The neologism has been coined by the Latvian Institute, the state agency responsible for promoting Latvia overseas, as part of a new strategy to see the country into its second centenary of existence.
In a new fact sheet, the term is described in these terms: "When you combine green and innovative, it is greenovative you get, and, inspired by nature, our scientists and entrepreneurs create marvellous and greenovative things."
You can read the factsheet for yourself at the Latvian Institute website.