Environmental management for sustainable business development

The article examines theoretical and methodological approaches and practical aspects of greening business, which are relevant to the imperatives of sustainable development. Based on expert assessments of domestic and foreign researchers, the ISO 1400 series (International Standard Organization) standards are considered a necessary prerequisite for solving environmental problems of an enterprise, a condition for their integration into the world economy. Four companies' environmental strategies have been identified (Indifferent Strategy, Opportunity Strategy, Risk-based Strategy, and Innovation Strategy) depending on the ratio of market opportunities and environmental risks. The need for innovation arises when both factors are high. An innovation-driven strategy combines both vectors of the green economy: maintaining dynamic economic growth and preserving the natural environment on a long-term basis. The structure and significance of eco-innovations (product, process, organizational) in forming a circular economy (CE) is clarified. A shift towards product-based service systems is proposed as one of the critical solutions to accelerate CE transition. Digitalization is a significant factor driving this process and forming open innovation platforms. Digital technologies provide transparent access to data on the consumption of resources, products, optimize product life cycles, create cyclical business models through automated monitoring, control, and optimization of processes and resources. Depending on technological processes, Cyclic business models are divided into three groups: slowing down, closing, and narrowing the cycle loop. Innovative business models are focused not only on the production of economic value for companies but also on creating environmental and social value for stakeholders.