An empirical study of factors driving extensive development of eco-innovations in the Russian manufacturing industry

The study of development challenges in the “green” economy of the Russian industry is becoming increasingly relevant due to three socioeconomic aspects of development: social responsibility (environmental protection and public health), economic benefits (cost optimization and technological renewal), and enhancing the competitiveness of domestic production (attracting investment). However, there is currently a lack of empirical research in this subject area, particularly regarding the main cause-and-effect relationships that influence the implementation of environmental innovation projects in the Russian manufacturing industry. This article aims to fill this research gap. To this end, statistical methods such as descriptive time series analysis, the Dickey - Fuller test for stationarity, and the Granger causality test were employed. Initial data consisted of a sample of quantitative indicators of factors influencing eco-innovation development extent, selected based on scientific literature analysis. The time period analyzed is 2014-2023. The research results are as follows: a. A set of factors with a statistically significant impact on the volume of investments in innovative eco-projects was identified. b. The impact of investments in eco-innovations on the intensity of waste utilization and the level of current environmental costs was identified. c. Mutual influence was found between the volume of eco-innovations and company profits, GDP energy intensity, and the development of eco-management. The results are practically significant in that they can be applied to develop mechanisms that stimulate “green” innovations in industry and assess the effectiveness of relevant government support programs.