Research of Eco-Innovations as the Basis for the Sustainable Economic Development: Theoretical Dimensions

Abstract

The article discusses theoretical dimensions of research of eco-innovations as the basis of the sustainable economic development . The role of eco-innovation is substantiated and the formation of the concept of ecoinnovation is studied . The essence of eco-innovations is defined, with showing their distinction from other categories of innovations . A specific feature of eco-innovations, technologies for renewable energy in particular, is that they a require political support and have global market potentials . Eco-innovations cannot be interpreted in a way similar to other innovations (e . g . from the perspective of dual external effects or regulatory effects of pull and push) . They need a relevant theory and specific policies . The types of innovations are characterized . The unclear borderlines between various types of parallel innovations are highlighted, which complicates research processes . Innovations and eco-effectiveness are key components of national and international economic strategies and strategic components of the sustainable development . Innovations increase the effectiveness and profitability of businesses, allowing them to penetrate new markets and expand the existing ones . Hence, being a critical factor behind the sustainable development, innovations promote employment growth, social welfare and better quality of life . The drivers of eco-innovations are characterized . The contribution of eco-innovations in the sustainable economic development and transformation of the economy in low-carbon or circular one is substantiated . Given that eco-innovations are a process and that the environmental effects of the product lifecycle have to be comprehensible, eco-innovations are very difficult to measure . The most common methods used for this purpose can be grouped in the following way: analysis of surveys; analysis of patents; analysis of digital and documentary resources . Measurement of eco-innovations at various levels, be it company, industry, region country or international level, is a complex and multipurpose problem .