Lighting company Philips (NYSE: PHG) plans to invest EUR 2 billion in "green innovation" by 2015, according to the company’s latest annual report.
The company, which is a leader in the commercialization of LED lighting, said it invested EUR 450 million in green innovations in 2010, achieving its EUR 1 billion investment target two years ahead of schedule.
Other 2010 highlights include increased Green Product sales to 38% of overall sales–up from 31% in 2009; reduced its carbon footprint by 7% and increasing overall operational energy efficiency by 6%.
In 2010, Philips also made progress with its supplier sustainability program, auditing 273 supplier sites against its supplier sustainability declaration, bringing the total since 2005 to 1,591 full-scope audits.
Following a trend in sustainability reporting, this is the first year that Philip’s annual report will not be available in a print version. From the company website, stakeholders have the opportunity to view or print selected chapters, thereby reducing the environmental impact of producing the report.
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