HARNESSING THE POTENTIALS OF GREEN TECHNOLOGY INNOVATIONS THROUGH INNOVATION ECOSYSTEM FOR ENVIRONMENTAL SUSTAINABILITY

This study explores the role of innovation ecosystems in driving the adoption of green technologies for environmental sustainability, with a focus on the socio-economic factors that influence these innovations in both developed and developing countries. The research evaluates the extent to which economic development, education, and infrastructure support green technology innovations, and how these factors contribute to carbon emissions reductions and renewable energy outputs. Data were collected from a sample of 125 stakeholders across six countries—Nigeria (representing a developing country), and five developed countries, using surveys and semi-structured interviews. The study reveals a strong correlation (r = 0.88) between economic development and green technology adoption in developed countries, compared to a weaker correlation (r = 0.72) in developing countries. The findings indicate that, on average, developed countries experienced a 30% reduction in carbon emissions and a 25% increase in renewable energy outputs, whereas developing countries saw reductions of 20% and 15%, respectively. The research also identifies key barriers to adoption, including financial constraints, technological gaps, and insufficient policy support, with a higher correlation (r = 0.72) for these barriers in developing countries. Furthermore, the study finds that socio-economic factors such as education and infrastructure play a pivotal role in overcoming these barriers. The research concludes that developed countries are better positioned to adopt green technologies due to their stronger socioeconomic infrastructure, while developing countries face significant challenges that hinder progress. Based on these findings, the study recommends targeted policies that focus on financial incentives, capacity building, and infrastructure development in developing countries, along with international collaborations to facilitate technology transfer and knowledge sharing. These recommendations aim to enhance the effectiveness of innovation ecosystems in promoting sustainable green technologies globally.