Philips has announced it is "on track" to deliver on the targets set out in its EcoVision4 scheme, the agenda it unveiled in 2007 focusing on improving the energy efficiency of its products and operations.

The company reported that "green products" sales increased to around 25% of total sales in 2008, compared with 20% in 2007.

Philips says it launched 91 new green products on the market in 2008, 72% more than in the previous year.

"As a global health and well-being company, we have once again demonstrated that sustainability is our business opportunity, creating value for our company, improving people's lives and contributing to a better environment", said Rudy Provoost, the chair of Philips' sustainability board.

"Sustainability is a powerful platform for innovation and growth and we are committed to continuously invest and explore future possibilities to improve the health and well-being of our planet and its people".

Philips' target is to hit 30% of total sales from green products by 2012.