Innovation for the green transition: challenges and future perspectives

Abstract

Abstract This paper explores eco-innovations as the key enabler of green transition and the main response to the climate change risks that firms increasingly face in all sectors. Taking a systems perspective and focusing on the barriers to eco-innovation, we discuss the most promising economic levers that could be engaged to accelerate eco-innovations and the green transition. We emphasise the complex and crucial roles in green transition played by policy-making and firm governance practices, firms’ sustainability-oriented and digitalisation capabilities as well as the need for extensive collaborations within and across firms. We bridge the literatures around climate change risks, firm capabilities and environmental policy to present a holistic reflection of what eco-innovations need to encompass in order to serve the green transition.

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