“A STUDY ON GREEN TECHNOLOGY AND INNOVATION”

Submitted by
Vishal Arun Gupta
(Assistant Professor)
Laxmichand Golwala College of Commerce & Economics
M.G. Road Ghatkopar East, Mumbai- 400 077.
Contact: 8850779341
[email protected]

A Study on Green Technology and Innovation

Abstract:
Green Technology Innovation refers to the process of creating and advancing
environmentally friendly solutions aimed at minimizing environmental harm and conserving
natural resources. Often synonymous with clean technology or environmental technology, the
primary objective of green technology innovation is to fulfill societal needs and desires while
ensuring the sustainable use of natural resources. This approach emphasizes the importance
of designing products with future reusability in mind. Additionally, green technology seeks to
address and mitigate the damages caused by climate change. This paper primarily examines
the landscape of green technology innovation in developing countries, with a particular
focus on India, to illustrate the broader context of green innovation in similar nations. It also
discusses the necessity of green innovation and the challenges it faces in these regions. The
insights provided in this paper can serve as a foundation for understanding the obstacles
encountered by green innovation and for formulating effective policies to support its
advancement.
Green technology refers to a broad category of innovations designed to be environmentally
sustainable throughout their entire lifecycle, from production to usage. This field of
technology is constantly advancing, to minimize the strain on natural resources, which are
being consumed at a rate faster than they can be replenished. The primary aim of green
technology is to mitigate climate change, safeguard the environment, decrease reliance on
non-renewable resources like fossil fuels, and repair environmental damage. Key sectors
actively investing in green technology include transportation, energy, and waste
management.
Keywords: Green technology, Innovation, Natural resources, Environment,

Introduction: ecologically friendly outputs with fewer or

alternative inputs, as well as more output.
Without innovation, green growth cannot Thus, innovations support the decoupling
occur at a faster rate. By rearranging of growth from environmental pollution
production options, frontier innovations and the depletion of natural capital by, for
enable the manufacture of newer, more instance, directing resources toward
cleaner and more resource-efficient classified as "green technology." This
technology. Resilience to environmental includes solutions that produce little to no
shocks can be directly increased by some greenhouse gas (GHG) emissions, are safe
improvements. Innovations that enable the for users, and contribute to a healthier
adaptation of current technologies to local climate for all living beings. Additionally,
circumstances, thereby expanding their such technologies minimize the wastage of
use, are even more critical for all nations. electricity and other natural resource
Generally speaking, they carry less risk consumption while advocating for the use
than frontier innovations and boost firm of renewable energy sources.
competitiveness and production costs.
Either through frontier or catch-up Four Pillars of Green Technology
innovation, the introduction of new goods, Policy:
procedures, business models, and other
Environmental Pillar:
organizational and marketing strategies
The Environmental Pillar states that
should, in theory, help to create and
human activity has an impact a lot on the
expand both existing and new markets,
environment. The relative health of the
which will increase employment content
environment would direct and impact the
and reduce poverty as a result of growth.
extent and scope of operations in the other
In technology discussions, we typically program pillars, such as fiscal, cultural,
refer to the application of various skills, and social. Among the primary
techniques, methodologies, and processes environmental issues facing the world
aimed at practical purposes or achieving today are climate change, the depletion of
specific objectives, such as scientific non-renewable resources, the loss of
research or exploration. Green technology, natural ecosystems, biodiversity declines,
often referred to as "Green Tech," ocean acidification, and growing pressures
encompasses any technology that is from the growing human population.
developed or utilized in a manner that does
not adversely affect the environment. The Social Pillar:
concept of "green tech" pertains to the The Social Development Pillar will assist
continuous advancement of systems, social service providers and locals in
devices, and products designed to increasing awareness of global issues and
minimize environmental harm and enlisting friends and neighbors to help
conserve natural resources, thereby coordinate and contribute to these needs.
reducing the negative impacts of human As a result, everyone's standard of living
activities. The natural resources available will increase. By working together to
to us, often categorized as non-renewable develop social infrastructure in the area,
resources, are limited in our current world. we would inspire people and groups to
collaborate with us on projects that benefit
Green technology is the development and
both parties. We emphasize the importance
use of tools, structures, and systems to
of a person's and a community's security
minimize the harmful effects of human
and well-being, which calls for complete
activity on the environment and its
access to housing, food, medicine, and
resources. Equipment, services, or
education facilities. These are necessities
processes that fulfill these criteria are
for a person to fully engage in the social, structures, and marketing technologies
ecological, and economic spheres. inside and between nations, as well as their
localization. Green technologies are a
Economic Pillar:
broad category of essentially distinct
Its main objective is to attract new
technologies that promote economic
investors and citizens to India. This is
development and lead to more resilient,
critical to the long-term health and
resource-efficient, and clean growth.
