Analysis of the Relationships among between Climate Change and Innovation in Colombia: An Empirical Approach

Innovation is a key element in determining new solutions to control contamination, generate new clean processes, prevent and mitigate the effects of pollution, maintain or increase economic growth and development, and guarantee welfare and quality of life. For this reason, the measurement of innovation and its relationship with climate change is an important topic, especially in emerging economies that need new strategies to promote innovation to control environmental problems and competitiveness. In this context, this study evaluates through empirical analysis the relationships between climate change and innovation in Colombia using different econometric techniques and a database that allows us to understand how innovation plays an important role in the sustainability development and economic growth of countries such as Colombia, which is characterized by its environmental wealth, biodiversity, and vulnerability to climate change. The results of this study suggest the importance of innovation for the generation of clean processes and environmentally friendly goods and services and the prevention and mitigation of climate change. Increased innovation should lead to a decrease in pollution, CO2 emissions. It is important to develop political instruments that promote innovation processes that consider environmental criteria to promote activities that can control and prevent climate change. The findings of this study are important for the design and application of policies that integrate innovation and climate change.