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The Business Case for Eco-Innovation

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The Business Case for Eco-Innovation
Year: 2014
Language: English
Business and industry worldwide are recognizing the sustainability imperative to shift production and consumption patterns to a new economic paradigm. Yet the current approach of incremental improvements has proved to be insufficient to deal with environmental and social pressures from challenges such as dwindling resources and climate change. Unless a company is looking beyond its gates to assess sustainability risks and opportunities throughout its value chain, and in cooperation with the key partners, it will be incapable of unlocking the transformational potential to deal with these growing external pressures.

Eco-innovation is one of the key enabling instruments identified by the EU for the transition to a more resource efficient economy. It is embedded in the Europe 2020 strategy for a more sustainable growth and the Commission has developed over the years a policy framework and dedicated funding to encourage uptake of eco-innovative solutions by the market. Eco-innovation is a concept that aims at matching the interests of industry and businesses with those of sustainability. Many challenges have already been successfully solved by frontrunner cities and regions which have been looking at the world around them in a different light and started innovating. A number of public authorities across the world have had the courage to re-think the approach to managing their jurisdiction and re-design the services they were offering to citizens in order to improve their well-being. Many others will hopefully follow.