GE, the global technology, media and financial services company, is committed to bringing to market new technologies that help its customers meet pressing environmental challenges. Whether this includes the need for efficient sources of energy or technology that is cost effective and safe for its customers, GE sees ‘Ecomagination’ as helping to tackle global environmental issues.
“Ecomagination is about the future,” said Nabil Habayeb, GE’s President & CEO, Middle East & Africa. “We will focus our unique energy, technology, manufacturing and infrastructure capabilities to develop tomorrow’s solutions such as solar energy, hybrid locomotives, fuel cells, lower-emission aircraft engines, lighter and stronger materials, efficient lighting and water purification technology.
“Ecomagination is GE’s commitment to address challenges such as the need for cleaner, more efficient energy, reduced emissions and abundant sources of clean water,” Habayeb said. “And we plan to make money doing it. Increasingly for business, ‘green’ is green.”
‘Ecomagination’ is a global GE growth strategy and the Middle East is a key player. In the aviation industry, Emirates Airlines and Etihad Airways new Boeing B777-300ER’s are powered by the GE90-115B – the world’s most powerful jet engine. Qatar Airways has selected the GEnx engine to power the airline’s new fleet of 60 Airbus A350 aircraft. The GEnx engine is 15 per cent more energy efficient, significantly quieter and has lower emissions than its predecessor.
To date, GE has identified a total of 22 ‘Ecomagination’ products. To meet the ‘Ecomagination’ criteria these products must significantly and measurably improve customers’ environmental and operating performance. Examples include products that are significantly more energy-efficient than existing technologies, renewable resource technology such as wind power and products that meet third-party efficiency or environmental standards. GreenOrder, an environmental consulting firm, provided independent, quantitative environmental analysis of GE’s products and verification of the product claims.
Under Ecomagination, GE will:
• Double investment in R&D. GE will invest US$1.5 billion annually in research in cleaner technologies by 2010, up from US$700 million in 2004.
• Introduce more Ecomagination products each year. GE will double its revenues from products and services that provide significant and measurable environmental performance advantages to customers – from US$10 billion in 2004 to at least US$20 billion in 2010 with more aggressive targets thereafter. These products include renewable sources of energy such as wind and solar, technologies and materials that make energy production and consumption more efficient, cleaner and more efficient transportation technologies, and products and services that conserve or purify water.
• Reduce its greenhouse gas (GHG) emissions and improve its energy efficiency. In addition to helping customers meet their environmental goals, GE has committed to reduce its GHG emissions 1 per cent by 2012 and the intensity of its GHG emissions 30 per cent by 2008 (both compared to 2004). Based on the company’s projected growth, GE’s GHG emissions would have risen 40 per cent by 2012 without further action.
• Keep the public informed. GE pledges to publicly report its progress in meeting these goals.
“GE is committed to the success of its customers,” Habayeb said. “When they win, GE wins. Our customers deal with some of society’s toughest environmental and sustainability challenges. Ecomagination will produce products that help customers find the right solutions to these issues. That’s good for the environment and good for business.”
“As a global player, GE continuously strives to advance technological boundaries and looks for optimal solutions to some of the world’s toughest problems. ‘Ecomagination’ will make a meaningful commitment to tackling the issues of climate change and greenhouse gas emissions,” added Habayeb.
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, media content and advanced materials, 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. To find out more about GE’s ‘Ecomagination’ initiative visit: www.ge.com/ecomagination.
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