The European Union's investment in small and medium-sized enterprises in the area of green and innovative technologies has helped create jobs and alleviate environmental impacts, according to the Commission's latest report released here on Friday.

The EU's eco-innovation investment shows a 20-fold return, or every euro invested bringing 20 euros benefits. Each funded project has generated an additional eight permanent full-time jobs, says the report.

"The new study demonstrates that good business, job creation and environmental protection can go together and generate widespread benefits," the EU's environment commissioner Janez Potocnik said Friday in a press conference.

More than 240 projects, in particular small businesses with innovative concepts in need of early-stage capital, have been funded by the Commission that holds a budget of about 200 million euros (about 260 million U.S. dollars) for the 2008-2013 period.

The EU's eco-innovation funding focuses on such sectors as material recycling, water, sustainable building products, green business, and food and drinks among others. Earlier in May, the Commission launched a new call to fund 45 additional eco-innovation projects with novel environmental solutions.