Sustainability Leads to Stability and Prosperity

A sustainable economic future will no longer be associated solely with traditional GDP growth. This year, the World Economic Forum (WEF) introduced a new campaign called Future of Growth Initiative. What exactly does this initiative bring?

The aim of the initiative is, among other things, to shift the global debate on economic growth. This includes incorporating new key factors into common considerations – such as innovation, sustainability, inclusion, and resilience. Balancing quantity and quality should become a standard part of the growth agenda.

Supporting Innovation in the EU

Innovation is crucial for the so-called Fair Green Transition and represents an important factor for Europe's overall competitiveness. The Horizon 2020 program financed research and innovation in the EU from 2014–2020 with a budget of approximately EUR 80 billion. It is now succeeded by Horizon Europe, with a budget of around EUR 90 billion, running until 2027. Another ongoing program, InvestEU, supports and mobilizes private investment for key EU priorities, such as the green and digital transitions, innovation, social investment, and skills development.

Responsible Innovation

Responsible innovation brings sustainable and smart solutions to the economy and improves the quality of life for society. Companies that are committed to social responsibility and sustainability already play a crucial role in advancing innovation. Thanks to this commitment, they demonstrate greater stability and readiness for changes, new challenges, or crises.

The Potential of Cross-Sector Cooperation

Cross-sector innovative projects have great potential to deliver significant environmental, social, and economic benefits — not only for companies and their employees but also for customers and suppliers. For example, Hyundai has established a strategic partnership with Waymo, integrating sixth-generation fully autonomous technology. Coordination among companies within specific sectors is also visible — such as in countries that have introduced a deposit system for PET bottles and cans, where beverage companies and retailers cooperate in recycling initiatives. Successful cross-sector responsible projects also exist in the Czech Republic — for example, Plzeňský Prazdroj, Microsoft, Agritecture, and hop growers are jointly implementing the Pro Chmel project aimed at saving Czech hops.

Building a Culture of Innovation

The EU and individual member states play an irreplaceable role in supporting innovation. They achieve this through active development of innovation culture and cooperation with companies and professional organizations. Innovation should not only have a technological dimension but also a social one, aiming to improve overall societal well-being. Freedom and responsibility are also essential because autocratic systems can easily misuse technological progress. Europe, among others, is striving to build a more sustainable and responsible economy. By combining innovation and cooperation across sectors and stakeholders, it is possible to achieve not only ecological and economic goals but also to strengthen social cohesion. We are entering an era where social responsibility and sustainability are not just trends but fundamental pillars of future prosperity and stability.

The article was created in cooperation with MEDIAPLANET CZ/SK for the ESG Leaders campaign.

You can find the full campaign at the following link: ESG Leaders

You can find the online version of the article here: Sustainability Leads to Stability and Prosperity