Chapter 2: Understanding eco-innovation for enabling a green industry transformation
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The Organisation for Economic Co-operation and Development (OECD) Green Growth Strategy was launched in May 2011 (OECD, 2011a)1 to substantiate the Declaration on Green Growth adopted by at the OECD Council Meeting at Ministerial Level (MCM) two years earlier (OECD, 2009a). Together with the Green Economy Report compiled by the United Nations Environment Programme (UNEP, 2011), the launch of this Strategy is hoped to bring out sustainable development under the spotlight of international politics once again as nearly 20 years have passed since the international community adopted this new concept of progress at the Earth Summit in Rio de Janeiro. This OECD Strategy generally defines green growth as ‘fostering economic growth and development while ensuring that natural assets continue to provide the resources and environmental services on which our well-being relies’ (OECD, 2011a: 18). It implies that policies should encourage green investment in order to simultaneously contribute to economic recovery in the short term and help to build the environmentally friendly infrastructure required for a green economy in the long term.

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