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From terms like “eco-friendly” and “eco-design” – you may think you’ve already heard of all the “eco-like” terms to have ever existed, but have you heard of eco innovation?
Eco innovation refers to the idea of creating eco-friendly products or practices which will help promote sustainability without forsaking current revenue or momentum in a business.
In this article, we’ll explain what eco innovation is, examples, benefits, and how your company could incorporate the ideals of eco innovation.
Eco-innovation, sometimes referred to as environmental innovation, is a new approach in business which aims to advocate for sustainability without compromising business performance or foregoing the competitive nature of a company.
Eco innovation is important seeing as it is essential for people and businesses alike to alter the products and habits of their daily lives to elicit the necessary changes needed to combat climate change once and for all.
💡 Therefore, the main goal of eco innovation is to help mitigate excess emissions and aid in the climate change crisis – as making our daily habits and products used to be more environmentally friendly can help to drastically reduce our carbon footprint.
A few other reasons why eco innovation is important include:
👉 The term, “eco innovation” makes use of the word “innovation” in order to accentuate the need for rapid action and adjustments for the sake of companies looking to improve their environmental, economic, and social pillars.
Some examples of eco innovation include the use of renewable energy such as via solar or wind power.
💡The terms “sustainable innovation” and “eco innovation” are often used interchangeably, but the two are not entirely the same. This is because eco innovation, while also concerned with benefitting society as a whole, primarily focuses on environmental reform – whereas sustainable innovation places a greater emphasis on ethical and social aspects.
More examples of eco innovation include:
👉 Generally, any eco-friendly effort to help mitigate excess emissions or produce resources in place of finite resources, such as renewable energy instead of fossil fuels – is considered an example of eco innovation.
The four categories of eco innovation are technological eco innovation, social eco innovation, organizational eco innovation, and regulatory eco innovation.
The four main categories under eco innovations include:
👉 Ultimately, regardless of the type of eco innovation implemented on behalf of a company – eco innovations remain extremely beneficial for everyone involved: from the business itself, to customers, stakeholders, and the surrounding community.
There are several benefits to eco innovation – such as gaining the ability to access new markets and helping to adhere to environmental regulations before they become compulsory.
Here are 5 benefits of eco innovation:
Studies have shown that investors are more likely to take an interest in companies that express their commitment to environmental reform – and seeking to utilise eco innovation is a surefire way to accomplish this.
This means that eco innovation could help your company to close crucial investment opportunities.
Eco innovations can help businesses attract new customers with their newfound interest in tackling sustainability. For instance, another company may hear about your company’s product or service when it is marketed as an eco innovation because they were specifically looking for a more eco-friendly product – and otherwise, may have never found your company to begin with.
Therefore, eco innovation can help your business expand to new horizons.
Eco innovation isn’t just good for the environment, but for the atmosphere inside your own office walls.
The more efficient your in-office technology is running, the more inspired your employees will be to get creative and develop even more eco innovations.
One of the many reasons companies seek eco innovation is to comply with upcoming environmental regulations, but in reality – eco innovation can help your company to stay one-step-ahead of the game.
This is because environmental regulations will often require companies to publicly disclose their emissions, which will motivate companies to reduce their environmental impact in order to prevent negative environmental backlash.
Implementing eco innovation can help to reduce emissions, help companies stay ahead of future environmental regulations, and prevent the potential hesitation associated with complying under these more stringent rules.
Recent studies reveal that an overwhelming amount of people prefer to purchase sustainable goods, which includes the entire process behind those products being made – such as how products are sourced or how workers are treated.
Eco innovation can help demonstrate to customers a company’s dedication to environmental reform and in turn, boost sales and profits as a result of increased consumer interest.
Your company can implement eco innovation as long as your business takes the necessary preliminary steps to eco innovation.
Here are a few questions to consider before taking the plunge into the world of eco innovation:
Once your company has addressed all of these concerns, your business can confidently move forward with various ideas for eco innovation initiatives.
Overall, eco innovation can help to build a more sustainable business whilst also helping your company to boost profitability and also creating happier and more satisfied customers, investors, and employees – all of which help your business to stay relevant and fight climate change at the same time.
If reading this article about eco innovation has made you interested in reducing your carbon emissions to further fight against climate change – Greenly can help you!
It can be challenging to determine how eco innovation can find a place in your business, but don’t worry – Greenly is here to help. Click here to schedule a demo to see how Greenly can help you find ways to improve energy efficiency and decrease the dependency on fossil fuels in your own company.
Greenly can help you make an environmental change for the better, starting with a carbon footprint assessment to know how much carbon emissions your company produces.
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