General Electric Co. (NYSE: GE) will invest $10 billion in creating environmentally friendly products by 2015, more than twice what it spend during the previous five year as part of an “ecomagination” program spearheaded by CEO Jeffrey Immelt.
The conglomerate has a 2010 target of $1.5 billion in new products tied to the initiative was reached a year early, according to a statement from the company on Friday.
Immelt has set new benchmarks for increasing General Electric Co. (NYSE: GE)’s products energy efficiency and reducing their water usage and emission of greenhouse gasses. General Electric Co. (NYSE: GE) set a $20 billion revenue goal by 2010. More than 90 products linked to the initiative generated $18 billion worth of sales according to Immelt’s annual report.
“We did a lot of work evaluating the types of innovations we’re talking about: $10 billion is a big number, but one we think we’re capable of,” said Steve Fludder, a G.E. vice president and program leader, in an interview with business week. Fludder added that the goal will be to boost revenue at twice the rate of G.E.’s total gain, adding. “We did all the due diligence to verify that these are commitments we can deliver on.”
General Electric Co. (NYSE: GE) uses a measure called Greenhouse gas intensity which the company defines as the ratio of emissions to revenue was cut by 39% in 2009, topping the goal of a 30% reduction. The company said that absolute greenhouse gas emissions from G.E. operations have been reduced by 22% since 2004,