Royal Philips Electronics (AEX:PHI; NYSE:PHG) announced that its sales of green products increased 33% in 2007, for a total of EUR 5.3 billion.
This total compared to EUR 4 billion in 2006, according to the company’s 10th annual sustainability report, released yesterday.
In September 2007, Philips announced a goal to double sales of green products to 30% of total revenues within five years. The company said it is well on its way to achieving the target, with green product sales accounting for 20% of total sales in 2007, compared with 15% in 2006.
Philips defines green products as those that "offer a significant environmental improvement…compared to similar products on the market" in one or more of the following areas: energy efficiency, packaging, hazardous substances, weight, recycling and disposal, or lifetime reliability.
Philips said it increased green lighting sales by 17% and that the biggest increase was in the home lighting market followed closely by lighting solutions for retail outlets and street lighting, as well as LED lighting.
Sales of green healthcare products increased by 35%, according to the report–boosted in particular by the MRI scanner range as well as patient monitors.
And lastly, the company reported that its consumer lifestyle sector reaped the benefits of a drive over the last year to improve the energy efficiency of its products across the board, showing an increase of 91% in sales of green products.
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