Sustainable development and green innovation : managing risk through interdisciplinary approaches and policy strategies

Abstract

One of the most significant transformative challenges of the new millennium is sustainable development and the green innovations leading to it. Pursuing sustainable development and green innovation has become a key agenda for policymakers, businesses, and researchers alike. Integrating interdisciplinary approaches and policy strategies has become increasingly prominent in the face of environmental challenges and the identification of effective solutions. In particular, the role of specific stakeholders, such as the state and municipalities, the role of corporate green strategies, and the contribution of funding institutions in the sustainability transition are all important. This book, Sustainable Development and Green Innovation: Managing Risk Through Interdisciplinary Approaches and Policy Strategies, is part of the highly esteemed ESFIRM (Emerald Studies in Finance, Insurance, and Risk Management) series and aims to comprehensively explore the dynamic intersections of sustainability, finance, risk management, and policy making. This book explores the sustainability transition and related policy strategy from an interdisciplinary perspective. The book’s guiding principle is that specific sectors can be drivers (or even barriers) to sustainable development, such as the financial sector, tourism, education, and energy, among others. The book’s chapters provide a comprehensive overview of the background of technological, social, and policy innovations. Good green governance is best understood through case studies. The book presents several sectoral and regional examples of policies that promote sustainability and can contribute to knowledge transfer on green issues. From the strategic ambitions and constraints of Swiss energy companies to the complex role of stakeholder engagement in green innovation policy in Nigeria, the contributions reflect the global and multifaceted nature of sustainable development. The bibliometric review of green finance and banking literature also provides an in-depth synthesis of existing knowledge, helping to identify emerging trends and research gaps. Technology has an undeniable role to play in the transition to a green economy, and several chapters in the volume address the implications of artificial intelligence and machine learning for sustainable finance. These technological developments are shaping the future of financial markets and driving the emergence of innovative green solutions. In addition, case studies on sustainability practices in tourism and rural entrepreneurship highlight the need for targeted policy interventions that consider specific socio-economic and environmental contexts. This volume provides valuable insights into the effectiveness of different policy measures, such as those implemented in Georgia and the Visegrad region, to promote environmentally sustainable economic growth. One of the book’s conclusions is that the sustainability transition is decided in the minds and hearts of the people. Policy instruments and institutional solutions depend on people and their communities. Another important finding is that the multidimensional nature of sustainable development requires a holistic approach, considering economic and non-economic drivers. This book seeks to bridge the gap between theory and practice by presenting empirical studies and conceptual frameworks that can guide policymakers and practitioners in achieving sustainability goals. The authors make valuable recommendations emphasising the need for collaboration across sectors and disciplines to make meaningful progress. I am confident that this volume will inspire further research and help inform policy measures to facilitate the transition to a more sustainable and resilient future.