Eco-innovations for sustainable development of Ukrainian enterprises

Abstract

The successful development of enterprises is based on many factors, and today, global environmental problems, the depletion of natural resources, global warming, and overpopulation are highlighting the importance of eco-innovation for sustainable development. The purpose of the study was to investigate the essence and significance of eco-innovations for the sustainable development of Ukrainian enterprises, in particular, considering the consequences of the 2022 military aggression against Ukraine. Research is generally based on methods of analysis, synthesis, abstraction, generalisation, and explanation. Prerequisites for the introduction of eco-innovations are established by the following groups of factors that put pressure on business: economic, regulatory, market, and socio-environmental. Three key groups of effects of eco-innovations (environmental, economic, and social) are identified and the advantages and disadvantages of their implementation for business are analysed in detail. As the analysis and successful global examples have shown, eco-innovations provide an increase in customer and employee loyalty, increase sales and improve the brand image, and so on. At the same time, the following disadvantages are mentioned: significant costs; technical, technological, and regulatory difficulties; rising prices for goods, and in addition, there are additional specific obstacles in Ukraine. Although many Ukrainian companies successfully introduce innovations, in general, it is shown that they lag behind firms in developed countries in terms of technological efficiency and sales of high-tech products. Ukraine has already achieved quite significant positions in the Environment Performance Index 2022 on the way to implementing the European Green Deal. However, the Russian invasion of Ukraine in 2022 negatively affected the state of its economy, environment, science and innovation. The practical value of the study is to provide recommendations for the sustainable development of Ukraine based on the European Green Deal and innovative global eco-approaches

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