prosperity of the city as well as the
 Enhanced recycling practices and
establishment of a vibrant, varied
energy efficiency in buildings—
neighborhood. Attaining this objective will
through advancements in thermal
require India's public, business, and non-
insulation, innovative materials,
profit sectors to hire talented individuals.
heating systems, and energy-efficient
These days, businesses and the jobs they
lighting—along with improved
create are essential to a robust, long-term
production processes that incorporate
economy. If we collaborate, we will
waste and by-products as inputs in
succeed and be the difference that matters.
manufacturing, play a significant role
in minimizing pollution. Additionally,
Energy Harvesting:
developments in agriculture, such as
An essential component of green
genetically modified crops and
technology is energy harvesting, which
advanced irrigation techniques, as well
explores innovative and cutting-edge
as upgrades in transportation
methods to extract useful energy from
infrastructure and urban planning,
waste byproducts that may otherwise be
including land utilization strategies, are
worthless while also creating fresh
key technologies that foster resource
approaches to maximize energy
efficiency and reduce environmental
harvesting. Energy consumption is a
impact.
financially viable tactic for developing
 Technologies aimed at addressing
economies, as it lowers the quantity of
climate change encompass carbon
electricity used.
capture and storage (CCS), electric and
hybrid vehicles, waste-to-energy
GREEN INNOVATIONS: systems, biomass, hydropower, wind
Innovation within development contexts energy, solar power, and marine
should be broadly recognized as the energy. Additionally, they include
process of commercializing new methods cleaner energy sources and their
for addressing challenges through applications.
technological progress. This definition of  Adaptation efforts encompass
technology includes enhancements in enhanced early-warning system
products, processes, organizational procedures, including the construction
structures, and marketing strategies. The of sea walls, increased drainage
concept covers both catch-up innovations capacity, and measures to reduce the
and frontier innovations that are entirely environmental impact of diseases.
new to the world. Catch-up innovations are Additionally, there is a focus on
the ones that involve the proliferation of managing water resources, forests, and
green products, processes, organizational biodiversity. These initiatives also
 involve the development of climate- green technology to move, store, and
resilient products and processes recycle garbage.
tailored to evolving environmental 4. Water Filtration: Green technology is
conditions, such as the use of higher- widely employed globally for water
yield seeds suited for arid and saline purification. It can be particularly
soils, along with the implementation of beneficial in areas facing water
drought-resistant agricultural practices. scarcity, as it enhances the availability
 They play a crucial role in fostering of safe drinking water by desalinating
wealth by safeguarding ecosystems, seawater or treating polluted water
optimizing the use of biodiversity sources.
(such as in natural cosmetics, 5. Air Purification: By reducing the
pharmaceuticals, and ecotourism), and emissions of carbon and other
promoting more sustainable practices pollutants from the industrial sectors,
in the production of plants and green technology is also being utilized
livestock. to clean the air that has been
contaminated.
Sectors Using Green Tech Advantages of Green
1. Energy Sector: The majority of the
energy produced in the world today is Technology:
generated by burning fossil fuels.  Facilitates garbage management and
Alternative fuel sources that are more recycling.
environmentally friendly than fossil  Because it releases zero or fewer
fuels can be developed using green hazardous elements into the
technology. Waste is typically a atmosphere, it is environmentally
byproduct of the combustion of fossil benign.
fuels. Since they don't produce any  Green technology maintenance is
hazardous byproducts and are more economical.
environmentally friendly than fossil  Green technology contributes
fuels, hydroelectric, solar, and wind significantly to the conservation of
dams can be utilized in place of fossil energy resources.
fuels.  Additionally, it is promoting the
2. Transportation Sector: Traditional restoration of our ecosystem's health.
gasoline and diesel vehicles are
significant contributors to global Disadvantages of Green
greenhouse gas emissions.
Technology:
Consequently, many companies are
 The costs incurred during the
adopting green technology in their
implementation phase are substantial.
transportation systems, including
 There is currently no known alternative
electric vehicles and buses powered by
process technology available.
compressed natural gas (CNG).
 Ambiguity regarding the impact on
3. Waste Management Sector: The
outcomes.
waste management industry also uses
 A deficiency in human resources and
specialized knowledge.
 influenced by environmental externalities.
