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The Essence and Significance of Eco-Innovations in the Circular Economy
Vitovshcyk T. S., Bazavluk N. G.

Vitovshcyk, Tetiana S., and Bazavluk, Nataliia G. (2024) “The Essence and Significance of Eco-Innovations in the Circular Economy.” Business Inform 6:159–165.
https://doi.org/10.32983/2222-4459-2024-6-159-165

Section: Innovative Processes

UDC 330.341.1:504]:339.137.2

Abstract:
The article is devoted to the consideration of the main provisions and substantiation of the essence of eco-innovations as the main competitive advantage in a closed-loop economy. In the course of the study, the authors consider the features of the development of eco-innovations, taking into account the features of a closed-loop/circular economy. The paper describes the genesis of the concepts of «innovation» and «eco-innovation» in scientific literature and regulations – both international and national. The study is supplemented by an analysis of the domestic legislative field. When synthesizing the existing definitions of the essence of the category of «eco-innovation», two essential approaches (as process and as product) have been identified for the first time. The erroneous interpretation of the essence of «eco-innovation» as process under the condition of the simultaneous existence of the category of «innovation process» has been proved. A theoretical distinction is made and the cause-and-effect relationships between the concepts of «innovation process» and «eco-innovation» are studied, the results of which are presented graphically. The authors propose their own definition of the concept of «eco-innovations» (which does not contradict the norms of the current legislation) within the framework of the essential approach «as product» of newly created (applied) and (or) improved competitive technologies, products or services, as well as organizational and technical solutions of production, administrative, commercial or other nature, created by the company itself or other external structures in order to reduce or prevent eco-destructive impact on environment throughout its life cycle, while ensuring the profitability of economic activity. The classification of «eco-innovations» is considered; technological, organizational, social, and institutional innovations are allocated, and the essence and features of each of the subordinate types are described. Two modern ecosystems – open and closed-loop – are characterized, their distinctive features are presented. The expediency and necessity of production and implementation of eco-innovations for economic entities and the State are substantiated.

Keywords: innovation, innovation process, eco-innovations, closed-loop economy, competition, competitive advantage.

Fig.: 2. Tabl.: 2. Bibl.: 15.

Vitovshcyk Tetiana S. – Candidate of Sciences (Economics), Associate Professor, Department of Economic and Financial Security, Academy of Recreation Technologies and Law (2 Karbysheva Str., Lutsk, Volyn region, 43023, Ukraine)
Email: [email protected]
Bazavluk Nataliia G. – Candidate of Sciences (Economics), Associate Professor, Department of International Economics and International Economic Relations, Poltava University of Economics and Trade (3 Ivana Banka Str., Poltava, 36003, Ukraine)
Email: [email protected]

List of references in article

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“Eco-Innovation at the heart of European policies“. European Commission. https://green-business.ec.europa.eu/eco-innovation_en
Fasler, K., and James, P. Driving Eco-Innovation: A Breakthrough Discipline for Innovation and Sustainability. Financial Times Management, 1997.
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Carrillo-Hermosilla, J., Del, Rio P., and Konnola, T. “Diversiyty of eco-innovations: Reflections from selected case studies“. Journal of Cleaner Production, vol. 18, no. 10-11 (2010): 1073-1083. DOI: https://doi.org/10.1016/j.jclepro.2010.02.014
Kiefer, Ch. et al. “Diversiyty of eco-innovations: A quantitative approach“. Journal of Cleaner Production, vol. 166 (2017): 1494-1506. DOI: https://doi.org/10.1016/j.jclepro.2017.07.241
Prieto-Sandoval, V., Jaca, C., and Ormazabal, M. “Towards a consensus on the circular economy“. Journal of Cleaner Production, vol. 179 (2018): 605-615. DOI: https://doi.org/10.1016/j.jclepro.2017.12.224
Sanni, M., and Verdolini, E. “Eco-innovation and openness: Mapping the growth trajectories and the knowledge structure of open eco-innovation“. Sustainable Futures, vol. 4 (2022). DOI: https://doi.org/10.1016/j.sftr.2022.100067
“Trends in Environmental Finance in Eastern Europe, Caucasus and Central Asia“. OECD, Paris, 2007. https://www.oecd-ilibrary.org/content/paper/oecd_papers-v7-art9-en
Schumpeter, J. A. Business Cycles: A Theoretical, Historical, And Statistical Analysis of the Capitalist Process. McGraw-Hill Book Company, 1939.
Musina, L. A. “Eko-innovatsii yak shliakh do zelenoi modernizatsii ekonomiky: mizhnarodnyi dosvid i perspektyvy Ukrainy“ [Eco-innovations as a Way to Green Modernization of the Economy: International Experience and Prospects of Ukraine]. Naukovo-tekhnichna informatsiia. 2015. http://nbuv.gov.ua/UJRN/NTI_2015_2_6
Prykhodko, I. V. “Pidkhody do traktuvannia poniattia «eko-innovatsii»“ [Approaches to the Definition of the "Eco-Innovation" Concept]. Internauka. 2018. https://www.inter-nauka.com/uploads/public/15174109416012.pdf
[Legal Act of Ukraine] (2002). https://zakon.rada.gov.ua/laws/show/40-15#Text
Savchuk, O. Ya., and Yavorska, N. P. “Kontseptualni pidkhody do utochnennia poniattia «eko-inovatsii»“ [Conceptual Approaches to the Precise Term "Eco-Innovations"]. Naukovyi visnyk NLTU Ukrainy. 2012. http://nbuv.gov.ua/UJRN/nvnltu_2012_22.4_20
Sokur, M. “Eko-innovatsii dlia staloho rozvytku: suchasnyi stan, mekhanizmy finansuvannia ta proiektna diialnist“ [Eco-Innovations for Sustainable Development: Current Status, Financing Mechanisms and Project Activities]. Modeling the Development of the Economic Systems, no. 4 (2023): 84-91. DOI: https://doi.org/10.31891/mdes/2023-10-11

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