GE announces “ecomagination”
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Manufacturing News, Source : The Manufacturer US
Published : 09 May 2005 18:22
General Electric Co., the world's largest company by market value, is to double its investment in research into environmentally-friendly technologies.
At a series of events today in Washington DC, chairman and chief executive Jeff Immelt introduced “ecomagination”, an aggressive initiative to bring to market new technologies to help customers meet pressing environmental challenges.
"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," Immelt said. "And we plan to make money doing it. Increasingly for business, 'green' is green.
"Ecomagination is about the future," Immelt continued. "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.”
GE intends to invest $1.5 billion annually in research into cleaner technologies by 2010, up from $700 million in 2004. The company also expects to double its revenues from products and services that provide environmental performance advantages to customers - from $10 billion in 2004 to at least $20 billion in 2010, with more aggressive targets thereafter. GE has also committed to reduce its own environmental performance through reduced emissions and energy efficiency by using the “green” technologies it develops.
"GE is committed to the success of its customers," Immelt said. "When they win, GE wins. Our customers deal with some of society's toughest environmental and sustainability challenges. Ecomagination will produce products that help customers find the right solutions to these issues. That's good for the environment and good for business."
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