Beijing, China; Brussels, Belgium; and Washington, DC, May 28, 2008 – GE today announced that it is expanding its ecomagination strategy, committing to reduce its global water use by 20% by 2012. The Company also reported that revenues from its portfolio of energy efficient and environmentally advantageous products and services crossed $14 billion in 2007, up more than 15% from 2006; the ecomagination order book surged past $70 billion; and GE's own "cleantech" fund – investment in cleaner technology research and development – passed $1 billion for the first time.
"Ecomagination is one of the most successful cross-company business initiatives in our recent history," said GE Chairman and CEO Jeff Immelt, in Beijing to report the progress with GE customers and partners. "It is a clear amplifier of our strong reputation for innovation and execution, harnessing the strength of every GE business to maximize returns for GE investors while minimizing our own energy use and greenhouse gas emissions.
"Today, we take our commitment further: to reduce our water consumption by one-fifth by 2012.
In 2005, GE set an original goal to grow revenues from ecomagination products from $6 billion in 2004 to $20 billion in 2010. With today's progress report, the Company forecasts it will surpass $20 billion by 2009 – a year early on forecast – and is consequently raising the annual ecomagination revenue goal to $25 billion by 2010.
GE made the following progress on each of its ecomagination commitments in 2007, while adding a new commitment on water use and reuse today:
The Company's commitment to reduce its own environmental footprint has caught the imagination of its employees around the world, with more than 5,000 energy saving and greenhouse gas-reducing projects ongoing at GE facilities.
GE's ecomagination report is available at www.ecomagination.com/report, where readers are encouraged to download and read the electronic edition. For each report that was downloaded, GE has committed to planting a tree. This July in Germany, GE will plant more than 5,000 trees in the area of Garmisch-Partenkirchen. Please visit GE's press room at www.ecomagination.com/press. Comments are welcomed at firstname.lastname@example.org.
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GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, and media content, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.