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This paper investigates the forces correlated with environmental innovations (EIs) introduced by firms in local production systems (LPS). The role of inter-firm network relationships, agglomeration economies and internationalization strategies is jointly analysed for a sample of 555 firms in the EmiliaRomagna (ER) region (North-East Italy). Cooperating with a certain kind of local actors-i.e. suppliers and universities-is the most important EI driver for the investigated firms, along with their training coverage and their adoption of information and communication technologies. The role of agglomeration economies is instead less clear-cut. They spur EIs only in the presence of established LPS, with idiosyncratic sector specialization, while conversely they act as EI barriers. Networking effects and agglomeration economies are instead found to strongly promote the adoption of EIs by multinational firms, thus highlighting the importance of local -global interactions. Interesting specifications for these results are found for particular kinds of EIs, in such fields as CO 2 abatement and ISO labelling, generally extending the analysis of EI drivers by joining local and international factors. In addition, the role of regulatory sector factors confirms the induced innovation hypothesis and provides a robustness check to our results.

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This paper investigates the forces correlated with environmental innovations (EIs) introduced by firms in local production systems (LPS). The role of inter-firm network relationships, agglomeration economies and internationalization strategies is jointly analysed for a sample of 555 firms in the EmiliaRomagna (ER) region (North-East Italy). Cooperating with a certain kind of local actors-i.e. suppliers and universities-is the most important EI driver for the investigated firms, along with their training coverage and their adoption of information and communication technologies. The role of agglomeration economies is instead less clear-cut. They spur EIs only in the presence of established LPS, with idiosyncratic sector specialization, while conversely they act as EI barriers. Networking effects and agglomeration economies are instead found to strongly promote the adoption of EIs by multinational firms, thus highlighting the importance of local -global interactions. Interesting specifications for these results are found for particular kinds of EIs, in such fields as CO 2 abatement and ISO labelling, generally extending the analysis of EI drivers by joining local and international factors. In addition, the role of regulatory sector factors confirms the induced innovation hypothesis and provides a robustness check to our results.

Waste Kuznets Curves, Delinking, Waste management, Waste policies, Policy evaluation, Landfill diversion, Waste generation, Incineration, Waste prevention, C23, Q38, Q56,

We analyse the role of financial barriers in affecting the adoption of environmental innovations (EI) with a focus on manufacturing small and medium-sized enterprises in Europe. In taking stock of the consolidated literature on EI, we find that the role of financial barriers is substantially neglected, although crucial, even more relevant in the current phase of the economic cycle. Our empirical analysis confirms the existence of direct negative effects of financial barriers on environmental innovation investment decisions. It furthermore sheds more light on the determinants of financial barriers that shape firms' cleaner production choices. Our findings have the following policy implications: properly designed policies can play a critical role, not only by stimulating EI through their determinants, but also by acting on the financial obstacles to eco-innovation. Policy relevanceEnvironmental innovations (EI) are essential to achieve economic growth and environmental protection goals. Technological development is one of the key factors that can counterbalance the growth and population emission-augmenting effects. EI are a priority in major EU policy strategies and a prerequisite for the development of a 'Resource efficient Europe', one of the flagship initiatives of Europe 2020. The existence of financial barriers can constitute a serious deterrent for the eco-innovative capacity of firms, even more than for 'traditional' innovations, as EI are characterized by high technical risk, long payback period and uncertainty on the appropriability of private rents. This article analyses in depth whether barriers related to external financing affect EI investments and whether the stringency of financial constraints to investments in EI is affected by factors related to EI specificities. We show that when both direct and indirect effects on EI investments are considered, the role of the policy framework appears to be as particularly crucial in order to reverse the risk/return trade-off of eco-innovative investments. Targeting policy interventions to facilitate access to credit and to mitigate capital markets' imperfections is essential to mitigate the apparent contradiction between EU industrial policies and climate abatement scenarios.