The eco-innovation impact on economic and environmental performance of EU Member States

Abstract

Development of innovation is recognised as a most powerful tool for the economic growth of countries. However, their effects on the quality of the environment are still being debated. To achieve sustainable development, eco-innovation becomes significant. EU countries expand eco-innovation activities, but it is not clear whether its development achieves the goal of economic growth and improves the quality of the environment. Purpose – to present how EU Member States perform in economic growth, environment and eco-innovation development and to evaluate eco-innovations impact on economic and environmental performance. Research methodology – the random effect regression was used for investigation relationship between eco-innovation, economic growth and environmental performance. Findings – eco-innovation development influences not only EU MS economic growth but also has a positive effect on environmental performance. Research limitations – eco-innovations development and economic growth can be interdepended, but this research investigates just one-way dependence. Granger causality test can be used for relationship assessment in the future. Practical implications – the research results can be used for both the development of environmental policy and the policy of business support for eco-innovation implementation. Originality/Value – study results confirmed previous assessment results on eco-innovation and economic growth and provided new knowledge of their effect on environmental performance.

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“…Also, when analyzing the literature, one should highlight the fact that in terms of the issue of corporate responsibility for environmental damage, today the subject of attention of the international community is the positive duty of states to provide effective mechanisms for holding business entities liable for such violations, as well as in cases where entities management do not introduce mechanisms for assessing the risks of their activities for the environment, public health, environmental well-being of a particular community, and so on [6,7].…”