Assessing the Role of Public Policy in Fostering Global Eco-Innovation

Authors

Phaninee Naruetharadhol, International College, Khon Kaen University, 123 Mitrphap Road, Khon Kaen 40002, Thailand; Center for Sustainable Innovation and Society, Khon Kaen 40002, Thailand
Aisling ConwayLenihan, Hincks Centre for Entrepreneurship Excellence, Munster Technological University, Bishopstown, Cork, Ireland. T12 P928Follow
Helen McGuirk, Hincks Centre for Entrepreneurship Excellence, Munster Technological University, Bishopstown, Cork, Ireland. T12 P928Follow

ORCID

https://orcid.org/0000-0002-3888-9146

Document Type

Preprint

Creative Commons License

This work is licensed under a Creative Commons Attribution-Share Alike 4.0 International License.

Disciplines

Business | Social and Behavioral Sciences

Publication Details

Journal of Open Innovation: Technology, Market and Complexity. © 2024 Published by Elsevier.

Abstract

The growing urgency of environmental problems, such as climate change, pollution, and waste management, has highlighted the importance of eco-innovation. It includes the development of sustainable solutions for goods and services. As corporations adopt sustainability practices, governments are increasingly essential in propelling eco-innovation.

Innovation and economic growth are inextricably linked since innovation helps reduce costs, increases productivity, and builds knowledge. Eco-innovation, requiring stakeholders' collaboration and knowledge sharing where public policy plays a critical role in fostering eco-innovation, is frequently catalyzed by climate change and environmental issues.

This paper provides an assessment of the public policy of several countries and its part in promoting eco-innovation. It explores how policy tools such as research and development investments, regulations, incentives, and infrastructure can be used successfully. It also explores how such instruments influence small and medium enterprises due to their importance in environmental sustainability policy.

This research contributes to knowledge and adds to the literature by offering a global approach to the subject, complementing previous regional/single-country studies. It demonstrates the worldwide consequences of policy actions on eco-innovation and provides recommendations for policymakers, businesses, academics, and environmental stakeholders. The results highlight how governmental support is integral to ensuring the sustainability of a green future with economic benefits.

Recommended Citation

Phaninee Naruetharadhol, Aisling ConwayLenihan, Helen McGuirk, Assessing the Role of Public Policy in Fostering Global Eco-Innovation, Journal of Open Innovation: Technology, Market, and Complexity, 2024, https://doi.org/10.1016/j.joitmc.2024.100294.