Eco-Innovation: Analysis of EU Member States Performance in the EU Eco-Innovation Index 2013–2022

Sustainability is about intergenerational solidarity in finding solutions to ensure the continued growth that allows organizations and companies to be proactive. In the context of contemporary technology, the fourth industrial revolution, i.e., the widely accepted notion of Industry 4.0, and swift corporate growth; the effects of industry, transportation, and urbanization on climate change; and the preservation of the environment in its entirety are becoming more and more significant. The primary objective of this study is to evaluate the eco-innovation performance of European nations, comparing their evolution from 2013 to 2022, in order to identify patterns, leaders, and opportunities for improvement in the implementation of eco-innovation strategies. This study includes the analysis of the Eco-Innovation Index as well as other studies carried out at the European Union level in the field of sustainability and sustainable innovation through the graphic maps, cluster analysis, and correspondence analysis in the statistical program SPSS. Different approaches to development are taken by the EU’s member states. Even though some countries have achieved significantly lower results than the average of the Eco-Innovation Index or significantly higher results than the average, overall, all countries (except Romania) have improved their point evaluations when compared to the year 2013 when the Eco-Innovation Index started to be reported. The nations in the Northern European region produce consistent, long-term outcomes, and these countries have emerged as leaders in innovation in recent years. The countries of Luxembourg, Austria, Finland, Sweden, and Denmark have the best long-term outcomes. On the contrary, Bulgaria has ranked last for a long time, with the least-rated eco-innovation activities.