Green innovations as a path towards a more sustainable global economy

Baltezarević, Radoslav (2024) Green innovations as a path towards a more sustainable global economy. In: Bilsel, 1. Bilsel International Korykos Scientific Researches And Innovation Congress, Mersin,Türkiye, 27-28 January, 2024. ASTANA PUBLICATIONS, pp. 348-354. ISBN 978-625-6501-58-4

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Abstract

In previous years, due to society's increasing concern about climate change, it seems that there has never been more pressure on companies to turn to green innovation as a main means of achieving sustainable development. Companies that have already taken steps towards this commitment are perceived by consumers as responsible and as those that are oriented towards environmental sustainability and improvement of economic and social performance. This strategy attracts new consumers, improves competitive advantage, market position and reduces time and costs of production processes. Therefore, green innovations simultaneously contribute to the preservation of the environment and the development of the economy. In a broader sense, a country that is committed to innovation as a means of enabling sustainable development can strengthen its international position and build an image of itself as innovative and environmentally friendly. Among the green innovations most represented on the market are photovoltaic cells for converting sunlight into energy, windmills (which generate energy from the wind), electric cars, green architecture, etc. Such innovations promote economic growth and have the role of reducing carbon emissions as well as redefining waste management and the use of renewable resources, thus reducing the negative effects that people have on the planet. The increasing scarcity of resources due to global economic expansion has forced countries to focus more strongly and decisively on sustainable development. The global economy can collectively drive the positive change needed to protect our planet for future generations by supporting and investing in these technologies.

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