GE (NYSE: GE) today affirmed that, amidst global economic turbulence, revenues from its range of energy efficient and environmentally advantageous products and services will surge 21% to $17 billion in 2008, while GE’s annual investment in cleaner research and development will pass $1.4 billion.
The company recently reported 3Q earnings that were down from expectations set earlier in the year, before the company’s financial services arm became entangled in the widespread economic woes.
"There is a green lining among the current economic stormclouds and GE customers and investors are benefiting," said GE Chairman and CEO Jeff Immelt. "GE will help build tomorrow’s smart energy grid; help drive electric vehicles out of the labs and onto the world’s roadways; and work to build advanced, cleaner energy production in the U.S., India, China, and the Middle East at mammoth scale," Immelt added. "Nobody else can do this like GE can."
Introduced in May 2005, ecomagination is GE’s commitment to conceive and construct pioneering technologies that help customers address their environmental and financial needs. GE forecasts the following progress on each of its ecomagination commitments for 2008:
1) Double investment in clean research and development–GE will invest $1.4 billion in cleaner technology research and development in 2008, nearing its $1.5 billion annual ecomagination R&D target by 2010. GE also reports that it now has 70 ecomagination-certified products, four times the size of the 2005 portfolio. New partnerships with Google (on development of the ‘Smart Grid’) and projects like GE Global Research’s rapid development of next generation renewable technologies are accelerating this process and expanding the pipeline.
2) Increase revenues from ecomagination products – GE forecasts $17 billion in revenues from ecomagination products and services in 2008. In 2007, GE raised its ecomagination revenue target from an original goal of $20 billion in annual sales by 2010 to $25 billion in annual sales by the same date.
3) Reduce greenhouse gas (GHG) emissions and improve operations’ energy efficiency – GHG emissions from operations in 2008 will be reduced by about 8% from the 2004 baseline as the company continues to be on target to meet our goal to reduce GHG emissions 1%. Energy cost savings to the Company is $100 million to date.
4) Reduce global water use from 2006 to 2012 by 20% – GE has reduced total water consumption from waters used for potable, process, and sanitary purposes as well as non-contact cooling waters from freshwater sources by 2% since 2006.
About GE
GE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide.
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