The Potential of the Green Economy as a Means of Financial and Promotion Green Innovation. Albania’s Predicament

This study explores the green economy's potential as a financial resource for green innovation in Albania. This study seeks to enhance business and other stakeholders’ understanding of the European Union's “Green Deal's” new strategic approach and the opportunities and difficulties that arise in the transition to a sustainable development and green economy. This research has tested various aspects of the new reality of living, developing, and doing business. These include the financial mechanisms that are currently set forth and provided, as well as the ones that have been utilized for the achievement of green objectives; the readiness and potential of businesses for green innovation; the identification of gaps and needs for incentive mechanisms in green financing; and the socio-economic impacts observed from a comparative analytical perspective for Albania and the Member States of the European Union. Methodological regression analyses using multi-structural equation models have been established in this regard. The study's findings demonstrate that consumer behavior and the number of applications for green investments and innovations benefit from creating and disseminating “smart” communication strategies and “green” guides, which are intended to inform, educate, and assist businesses in adopting green innovation.