Eco-innovation provides a win-win solution to improving economic competitiveness and sustainability as it starts at the company strategy level and extends influence beyond the company gates to the supply chain
Eco-innovation aims at reducing impacts on the environment, enhancing resilience to environmental pressures, or achieving a more efficient and responsible use of natural resources. The growing market, reputational and regulatory pressures in response to rising resource scarcity and environmental degradation reinforce therefore the business case for eco-innovation.
It works through a new business strategy that incorporates sustainability throughout all business operations, based on life cycle thinking and involves partners across the value chain. By implementing a set of coordinated modifications to products (goods / services), processes, market approaches and organizational structures, eco-innovation enables the creation of novel solutions leading to enhanced sustainability performance and competitiveness.
What Creates An Enabling Environment for Eco-Innovation?
For eco-innovation to be viable in the long-run, the following create a conducive environment:
- Business case
- Technical knowledge and expertise
- Enabling policy framework
- Regional and international cooperation
Further information: The Eco-innovation Project