Innovation – Social and Institutional

Throughout history, the ability to generate new ideas and solutions has been an essential component of human progress and survival. Innovation has laid the foundations for significant economic, social and technological developments. As a result, humanity has experienced improved living standards, sustained economic growth, advanced healthcare systems and increasingly efficient manufacturing and production processes.

However, the implementation of many innovations has also resulted in the destruction of essential ecosystems, widespread pollution and a range of irreversible changes to the global climate, as evidenced in consecutive IPCC reports. To mitigate these destructive trends and create a more resilient economy and society, the need for innovative thinking is now more urgent than ever.

Innovation is also vital for businesses wanting to remain competitive and prosperous in a net zero world. In a constantly evolving marketplace, organisations that can embrace change are more resilient and successful. Consequently, leading businesses are rapidly recognising the need to re-evaluate their business models, value propositions and operational practices to address these risks and take advantage of opportunities in the transition to net zero.