Eco-Innovation: Innovation Goes Green

The term “eco-innovation” is thought to be first coined by Claude Fussler and Peter James in their book “Driving Eco-Innovation” in 1996. Fussler and James defined “Eco-Innovation” as new products and process that provide customers and business value while significantly decreasing environmental impacts. However, with the passage of time with increasing concern for sustainable development eco-innovation has started to consider social and institutional aspects as well. A series of terms are used interchangeably with eco-innovation e,g, environmental innovation, innovation for sustainable development and sustainable innovation. Since 2000, environmental innovation is attracting attention to comply with ‘Lisbon Objectives’ on growth and innovation and the ‘Gothenburg priorities’ on sustainable development