Green innovation

From CEOpedia | Management online

According to Driessen and Hilledrand (2002) the Green innovation is defined as the creation and diffusion of new technological means, in order to carry out an activity respecting the environment in addition to remedying the damage already caused.

Accessible sources of energy such as wind, tides, solar energy or geothermal energy are those in which it is essential to start focusing all development or technological progress to date. Today, in the face of major current environmental challenges, it is more important than ever to understand how it is possible to address them, stimulating innovation processes that are at the same time beneficial for the productive sector and for the environment.

Taking CTM Research Group into account we can say that One of the main problems and more important that we find is that much of the resources available to the planet and that are essential for companies are not renewable. Due to all this, a strategy focused on green innovation could help companies achieve greater efficiency, position themselves in an advantageous position with respect to their competition and improve their image in the face of society.

The positive impact of green innovations is not automatic. Unfortunately, on many occasions, technological advances may be accompanied by negative effects, such as the use of lead in gasoline or the use of chlorofluorocarbons in refrigeration or air conditioning systems.

Examples of green innovation

7 Green Innovations that are changing the way we do business according to Chow (2015) are:

  • Vertical Farming.
  • 3D Printing
  • Battery Storage
  • Emission-Free Transportation
  • Desalination
  • Ocean Plastic Clean-up
  • Zero-emission buildings

Advantages of Green innovation

Green innovation has become a major focus for companies and organizations around the world, as it offers a range of advantages. These include:

  • Reduced Environmental Impact: Green innovation often involves the development of new technologies which have a significantly lower impact on the environment than traditional methods. This can help to reduce pollution, conserve resources, and reduce carbon emissions.
  • Cost Savings: Green innovation can also help to reduce costs associated with traditional methods of production. This includes the costs of materials, energy, and labor.
  • Improved Public Relations: By demonstrating a commitment to green innovation, organizations can often improve their public image. This can result in increased sales, brand recognition, and customer loyalty.
  • Increased Competitiveness: By utilizing green innovation, organizations can gain a competitive edge over their rivals. This can result in greater market share and improved financial performance.
  • Job Creation: Green innovation often creates new jobs, as well as the potential for new products and services. This can help to stimulate economic growth and reduce unemployment.

Limitations of Green innovation

Green innovation comes with certain limitations, such as:

  • Cost: Green innovation can be expensive and may require investment in new technologies, which may not be affordable for some organizations or individuals.
  • Complexity: The process of green innovation often involves complex systems that can be difficult to understand.
  • Time: Developing green innovations often takes a long time, including research, development, and testing.
  • Regulations: New green innovations are often subject to various regulations that can be difficult to comply with.
  • Social Acceptability: The public may not be ready to accept and use new green innovations, due to various cultural, political, or economic reasons.

Other approaches related to Green innovation

One approach related to green innovation is the eco-innovation, which is focused on the development of products and services that minimize environmental impacts and reduce resource consumption. Other approaches include:

  • The eco-efficiency, which seeks to reduce the amount of resources used and waste generated during production, as well as reducing the emissions of pollutants in the environment.
  • The green design, which is focused on designing products, processes and services with a reduced environmental impact.
  • The green marketing, which involves promoting sustainable practices and products, as well as raising awareness of the importance of environmental protection.
  • The green supply chain, which is based on the management of resources and materials with a view to reducing the environmental impact of their production and distribution.

In conclusion, green innovation involves a variety of approaches which seek to reduce the environmental impacts of a product or service, while at the same time remedying any damage that has already been caused.


Green innovation — recommended articles
Sustainable innovation — Ecological sustainability — Examples of opportunities — Importance of international marketing — Alternative technology — Ecologically sustainable development — Basic industry — Principles of circular economy — Life cycle of technology

References

Author: Gonzalo Martinez-Cañavate Gomez-Millan

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