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.
Company claims it has exceeded its emission-reduction targets while increasing revenue from green products by more than 20 per cent last year 28 May 2009
Offshore wind, carbon capture and green manufacturing are big winners as Chancellor vows to make UK the global leader in clean technology 22 Apr 2009
As new proposals for a US cap-and-trade scheme are debuted, presidential hopefuls both reiterate commitment to tackle carbon emissions 08 Oct 2008
Survey of public sector IT managers reveals deep concern over ability to deliver on carbon-neutral targets 03 Jul 2009
From record-breaking solar panels to the International Renewable Energy Agency's new home, we round up the top stories from the past week 03 Jul 2009
Well, I hope they got a no win, no fee deal. I don't like being cynical (it's more of a congenital thing)... 03 Jul 2009







