Sustainable Development through Green Innovations: Economic Strategies of China and the EU Compared

Denys Ilnytskyy, Olga Drobotiuk and Vladyslav Andrusyk
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Denys Ilnytskyy: Kyiv National Economic University, Kyiv, Ukraine; Akaki Tsereteli State University, Kutaisi, Georgia
Olga Drobotiuk: Kyiv National Economic University, Kyiv, Ukraine
Vladyslav Andrusyk: Kyiv National Economic University, Kyiv, Ukraine

PROCEEDINGS OF THE INTERNATIONAL CONFERENCE ON ECONOMICS AND SOCIAL SCIENCES, 2024, vol. 6, issue 1, 412-525

Abstract: The paper examines the economic strategies of China and the European Union in promoting sustainable development through green innovations. Sustainable development, essential for economic growth, environmental protection, and social equity, necessitates the adoption of environmentally friendly technologies and practices. Numerous studies have explored these concepts separately, but only some have compared the economic strategies of major players like China and the EU, which account for about 1/3 of global GDP. The comparative analysis methodology was used to investigate the economic strategies of China and the EU, including insights from government policies and key sectors targeted for green innovation. Research questions concern the effectiveness of these strategies in promoting sustainable development and the differences in approaches between China and the EU. The results reveal significant disparities in their approaches and impact on the way to the development of green economies. China leans towards top-down government interventions and investments, while the EU emphasises regulatory frameworks and collaborative efforts focusing on bottom-up initiatives. Both global actors grapple with balancing economic growth and environmental sustainability. Statistical data underscores the burgeoning growth of industries embracing green innovations, with the global market for green technology reaching $13.7 billion in 2022. While the development of Industry 4.0 is a common feature of both economies, their specialisations differ, so the need for further cooperation and exchange of goods remains. The paper also explores the impact of green innovations on industry competitiveness, showing that companies investing in environmentally friendly technologies gain market share. These findings underscore the importance of the country's strategies and international cooperation to tackle global environmental challenges. The paper offers a benchmarking of China and the EU's economic strategies for promoting sustainable development through green innovations. By synthesising the existing literature and providing insights into their differing approaches, it contributes to a better understanding of the effective strategies for global sustainable development.

Keywords: sustainable development; green innovations; smart economic strategies; industry 4.0; China. (search for similar items in EconPapers)
JEL-codes: O57 Q55 Q56 Q58 (search for similar items in EconPapers)
Date: 2024
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