Question

To provide three examples of eco-innovation, to identify its pluses and minuses from economic and environmental points of view (product innovation, production or delivery innovation, organizational innovation, marketing/communication innovation).

Volume – 1-2 pages

Answer 1

Eco innovation refers to improvement in economic and environmental performance with new technologies . Eco innovation also refers to organizational and social changes that improves competition as well as sustainability.The innovation of products as well as processes contributing to sustainable development, is eco innovation.Innovation can be in design, in product, in marketing techniques ie it may be in all forms of business.Examples of eco innovation are innovative technologies for building zero energy houses and residential buildings in which household power plants use renewable energy to generate heat and electricity,eco innovation that will improve  waste segregation and recycling processes,and sustainable green economic development which will reduce green house gas emission .

Eco innovation leads to sustainable and equitable societies.It leads to new business opportunities as well as sustainable , equitable growth.It leads to more efficient use of natural resources.So economic benefits are immense.It leads to the development of  low carbon economy and adresses climate change.It leads to clean energy, low carbon,sustainable agriculture, sustainable development, green economy etc So it brings positive environmental impacts.However eco innovation has two sides and the disadvantage is that they are expensive and people take time to change to bio degradable things and prefer using plastics which are cheap and easily available.