Eco-innovation, when applied with UNEP’s approach, provides a win-win solution to improving economic competitiveness and sustainability as it starts at the level of company strategy and extends influence beyond the company gates to the supply chain. The growing market, reputational and regulatory pressures in response to rising resource scarcity and environmental degradation reinforce the business case for eco-innovation.
Our Working Definition:
Eco-innovation is the development and application of a business model, shaped by a new business strategy that incorporates sustainability throughout all business operations based on life cycle thinking and in cooperation with partners across the value chain. It entails a coordinated set of modifications or novel solutions to products (goods / services), processes, market approach and organizational structure which leads to a company’s enhanced 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
For more information, visit The Eco-innovation Project
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Read more about the Eco-Innovation Project or find out about an eco-innovation workshop or event.