Sustainable innovations aim to meet the needs of present generations without compromising those of future ones. Today, businesses have become morelikely to incorporate issues such as climate change into their innovation process. In fact, sustainable innovations involve making intentional changes to the organization’s or the company’s products, services and processes, in order to generate long-term environmental benefits. However, institutions have grown to understand that this also creates economic profits for them through operational optimization, organizational transformation and systems building.
According to a report published by Grand View Research, in 2021, the global green technology and sustainability market size was valued at USD 13.28 billion. This industry is expected to grow more as environmental awareness and concern about global warming , along with Sustainable Development Goals (SDGs) , is rising among organizations, institutions, startups and individuals.
Why is this important?
A study conducted by Natalia Ortiz-de-Mandojana and Tima Bansal has actually shown that companies or startups with sustainability orientation were more likely to survive crises, generate more revenues over the long run and experience less share price volatility. That being said, businesses thrive and create important places in their respective market by simply curbing pollution and emission, reducing exploitation of environmental conservation and minimizing operational costs and power consumption.
Finally, the global green technology and sustainability market size is expected to expand at a compound annual growth rate of 22.4% from 2022 to 2030. This is due to the emphasis on environmental protection across businesses and organizations that will benefit the green technology and sustainability market.
Bibliography
Green Technology and Sustainability Market Size Report, 2030. (s. d.). Consulté le 10 septembre 2022, à l’adresse https://www.grandviewresearch.com/industry-analysis/green-technology-sustainability-market-report
Network for Business Sustainability. (2022, 2 juin). What is Sustainable Innovation? Network for Business Sustainability (NBS). Consulté le 10 septembre 2022, à l’adresse https://nbs.net/what-is-sustainable-innovation-and-how-to-make-innovation-sustainable/
Green Technology and Sustainability Market Size | Forecast – 2030. (s. d.). Allied Market Research. Consulté le 10 septembre 2022, à l’adresse https://www.alliedmarketresearch.com/green-technology-and-sustainability-market-A06033#:%7E:text=The%20global%20green%20technology%20and,in%20economic%20and%20social%20sustainability.
Fortune Business Insights. (2022, 25 avril). With 20.6 % CAGR, Green Technology and Sustainability Market Size worth USD 51.09 Billion in 2029. GlobeNewswire News Room. Consulté le 10 septembre 2022, à l’adresse https://www.globenewswire.com/en/news-release/2022/04/25/2428125/0/en/With-20-6-CAGR-Green-Technology-and-Sustainability-Market-Size-worth-USD-51-09-Billion-in-2029.html