Green Nanotechnology: The connection between knowledge and
Green nanotechnology is the integration of environmental market failures underscores
nanotechnology to enhance the the importance of integrated policy
environmental sustainability of processes measures, particularly in prioritizing green
that produce adverse externalities. This innovation in developing countries over
approach involves the creation of their developed counterparts.
sustainable nano-products and the There are two major discrepancies
application of nanomaterials to support between the private and social returns
eco-friendly practices. Ongoing research is linked to knowledge production, which
exploring the use of nanomaterials for frequently results in inadequate knowledge
applications such as more efficient solar supply without government intervention.
cells, functional fuel cells, and sustainable The foremost market failure arises from
batteries. Key advancements in energy- the limited ability of private entities to
related nanotechnology initiatives include reap the benefits of their knowledge
improvements in energy storage, investments, due to the public goods
conversion, manufacturing processes that characteristics of knowledge. Knowledge
reduce material consumption and increase is inherently non-rivalrous; once created, it
speed, and energy efficiency, and the can be accessed by all, and its optimal use
promotion of renewable energy sources. involves widespread sharing, as one
Furthermore, green nanotechnology person's use does not reduce its availability
presents significant opportunities for water to others. This scenario creates a tension
treatment, particularly due to its unique between static and dynamic efficiency.
capabilities in addressing stubborn While broad dissemination of knowledge
contaminants. post-creation is most effective, insufficient
pricing and returns can obstruct the
Promoting Innovation – dynamic incentives essential for initial
investments in knowledge development.
Frameworks for Supporting
As firms that invest in knowledge creation
Frontier and Catch-Up capture only a small portion of the
Innovations and for benefits, there is often under-investment in
new knowledge, with the extent of this
Strengthening Absorptive under-investment being affected by the
Capacity Development: gap between social and private returns,
Consistent with patterns in other which varies across different technologies
technological industries, the occurrence of and applications. Likewise, innovative
market failures in the generation, companies that deploy existing
dissemination, and utilization of technologies in new markets, or
knowledge by companies necessitates the households that adopt solar energy
formulation of public policies aimed at systems, frequently overlook the positive
promoting the development and spillover effects on later adopters.
commercialization of green technologies. Additionally, there may be a total absence
Furthermore, green technologies are of private investment if the initial research
and development expenses exceed the unsustainable growth trajectory, it may
financial means of lower-income necessitate policy intervention to shift the
consumers, despite the potential for economy towards a more sustainable
substantial social returns from the new growth model. Energy markets, in
knowledge. particular, are especially vulnerable to
such lock-ins, as electricity generated from
A further market failure in knowledge
various technologies serves as nearly
creation arises from the information
perfect substitutes.
asymmetries that exist between inventors
and financiers before the Ultimately, in addition to the common
commercialization of a product. Inventors justifications for policy intervention
possess a deeper understanding of the related to knowledge spillovers and
complexities associated with the funding gaps across various technologies,
technologies being developed, as well as there are also the conventional
the commitment and effort they will invest environmental externalities linked to green
in these projects, compared to banks and technologies. When the social costs
other financial intermediaries. This imposed on the environment by
disparity in information limits access to technologies that generate carbon
conventional financing sources and results emissions, contribute to other types of
in a "funding gap," leading to under- pollution and lead to biodiversity loss are
investment in innovative projects that not adequately captured in market prices or
could yield significant social benefits. addressed through non-price policy
measures, both businesses and households
An externality related to market size can
tend to under-invest in and underutilize
lead to path dependency, which influences
greener technologies, resulting in levels
how innovation efforts are allocated and
that fall short of what is socially optimal.
may result in a socially undesirable
technology lock-in effect. This lock-in There is no universal solution to tackle
occurs when an inferior incumbent both innovation and environmental issues;
technology dominates the market, typically, countries should employ two
hindering the advancement of a superior distinct sets of instruments to address the
alternative. In scenarios where multiple intertwined challenges of knowledge and
technologies exist as substitutes—some of environmental market failures. Research
which may not yet be developed—profit- assessing the effectiveness of various
driven innovators might prioritize policy options indicates that a combination
enhancing the productivity of established of technology and environmental policies
technologies, particularly when the market —such as research subsidies alongside
for these technologies is substantial and carbon taxation—outperforms a strategy
offers higher returns. The expansion of focused solely on environmental measures.
market size, driven by economies of scale Furthermore, maintaining policy neutrality
along with learning and network effects, towards technology is not always feasible
can further incentivize ongoing and may even be counterproductive in
improvements to the initially chosen certain scenarios. Policies aimed at
technology. If this technology is overcoming knowledge-related market
environmentally harmful and promotes an failures can enhance the development and
dissemination of new environmentally statistic that pollution claims over 9
sustainable technologies, while million lives each year. The main function
complementary measures that address of green technology is to reduce
environmental externalities offer stronger environmental hazards and preserve
incentives for their development and natural resources, promoting the use of
adoption. clean, renewable energy sources to avoid
the exhaustion of non-renewable
resources. A notable example is the solar
roof tiles developed by Elon Musk, CEO
of Tesla. These tiles differ from
Need of Green Technology: conventional solar systems, as they are
The primary goal of green technology is to designed to generate energy efficiently, are
address global warming and reduce the economically viable, provide superior
greenhouse effect. This concept revolves insulation, and boast a longer lifespan.
