GE Ecomagination Revenues Cross $10 Billion

This week GE released its 2005 ecomagination report, showing that revenues from the sale of energy efficient and environmentally advanced products and services hit $10.1 billion in 2005, up from $6.2 billion in 2004 — with orders nearly doubling to $17 billion. GE’s renewable energy efforts, particularly its booming wind power business, are a key part of this effort.

Launched in May 2005, ecomagination is GE’s commitment to imagine and build innovative technologies that help customers address their environmental and financial needs and help GE grow. The report issued this week will be followed by similar updates on an annual basis. “With oil prices and other energy costs surging and with water scarcity concerns spreading, ecomagination makes even more sense for our investors today than it did a year ago,” said GE Chairman and CEO Jeff Immelt. “Last year, we said that ‘green can be green’ — that we would make money helping customers meet their environmental challenges. A year later, we know that green is green, and that it will make a difference on the bottom line for GE investors as customer interest is accelerating.” The ecomagination report, “Taking on Big Challenges,” details GE’s progress in meeting its own challenges and the broader challenges faced by customers and society. The report reviews GE’s performance on its ecomagination commitments and describes a long-term plan to meet these goals. Specifically, GE made the following progress on each of its ecomagination commitments in 2005: — Double its investment in clean research and development — GE invested $700 million in cleaner technologies in 2005, well on the way to reach its $1.5 billion annual R&D target by 2010. GE also increased the number of ecomagination-certified products by more than 75% over the last year — from 17 to 30 products. — Increase revenues from ecomagination products — GE reported $10 billion in revenues from ecomagination products and services in 2005 — offering a clear trajectory to a planned $20 billion in annual sales in 2010. — Reduce its greenhouse gas (GHG) emissions and improve the energy efficiency of its operations — GE is on track to reach its internal commitment. GHG emissions from operations remained flat in 2005 compared to 2004, while GHG intensity was reduced 10% and energy intensity was reduced 11%. GE is committed to reduce its GHG emissions 1% by 2012, reduce the intensity of its GHG emissions 30% by 2008, and improve energy efficiency 30% by the end of 2012.
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