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Green technology is a type of technology that is environmentally friendly. Its main purpose is to conserve nature, tackle problems related to the depletion of natural resources and to repair the negative impact of human activities, such as pollution and environmental degradation. The term ‘green technology’ is also known as ‘environmental technology’ or ‘clean technology’. These technologies are used in various aspects of our lives: from renewable energy and power storage, smart building innovations, green living technology, to smart transportation and mobility, waste management and recycling (Dasy, 2016; Babbitt, 2017).
The closed loop model is a biomimetic (life-imitating) approach, which takes nature as an example and considers that systems should work like organisms, processing nutrients that can be fed back into the cycle—hence the terms 'closed loop' or 'regenerative' used to describe it. The closed-loop economy is also called the 'circular economy' and it is an industrial system that is restorative or regenerative by design. It replaces the ‘end-of-life’ concept with restoration, shifts towards the use of renewable energy, eliminates the use of toxic chemicals, and waste by improving the design of materials, products, systems and business models (Ellen MacArthur Foundation, 2016).
Sustainable innovation is a process whereby sustainability considerations (environmental, social and economic) are integrated into all company processes from idea generation through to research and development (R&D) and commercialization. It can be applied to products, services and technologies, as well as new business and organization models (Charter, 2007). Sustainable innovation is a new and evolving area that also relates to eco-innovation, which is any form of innovation that makes significant and proven progress towards the goal of sustainable development, by reducing impacts on the environment or by achieving a more efficient and responsible use of natural resources, including energy (Competitiveness and Innovation Framework, 2007 to 2013).