GE today released its ecomagination annual report showing it invested about $1.8 billion in 2010 on research and development of clean technologies, which puts it on course to meet its goal of $10 billion cumulative investment between 2010 and 2015.
This investment helped lead to the development in 2010 of 22 new ecomagination-qualified products and solutions such as WattStation™, a user-friendly charging station designed to accelerate the adoption of plug-in electric vehicles and Nucleus™, a smart meter technology that helps homeowners manage energy use. During the year, GE generated $18 billion in revenues from ecomagination products and has surpassed $85 billion in sales since the program began in 2005 – making ecomagination one of the most successful commercial initiatives in the history of GE. The company also reduced its energy intensity in 2010 by nearly 33% and GHG emissions 24% as compared with a 2004 baseline.
“Ecomagination is a competitive force for growth across GE’s businesses,” said GE Chairman and CEO Jeff Immelt. “With $85 billion in sales and services since 2005, ecomagination is a business strategy that represents an area of continued strength for the company. We’ll continue to make bold investments to help solve customer problems and deliver strong returns for our investors and shareholders.”
Mark Vachon, vice president of ecomagination, said,“While eco revenues were affected by the global economic slowdown, we continued to make significant investments even during challenging times in solutions that will help increase long-term profitability, create new markets, and deliver greater competitiveness to GE, customers, investors and consumers. By providing the most advanced technologies across the energy-water spectrum, we are turning global challenges into business opportunities that contribute to a more prosperous world and demonstrate that economic success and environmental performance go hand-in-hand.”
The GE ecomagination annual report provides an update on the progress GE has made in 2010 against its ecomagination commitments:
1. Double investment in clean research and development – In 2010, GE continued to demonstrate the importance of investing in the future, deploying $1.8 billion in ecomagination R&D, and making steady first-year progress toward the new goal of $10 billion cumulative investment between 2010 and 2015.
2. Increase revenues from ecomagination products – GE last year set an ambitious new goal of growing eco revenues at twice the rate of total company revenue in the next five years. In our first year of this goal, the ecomagination portfolio saw strong growth, adding 22 new products and solutions, generating $18 billion in revenues.
3. Reduce its greenhouse gas (GHG) emissions and improve the energy efficiency of its operations – GE reduced its energy intensity nearly 33% -- a 1% improvement over 2009 -- surpassing the goal of 30% in 2012. It also reduced GHG emissions 24% -- a 2% downturn from the progress made in 2009. By 2015, GE will improve the energy intensity of its operations 50%, and will reduce its absolute GHG emissions 25%. (Note: all figures in this section are compared to a 2004 baseline).
1. Reduce water use and improve water reuse – In 2010, GE’s water use was 11.9 billion gallons, a 22% reduction from the 2006 baseline, and an 8% increase from 2009. Despite this slight downturn, we are still on track to exceed the company’s target of 20% by 2012 from a baseline of 2006.
1. Keep the public informed – GE is continuing ongoing discussions, dialogues and communications to engage with the public on our ecomagination efforts. In 2010, the company launched an updated website at ecomagination.com, where the public can learn more and engage in a dialogue about GE, ecomagination, our customers and our diverse stakeholders. We further ensure strong disclosure by holding more than 300 analyst and investor meetings annually.
GE’s ecomagination report is available at ecomagination.com/progress, where readers are encouraged to download and read the electronic edition. iPad downloads will also be available.
GE (ge.com) is a diversified infrastructure and finance company taking on the world’s toughest challenges. From aviation and power generation to financial services, healthcare solutions, oil and gas and rail, GE operates in more than 100 countries and employs about 300,000 people worldwide.