprehensive understanding of the transition to a sustainable energy mix in the context of heavy industries. The findings provide a foundation for further research and practical implementation in the realm of sustainable energy transitions, strategy development, and risk management.