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Sustainable Development through Green Innovations: Economic Strategies of China and the EU Compared

Author

Listed:
  • Denys ILNYTSKYY

    (Kyiv National Economic University, Kyiv, Ukraine; Akaki Tsereteli State University, Kutaisi, Georgia)

  • Olga DROBOTIUK

    (Kyiv National Economic University, Kyiv, Ukraine)

  • Vladyslav ANDRUSYK

    (Kyiv National Economic University, Kyiv, Ukraine)

Abstract

The paper examines the economic strategies of China and the European Union in promoting sustainable development through green innovations. Sustainable development, essential for economic growth, environmental protection, and social equity, necessitates the adoption of environmentally friendly technologies and practices. Numerous studies have explored these concepts separately, but only some have compared the economic strategies of major players like China and the EU, which account for about 1/3 of global GDP. The comparative analysis methodology was used to investigate the economic strategies of China and the EU, including insights from government policies and key sectors targeted for green innovation. Research questions concern the effectiveness of these strategies in promoting sustainable development and the differences in approaches between China and the EU. The results reveal significant disparities in their approaches and impact on the way to the development of green economies. China leans towards top-down government interventions and investments, while the EU emphasises regulatory frameworks and collaborative efforts focusing on bottom-up initiatives. Both global actors grapple with balancing economic growth and environmental sustainability. Statistical data underscores the burgeoning growth of industries embracing green innovations, with the global market for green technology reaching $13.7 billion in 2022. While the development of Industry 4.0 is a common feature of both economies, their specialisations differ, so the need for further cooperation and exchange of goods remains. The paper also explores the impact of green innovations on industry competitiveness, showing that companies investing in environmentally friendly technologies gain market share. These findings underscore the importance of the country's strategies and international cooperation to tackle global environmental challenges. The paper offers a benchmarking of China and the EU's economic strategies for promoting sustainable development through green innovations. By synthesising the existing literature and providing insights into their differing approaches, it contributes to a better understanding of the effective strategies for global sustainable development.

Suggested Citation

  • Denys ILNYTSKYY & Olga DROBOTIUK & Vladyslav ANDRUSYK, 2024. "Sustainable Development through Green Innovations: Economic Strategies of China and the EU Compared," PROCEEDINGS OF THE INTERNATIONAL CONFERENCE ON ECONOMICS AND SOCIAL SCIENCES, Bucharest University of Economic Studies, Romania, vol. 6(1), pages 412-525, August.
  • Handle: RePEc:rom:conase:v:6:y:2024:i:1:p:412-525
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    More about this item

    Keywords

    sustainable development; green innovations; smart economic strategies; industry 4.0; China.;
    All these keywords.

    JEL classification:

    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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