ENVIRONMENTAL INNOVATIONS AND THEIR IMPACT ON THE COMPETITIVENESS OF REGIONAL BUSINESSES

Abstract

The article is devoted to topical issues of introducing environmental innovations into the activities of regional enterprises and their impact on business competitiveness. The key factors that determine the effectiveness of environmental initiatives in the modern economic environment are analyzed. The main directions of environmental innovations are considered, in particular, the use of resource-saving technologies, the use of renewable energy sources, the introduction of a circular economy and environmental management. Particular attention is paid to the relationship between environmental standards and the competitive advantages of enterprises operating in the regional space. The role of public policy and international environmental requirements in stimulating enterprises to implement environmentally friendly strategies is investigated. The economic and social benefits of using environmental innovations are identified, including reducing operating costs, expanding market opportunities, increasing consumer confidence and attracting investment. The challenges faced by regional businesses in the process of environmental modernization, including high initial costs of technological re-equipment, the need for qualified personnel, and adaptation to changes in legislation and regulatory requirements, are considered. In addition, attention is paid to the difficulties associated with integrating environmentally friendly technologies into existing production processes and the resistance of enterprises to significant structural changes. The author outlines effective approaches to the environmental transformation of enterprises that minimize risks, enhance competitiveness, and maximize the opportunities for sustainable development. The practical experience of introducing environmental innovations in regional business is studied, which makes it possible to identify the most effective development models, assess their economic feasibility, and determine promising areas of environmental modernization in various industries. Special attention is paid to the role of local context, as regional specifics such as resource availability, regulatory frameworks, and market demands significantly influence the adaptability and success of green initiatives. Additionally, the integration of stakeholder feedback and participatory approaches ensures that proposed solutions are both sustainable and aligned with the unique needs of regional economies.