Quantifying the dynamics of relationships between eco-innovations and SDG 8

Abstract

Achieving the sustainable development goals is a major challenge for all the countries. The possibilities are constantly being sought to ensure environmental sustainability and economic sustainability at the same time. The optimal tool in this process is green finance, which is greatly important to achieve the sustainable development goals (SDGs) from the point of view of environmental and economic sustainability. The study's main goal was to analyze and quantify the relationships between the selected categories of eco-innovations and SDG 8 (Decent Work and Economic Growth) as one of the 17 Sustainable Development Goals established by the United Nations General Assembly in 2015. Annual data were collected from all the countries that have been European Union members since 2013. The outcomes of the regression models confirmed the assumption of a relationship between the eco-innovations and SDG 8. The closest relations were found in the field of employment, meaning that with the growth of eco-innovations, the employment rate should also increase. We also examine the countries' position in eco-innovations and SDG 8. Northern European countries received the most positive evaluations, while southern countries had negative evaluations. The study results provide valuable information to support the decision-making processes for the eco-innovation policymakers, as well as for the institutions and the regulatory authorities. Our findings clearly illustrate achieving SDG 8 through eco-innovative development and confirm the detailed insights into the explored relations between eco-innovations and human resources. This study's findings also support the creation of a national and international comparative platform and the development of benchmarking indicators in the eco-innovations and green growth field.