Promoting Green Innovation in India’s Industry 4.0: Paving the Way to a Net-Zero Economy

D. M. Arvind Mallik
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D. M. Arvind Mallik: PESITM

A chapter in Net Zero Economy, Corporate Social Responsibility and Sustainable Value Creation, 2024, pp 203-221 from Springer

Abstract: Abstract Purpose: The COVID-19 pandemic has accelerated digitalization in Industry 4.0, influencing the uptake of green innovation in Indian industries. This has led to improved resource efficiency and a substantial reduction in environmental impact by companies, contributing to a more sustainable environment and progress towards a net-zero economy. Objective: This research delves into the influence of digitalization on green innovation within Indian industries amid the backdrop of Industry 4.0. By scrutinizing its implications for achieving a net-zero economy, the study investigates how digital technologies foster sustainable practices and bolster companies’ competitiveness while promoting sustainable environmental stability. Design/Methods: A quantitative survey was conducted to evaluate green innovation practices within more than 150 Indian companies spanning diverse sectors, including textiles, agriculture, automotive, and manufacturing (covering electrical and electronics, chemical, rubber, and plastic firms), as well as food and beverages. Of the companies approached, 141 provided responses. The study formulated two hypotheses to examine the environmental consequences of companies embracing green innovation practices leading towards a net-zero economy, in contrast to those that did not. Findings: Green innovation offers multiple benefits, such as reducing environmental impact, improving resource utilization, and advancing towards a net-zero economy by introducing new products and services. However, in the digital era, there are obstacles to adopting green innovation, including high financial investments, a lack of expertise in green technology implementation, and regulatory complexities. Statistical analysis has revealed differing adoption rates of green innovation among various industries. Results: To overcome the obstacles hindering the adoption of green innovation, it is advisable to foster collaboration between policymakers, industry associations, and companies. Working together, they can formulate effective solutions. Such recommendations entail the implementation of incentives to encourage green innovation adoption, raising public awareness about its importance, and developing industry-specific standards and regulations. By embracing these measures, a net-zero economy can be realized in the nearby future.

Keywords: Green innovation; Industry 4.0; Sustainability; Indian firms; Green product/process performance; Digitalization; Net-zero economy (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/978-3-031-55779-8_13

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