GE ups the enviro ante
FAIRFIELD, Conn.: General Electric has committed to invest an additional $10 billion in environmentally sustainable products by 2015. The company surpassed its pledged $5 billion in “Ecomagination” research and development investment in 2009, one year ahead of schedule.
GE’s 2009 ecomagination annual report, which details the significant progress and milestones achieved since the May 2005 launch, including the announcement of new commitments as the company reaches its fifth anniversary of ecomagination.
Revenues from this portfolio of energy efficient and environmentally advantageous products and services crossed $18 billion in 2009; greenhouse gas (GHG) intensity was reduced 39 per cent compared to 2004; and GHG emissions from GE operations were 22 per cent lower than the 2004 baseline.
“Ecomagination is one of our most successful cross-company business initiatives. If counted separately, 2009 ecomagination revenues would equal that of a Fortune 130 company and ecomagination revenue growth equals almost two times the company average,” said Jeff Immelt, chairman and CEO of GE.
“We have grown ecomagination revenue and research and development every year, even in challenging economic times. Given our success, we are committing to do more,” said Steve Fludder, vice-president ecomagination. “Today, we are doubling our commitments to accelerate our contributions and to lead. We will invest twice as much in the next 5 years.”
In its annual report, GE added some new commitments for 2010:
Increase revenues from ecomagination products – In 2009, ecomagination revenues grew six percent to $18 billion. GE plans for revenue to grow at twice the rate of total company revenue in the next five years, making ecomagination an even larger proportion of total company sales.
Reduce GHG emissions and improve operational energy efficiency – By 2015, GE hopes to improve the energy intensity of its operations by 50 per cent and reduce its absolute GHG emissions by 25 per cent, as compared to it’s 2004 numbers.
Keep the public informed – This year GE will launch an updated website at www.ecomagination.com where the public can learn more and engage in a dialogue about GE, ecomagination, our customers and our diverse stakeholders.
GE is a diversified infrastructure, finance and media company that operates in more than 100 countries and employs about 300,000 people worldwide.