What Combinations of Environmental and Legal Policies Best Encourage Green Innovation at the National Level

"It’s not easy being green" – This may be the cry of many nations as they heed the call to make drastic, yet necessary and welcomed changes to their individual and collective policies. Some legal and environmental changes are related to green innovation in the sustainability debate, propelled by the United Nations’ 2030 Agenda for sustainable development.

Green innovation consists of new and modified processes, practices, systems and products that benefit the environment and contribute to environmental sustainability. In order for green innovation to thrive in any nation, there must be an overall capacity of good governance. This governance must be driven by a symbiotic relationship between governments, a vibrant public sector, and industry leaders that are willing to unleash policies that are clear, flexible, and predictable. Policy development and its effectiveness also largely depends on whether a nation state is developed or developing, and the pace at which governments can move with the support of its people.

Considering the above points, China, for example, needs to be commended for its Green Technology Bank, which is a platform that compiles eco-friendly technologies and promotes innovation and collaboration. Additionally, sound national intellectual property frameworks are vital in supporting the push towards green innovation. However, new and emerging innovations need patent protections to encourage the creative process and to stimulate private sector involvement.

Green innovation has the potential to accelerate economic growth in a nation. This ocean of possibilities must be recognised for its worth, both through government policy and the private sector’s willingness and commitment to participate.