German technology company Siemens AG (NYSE: SI) said it expects to ride the wave of interest in eco-friendly products and raise sales from its environmental portfolio to around 25 billion euros (US$38.8 billion) by 2011, up from 17 billion euros last year.
Siemens expects annual growth from the portfolio to total about 10% over the next few years.
In 2011, the CO2 savings achieved with Siemens products and solutions is projected to total approximately 275 million tons, an amount equal to the current carbon dioxide emissions of six major cities–including London, New York and Tokyo.
The projections for 2011 are based on assumptions about organic growth
in the environmental portfolios of Siemens’ Industry, Energy and
Healthcare Sectors, the company said.
On Monday, Siemens President and CEO Peter Löscher said, "Last fiscal year, our environmental portfolio generated revenue of some €17 billion. We’re significantly outpacing our competitors in this area," said Löscher.
By comparison, competitor General Electric (NYSE: GE) generated US$14 billion from eco-products last year and aims to increase those sales to US$25 billion in 2010, according to a Reuters report.
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