ECO-INNOVATION AS A BASIS FOR SUSTAINABLE DEVELOPMENT

Inna Tomashuk () and Vasyl Baldynyuk ()
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Inna Tomashuk: Vinnytsia National Agrarian University, Ukraine
Vasyl Baldynyuk: Vinnytsia National Agrarian University, Ukraine

Three Seas Economic Journal, 2023, vol. 4, issue 1

Abstract: The purpose of the article is to substantiate the necessity of introducing ecological innovations into the activities of enterprises, to study the problems and prospects associated with the introduction of ecological innovations, and to make recommendations on increasing the ecologicalization of the activities of enterprises. Methodology. The work uses general and special scientific methods and techniques of cognition: methods of theoretical generalization, analysis, synthesis and grouping, logical-historical method, deduction and induction. It is pointed out that one of the means to ensure the balanced development of society is the introduction of ecological innovations in enterprises. This will contribute to the growth of economic well-being of business entities, ensure the competitiveness of their products, give an opportunity to enter the world market of goods and services, increase the level of environmental safety of the territory and the health of people living there. The results of the work show that the direct implementation of ecological innovations will ensure environmental responsibility of business, increase the efficiency of enterprises, increase consumer loyalty to products and, as a final result, high indicators of competitiveness of manufacturers while preserving the environment. Practical implications. Eco-innovations provide a gradual impact on sustainable development. Achieving the principles of sustainable development, refusing to achieve high rates of economic growth at the expense of future generations, stopping the processes of depletion of natural resources are possible only through the implementation of effective innovative policies based on greening. Value/originality. Environmental innovations should be aimed at solving tasks related to reducing the consumption of resources, controlling harmful effects on the environment, increasing the production of ecological products, reducing the costs of eliminating destructive effects of production activities. Such innovations will lead to a significant reduction in the negative impact of the economic activities of enterprises on the environment and will increase the efficiency of the use of resources, energy and materials. In addition, the ability to ensure the implementation of the waste management process will increase, which will contribute to the sustainable development of the enterprise in the long term.

Keywords: ecological innovations; environment; greening; ecological development strategy; sustainable development; competitiveness (search for similar items in EconPapers)
JEL-codes: E60 F60 Q50 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bal:3seasj:2661-5150:2023:4:1:9

DOI: 10.30525/2661-5150/2023-1-9

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