Innovation

Industry Goal:  Innovating to create sustainable products, processes and services

Innovation has long been a key driver of business sustainability. The development of new and more desirable products and services that are linked to market needs and more efficient production processes has ensured that many companies continue to grow and remain viable in increasingly competitive markets. Innovation will position the industries to work on the significant challenges facing Australia, like climate change and drought.

There are key opportunities and challenges to innovate within plastics and chemicals companies and secure competitive advantage, particularly given the commodity nature of much of the industry. Without a strong and innovative domestic plastics and chemical industry, the ability to innovate and to develop new technology and products will diminish across many critical supply chains. New technology and developments in the areas of green chemistry, biotechnology and nanotechnology will continue to engender innovation in the industries; Australia boasts leading researchers in these fields. Australian companies are leveraging their R&D dollars by partnering with CSIRO and Cooperative Research Centres (CRC) such as the CRC for Polymers.

Innovation is not just about research or new technologies, but also innovation within the business and across supply chains. Many existing capabilities can be leveraged and extended to create an innovation focussed business, such as product stewardship, waste reduction, supply chain management and stakeholder engagement.

There are increasing opportunities for companies to reduce their environmental impacts, create sustainable solutions and achieve a transformation of the industries over time.

Click here to go back to Sustainability Priority Areas