May 27, 2009
GE Reports Success With Ecomagination”, Plans To Invest More By 2010
General Electric Co. has made noteworthy cuts in its greenhouse gas emissions since 2005 and plans to invest $1.5 billion each year by 2010 to further reduce emissions, according to the conglomerate's annual "Ecomagination" report.
According to the report released on Wednesday, GE said it has reduced greenhouse gas emissions by 13 percent of levels in 2005 when it initiated its Ecomagination business plan.
In 2005, GE set an initial revenue target of $10 billion by 2010. In 2008, the conglomerate raised the target to $25 billion.
"Despite the tough economic environment, we will strive toward a revenue target of $25 billion and an increase in R&D to $1.5 billion in 2010," said GE Chief Executive Jeff Immelt and Vice President for Ecomagination Steve Fludder.
Last year, GE reported spending $1.4 billion on green industry research, compared to $700 million in 2004. The company said it generated $17 billion in revenue last year to the Ecomagination initiative, marking a 21 percent increase from when the program began.
The Fairfield, Conn.-based company reported $183 billion in overall earnings last year.
"In the current difficult economic environment, we have seen that ecomagination is even more relevant," GE said in a statement.
"By some estimates, the total green component of all global stimulus programs now exceeds $400 billion. We are encouraged by this prioritization, and we support the idea that these programs not only address a current need, but they also lay the groundwork for a stronger, energy-independent future for all."
The company said its Ecomagination program has grown to include about 80 products and services.
"One of our most rewarding achievements is that ecomagination's success has not been limited to GE. A number of our customers are also partnering with us to amplify the impact," said Immelt.
"We also have expanded the number of companies we have invested in on a venture capital basis as we continue to seek innovation inside as well as outside of our Company."
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