Eco-Innovation Versus Eco-Investment in the Context of Sustainable Development: The Perspective of Local and Regional Economies

Purpose: The aim of the article is to identify and systematise eco-innovation and eco-investment as components of sustainable socio-economic development. In addition, a comparative analysis of investments and eco-innovations was carried out. This means that the subject of the study covers undertakings oriented towards the preservation and protection of nature, while the subjects of the study are selected spatial units in Poland, i.e. a specific regional system - Western Pomerania - and a local system - Szczecin. A hypothesis was formulated that eco-innovations and eco-investments are important elements of the development potential of regional and local economies, and their activation and intensification ensure sustainable development at the environmental, social and economic levels. Adequately to the objective and hypothesis, the following research questions were formulated: what constitutes eco-innovation and eco-investment, what are the similarities and differences between these concepts, and why are these projects such an important element of sustainable development? Design/Methodology/Approach: The research methodology in the theoretical part was based on a critical analysis of the literature on the subject (especially journals and monographs). This part also employs a comparative analysis method in identifying differentiating features and analogies between eco-innovation and eco-investment. The empirical and pragmatic part is descriptive and explanatory, especially with regard to the identification of ecological undertakings as drivers of sustainable development of economies in selected spatial units - regional and local systems. The synthesis method was used in the formulation of conclusions. Findings: The research methodology applied and the cognitive and empirical studies carried out made it possible to systematise eco-innovation and eco-investment and to identify similarities and differences between these terms. In addition, their significance from the perspective of regional and local economies was verified. The research was carried out on the example of selected spatial systems as a basis for sustainable socio-economic development across the country. Practical Implications: Analysis of exemplary development projects of an ecological nature has shown that eco-investments and eco-innovations are one of the pillars of sustainable economic development on a regional and/or local scale. Stimulators in this respect are the active activities of enterprises, business environment institutions, various organisations and associations, local government units, as well as the pro-development policy of the state, especially the investment and innovation policy. What is important here is the integration and coordination of ecological activities at the microeconomic level (represented by business), at the mesoeconomic level (local government units in terms of regional and local socio-economic development policy) and at the macroeconomic level (in terms of state policy). Eco-innovation and eco-investment should be integral elements of sustainable socio-economic development, not only at the regional and local scale, but also at the national level as a whole. This is due to the fact that the national economy is the sum of regional and local economies. Originality/value: The article addresses the topical and important issue of sustainable development at regional and local levels through the lens of environmentally oriented development projects. The rationale behind the choice of topic is both the topicality and importance of these issues and the identification of a theoretical and pragmatic gap, especially in terms of comparative analysis regarding eco-innovation and eco-investment. The article combines theoretical and empirical research into a coherent whole, filling the diagnosed gap of a cognitive and applied nature.