Eco-innovation: a plan B for planet A.

Eco-innovation: a plan B for planet A.

Eco-innovation is any innovation that contributes towards resource-efficient development, reducing environmental degradation and supporting diffusion of environmentally friendly solutions for the benefit of global sustainability.

We are gradually becoming more and more aware of our planetary boundaries and the urgent need to act towards transformation of our manufacturing and consuming behaviour. This human awareness coupled with endless creativity has already allowed us to reduce the use of raw materials, treat wastewater, recover resources from scrapped and used materials, biodegrade previously non-degradable materials, convert natural power to produce energy. However, we are still catching up and instantly need to scale up existing solutions and develop new ones and encourage combined efforts towards a single goal – continue living in harmony with our one and only planet A.

Engaging in eco-innovation allows businesses to embed sustainability into their core decision-making processes and integrate it across all business dimensions, enabling the creation of novel solutions to resolve environmental issues in various areas, such as preventing global warming, creating a sustainable society, protecting the environment, biodiversity and mitigating damage caused by chemical substances. The creation and diffusion of environmentally friendly technologies not only contribute to global good; it makes further environmental innovation less costly and time-consuming. Moreover, long-term, stable incentives support the development of different, even more environmentally friendly solutions, widening our eco-frontiers and reducing our anthropogenic footprint.

Research shows that eco-innovative companies are growing at 15% a year, with small and medium-sized enterprises being particularly responsive to eco-innovation due to their adaptability and flexibility, making them a key driver of a resource-efficient economy. To continue this promising trend, HMRC should allow the R&D incentive to keep playing a vital role in optimising the contribution of innovation into our transition to a sustainable society. Along with this, the UK government also initiated various grant funding programs to address some of the urgent environmental challenges faced by society.

Sustainable development is both a challenge and a great opportunity for us to contribute to our shared purpose: to live and thrive within the capacity of our planet.

More information on eco-funding programs can be found https://www.randdtax.co.uk/research-and-development-grants-for-environmental-good/

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