Drivers of Green Industry Growth: A Systematic Review

Abstract

To achieve economic growth and environmental protection and maintenance, sustainable use of resources, energy efficiency, waste and carbon management and low-carbon energy sources are crucial in the development of the green industry. The aim of this systematic review is to define and analyze the factors that affect the growth of the green industry. A detailed search strategy was conducted using PRISMA guidelines using databases including Emerald, Science Direct, Scopus and Web of Science as well as Google Scholar. The review comprised papers from peer-reviewed empirical studies involving green industry businesses, published in English, from 2010 to 2023. The review highlights the importance of sustainable business practices in order to succeed in a competitive market in the long run. Prominent challenges include stakeholder engagement, regulatory compliance and the incorporation of green practices within corporate strategies, all of which are essential to the development of a green industry. The study comprehensively analyses the literature on green industry and determines the most significant factors driving the evolution of the green industry, which can be useful for policymakers, business leaders and researchers interested in sustainable development. The importance of green innovation and firm performance in supporting sustainable development is emphasized, and it is noted that green practices have a positive effect on cost efficiency, the speed of response to customers and environmental impact. Sustainable business practices are crucial for the long-term competitiveness of businesses in a rapidly changing business environment. Factors influencing the development of businesses in the green industry, highlighting the need to develop the economic, environmental and social aspect of the business.