Several businesses are already leading the way in developing innovative green technologies. For example, Tesla is at the forefront of electric vehicle technology, while Schneider Electric is working on innovative grid solutions that can help reduce energy consumption. As we move towards a low-carbon future, businesses must continue to invest in clean technologies and drive innovation to develop a green economy. This will help protect the environment and position businesses for success in the growing green economy.
- Technological innovation has always been a key driver of economic growth and productivity. However, in recent years, it has also become an important tool for reducing carbon dioxide emissions and mitigating climate change.
- Technological innovations can act as a tool for achieving sustainability goals, increasing energy efficiency, reducing negative resource use consequences, and lowering pollution and other environmental risks.
- Managers are urged to take new approaches to environmental concerns by leveraging current ecological solutions that reduce CO2 emissions and assuring a more significant financial investment in current and future technology, promoting R&D expenditure.
The ‘green economy’ is the term used to describe an economy that attempts to reduce environmental risks and ecological scarcities. It is also known as a low-carbon economy, an eco-friendly economy, or a sustainable development economy. Businesses play a critical role in achieving critical green economy results through implementing new or improved manufacturing and operational techniques and initiatives that result in innovative and sustainable goods and activities (Shakeel et al., 2020). This is in response to the numerous effects of global warming and the repercussions of these effects on society in general (Zandalinas et al., 2021).