Newly developed green technology innovations in business: paving the way toward sustainability

Abstract

PurposeThis study’s goal is to research and describe developing green technology and green business models, as well as their commercial advantages. However, it focuses on how old business breakthroughs and models may be transformed into new green technologies and innovations that can affect the global business environment. This research concentrates on the technology component of green technologies and provides information on a variety of relevant emerging green business models and innovations such as energy efficiency, renewable energy consumption, commodities and systems, environmental protection, nontoxic materials, and waste minimization, among others. Additionally, this research connects Emerging Green Technology (EGT) innovations to the business for sustainability. It also emphasizes the advantages of green technology adoption in business specially in developing economies.Design/methodology/approachFor that purpose, a Systematic Literature Review (SLR) was performed based on the “inclusion/exclusion criteria” and “PRISMA flow diagram method”. The first screening and quality evaluation rejected 67 publications, 8 in eligibility and 10 in credibility. In the subsequent round, 45 papers out of 210 that met the search parameters were included to access the findings.FindingsThis study provides a foundation for future research into sustainable economic potential by examining the development, breakthroughs, obstacles, future trends and new research prospects of EGTs. As such, this research will serve as a helpful resource for economically growing nations looking to foster long-term growth in their businesses through sustainable development strategies.Research limitations/implicationsThe first limitation of the study is the generalization of the findings. The sample size of the study is limited. For that purpose, an SLR and “PRISMA flow diagram” methods were performed by “inclusion/exclusion criteria” for literature review. Except these, there are many new techniques of SLR. Further research with more sampling and sophisticated tests could produce better results for this study.Practical implicationsThis research provides valuable insights for businesses and politicians seeking to protect the environment, promote economic growth and create a sustainable society. The findings will be particularly useful for emerging nations grappling with issues related to technical innovation, safe environmental practices, reliable renewable energy sources, and ecological and economic growth.Originality/valueThis study’s findings will aid in the design and implementation of new green technology and innovations in current businesses, which will assist in limiting climate change and eventually affect their move to sustainable growth paradigms. For emerging nations, this study will be useful in addressing issues about technical innovation, safe environmental conditions, reliable renewable energy sources as well as ecological and economic growth. According to our research results, the authorities of developing nations would gain from utilizing green business models and technology to spur economic development. Our findings should thus add to the current body of knowledge.