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Abstract

Greenovation is the new currency of the global economy which focuses on ‘green and innovation’ that generates environmental benefits through reduced resource consumption, lower carbon emissions, and improved ecological performance aligned with Sustainable Development Goals (SDGs). Greenovation focuses on long-term value creation by integrating environmental externalities, resource circularity, and multi-stakeholder governance and accountability structures. Greenovation integrated with corporate strategies can provide greater strategic competitive advantages which is also termed as green competitive advantage. By systematically integrating product and process improvements through Greenovation, firms can attain competitive advantage for long-term value creation for both internal and external stakeholders. It is imperative that business leaders take a note of the significance of Greenovation and include it in their corporate strategies. Business leaders can leverage Greenovation for sustained competitive advantage by means of enhanced environmental reputation and green image, and stakeholder trust. The article provides a holistic conceptual and pragmatic framework of Greenovation which is essential for long-term survival of the planet earth and robustness and resilience of global economy. The article concludes that the strategic integration of green innovation with ESG principles and green transformational leadership is essential for achieving sustainable business and long-term value creation. This integrated approach enhances organizational competitiveness, sustainable competitive advantage, environmental performance, and strengthens corporate reputation.

Keywords

Greenovation, Innovation, Sustainability, Competitive Advantage, Climate Change

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