Innovation is essential to both economic growth and business competitiveness. This study examines the relationship between economic risk and environmental innovation using a dynamic clustering analysis applied to 39 French companies listed on stock exchanges between 2002 and 2017. Using a hierarchical categorization linked to Dynamic Time Warping (DTW), we were able to identify unique innovation trends, both before and after the Bank Centrale Européenne’s 2010 adjustment in monetary policy. The findings show that, despite the relatively low average score for environmental innovation, there has been a noticeable improvement over the studied period. A linear regression reveals a moderately favorable correlation (coefficient of 0,002002) between net profit and environmental innovation for the years 2010–2017. The main research directions in the areas of business innovation and sustainability are also highlighted by the bibliographic analysis. In order to support a more resilient and long-lasting economy, our conclusions highlight the significance of environmental innovation in business strategies and recommend that investors and decision-makers rely on them.