Corporate giant pledges support for renewables

FAIRFIELD, Connecticut, US, May 18, 2005 (Refocus Weekly)

One of the largest companies in the world will focus on solar and wind energy.

The ‘ecomagination’ program at General Electric will involve a doubling of the annual research investment to US$1.5 billion a year into cleaner technologies by 2010. The company will double its revenues from wind, solar and other technologies and materials that make “energy production and consumption more efficient, cleaner and more efficient transportation technologies,” from $10 billion last year to at least $20 billion in 2010, with more aggressive targets thereafter.

“Ecomagination is GE's commitment to address challenges such as the need for cleaner, more efficient sources of energy, reduced emissions and abundant sources of clean water," says chairman Jeff Immelt. “And we plan to make money doing it. Increasingly for business, 'green' is green.”

“We will focus our unique energy, technology, manufacturing and infrastructure capabilities to develop tomorrow's solutions such as solar energy, hybrid locomotives, fuel cells, lower-emission aircraft engines, lighter and stronger materials, efficient lighting and water purification technology,” he adds. “We will establish partnerships with our customers to tackle their most pressing environmental challenges and double our research spending to develop the products and services they need.”

GE will reduce its GHG emissions by 1% by 2012 and the intensity of its GHG emissions by 30% by 2008, compared to 2004. Based on projected growth, GE's emissions would rise 40% by 2012 without action.

GE has identified 17 products that meet its ‘ecomagination’ criteria, and must “significantly and measurably improve customers' environmental and operating performance.” Discussions during the past year on this initiative with its customers “crystallized the growing market demand for solutions to the challenges GE customers face, such as the need for cleaner and more efficient sources of energy and water, as well as the need to invest in the best technologies to provide solutions to these issues.”

"This is a hugely important step by one of the world's most important companies,” says Jonathan Lash of the World Resources Institute. “It is particularly encouraging that GE is focussing its research on cleaner technologies and making a serious, meaningful and accountable commitment to achieve stabilization of greenhouse gases that contribute to climate change.”

GE, which reported 2004 revenue of $152 billion, manufactures wind turbines and solar PV panels. It operates in 100 countries and employs 300,000 people.

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