General Electric has stepped up its environmental push, pledging yesterday to spend $1bn on researching and developing more eco-friendly products before the year-end.
The engineering, white goods, finance and media giant also promised to spend $1.5bn a year until 2010 on more sustainable products and services - from fridges to cars - in a bid to boost both its sales and its green credentials.
The windfall - part of its 'ecomagination' project - brings GE's total spend on environmental improvement to $2.5bn since 2005.
“Ecomagination consistently delivers for our customers, and crossing the $1bn mark for R&D investment will be further evidence of growing momentum,” said Lorraine Bolsinger, vice president, ecomagination at GE.
US-based GE, one of the world's largest household appliance manufacturers, said the project would stretch to cover renewable energy systems such as wind and solar power, reduced gas emissions and recycled water. It also revealed plans for a new giant wind turbines with blades of 75 metres, which the company claims would generate three times more power than existing turbines.
The announcement comes just weeks after GE announced plans to plunge $7bn into research and development on low carbon emitting plug-in hybrid cars in a bid to bring the technology to the market quicker.
The company insisted its increased spending on the 'ecomagination' initiative is more a strategic move than a branding exercise, with sales of GE's green products doubling to $12bn over the past two years and a further $8bn in sales expected by 2010.
Experts welcomed the latest spending commitment as an indication of the growing competitive importance of providing green products and services.
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