Balanced scorecard and eco‐innovation in the industrial sector: A strategic map for environmental innovation

Abstract

AbstractIn recent years, companies in several industries have adhered to new initiatives, developed new technologies and industrial processes to help reduce pollution and address other factors that have negative impacts on the environment. However, there is a lack of practical methodologies to evaluate the environmental performance of an organization, and there is no appropriate methodology to help companies direct their investment strategies to achieve corporate sustainability. An eco‐innovation plan is an important tool to help industries become more environmentally friendly, but its implementation is difficult to achieve in the short term. To this end, this article offers a strategic eco‐innovation map based on the well‐known balanced scorecard (BSC) that aims to help companies mitigate environmental impacts and promote sustainable development without harming their development and growth. Based on a review of the relevant literature and a survey of 30 environmental experts using four dimensions and 38 indicators, the map provides a methodological path for the investment in environmental sustainability initiatives and programs with financial returns.