around developing innovative solutions Furthermore, green technology plays a
that preserve natural resources. The crucial role in combating global warming,
intention is to minimize negative impacts which has seen a significant rise in global
on human health, wildlife, and the planet's surface temperatures of 0.4 to 0.8°C over
overall well-being. It is becoming the past century. The Intergovernmental
increasingly clear that our planet is Climate Panel forecasts that temperatures
burdened by the waste we produce. could increase by 1.4 to 5.8°C by the year
Nevertheless, with commitment, we can 2100, exacerbating the greenhouse effect.
make substantial progress in alleviating This temperature rise can lead to various
this problem. The successful application of negative consequences, including smog,
green technologies will be essential in ozone layer depletion, ocean acidification,
decreasing emissions. As a result, and alterations in plant growth. However,
numerous developed countries, along with through the advancement of green
several developing nations, are now technology, we can address climate change
embracing this technology to protect by exploring innovative energy production
against the detrimental effects of climate methods and managing carbon
change. consumption effectively.
While pollution issues have been around Green technology focuses on creating
for a long time, green technology is a alternative energy solutions that preserve
relatively recent concept. Its prevalence is vital fossil fuel resources. Addressing
increasing as awareness grows regarding global warming is essential, which
the detrimental impact we have on our involves reducing greenhouse gas
planet. Green technology is emerging as emissions, particularly nitrogen and carbon
one of the fastest-growing sectors in the dioxide. To meet this challenge, green
job market. Given the importance of technology employs a variety of strategies,
environmental protection, it is clear that including harnessing solar energy, utilizing
green technology is more than just a fuel cells, tapping into wind energy, and
fleeting trend. The urgency for green exploring geothermal energy. In addition
solutions is underscored by the alarming to these renewable options, it advocates for
innovations such as battery storage warming, and conserving natural
systems, sustainable construction methods, resources.
and the application of metallic foams. The
implementation of this technology is Green Growth in Indian
already prevalent worldwide and continues Context:
to grow. By combining technology with The Sustainable Development Agenda for
recyclable materials, green technology 2030, launched in September 2015,
promotes a cleaner, healthier environment. consists of 17 goals aimed at promoting
For example, initiatives are currently in sustainable development, along with 169
place for the production of specific targets. This framework
environmentally friendly computers. The demonstrates the dedication and
current generation of computers often involvement of member countries in this
contains harmful substances like cadmium, worldwide effort. Importantly, the
lead, plastics, and brominated fire Constitution of India specifically addresses
retardants. Green technology seeks to matters concerning environmental
create computers composed of protection and change.
environmentally safe components for Article 48-A of the Constitution mandates
disposal. In the construction sector, green the government to safeguard and enhance
technology is making strides by the environment, as well as to conserve the
incorporating sustainable features and nation's ecosystems and wildlife. The 2030
enhancing property value through eco- Sustainable Development Agenda,
friendliness. Although the initial introduced in September 2015, outlines 17
investment in green buildings may be high, goals and 169 targets aimed at sustainable
they offer significant long-term benefits. development, reflecting the commitment
For example, while geothermal systems and participation of member states in this
can be costly to install, they consume global initiative. The Constitution of India
nearly 50% less energy than conventional distinctly highlights the importance of
systems and reduce carbon dioxide environmental protection and reform, with
emissions by 70%. This not only lowers Article 48-A specifically requiring the
energy costs but also helps protect the government to strive for the preservation
planet by conserving natural resources. and improvement of the environment,
Green technology is essential for our alongside the protection of the country's
future sustainability. The adverse effects of natural habitats and wildlife.
pollution and climate change highlight the The National Action Plan on Climate
necessity and significance of clean Change (NAPCC) and the State Action
technologies. This approach not only Plan on Climate Change (SAPCC) are
offers alternative energy sources but also essential frameworks designed to integrate
supports biodegradable products, fosters climate change considerations into
recycling efforts, and advocates for planning at both national and state levels.
sustainable construction practices. The NAPCC comprises eight federal
Consequently, it plays a vital role in missions that delineate specific objectives
reducing emissions, mitigating global for climate change mitigation and
adaptation. These missions currently focus
on solar energy, energy efficiency, resonate with consumers, prompting them
sustainable ecosystems, sustainable to invest in green technology to enhance
agriculture, the Green India initiative, their image as advocates for environmental
climate resilience, the conservation of sustainability. Ultimately, this trend
Himalayan biodiversity, and the represents a substantial benefit for the
enhancement of strategic knowledge. The environment, as innovations in green
government plans to revamp the National technology are being adopted and refined
Water Project and the National Initiative to become more effective and eco-
on Sustainable Agriculture, while also friendlier.
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