|April 25, 2006|
GE Ecomagination Revenues Cross $10 Billion
|Chicago, USA - GE released its 2005 ecomagination report, showing that revenues from the sale of energy efficient and environmentally advanced products and services hit $10.1 billion in 2005, up from $6.2 billion in 2004 - with orders nearly doubling to $17 billion.|
"Ecomagination is paying off for our investors and customers," said GE Chairman and CEO Jeff Immelt. "Our advanced environmental products and services are helping customers increase their energy efficiency and reduce costs and emissions. And it is providing the growth we expected for GE, as we are ahead of our plan to reach $20 billion in annual sales of ecomagination products by 2010."
Launched in May 2005, ecomagination is GE's commitment to imagine and build innovative technologies that help customers address their environmental and financial needs and help GE grow. The report issued today will be followed by similar updates on an annual basis.
"With oil prices and other energy costs surging and with water scarcity concerns spreading, ecomagination makes even more sense for our investors today than it did a year ago," Immelt said. "Last year, we said that 'green can be green' - that we would make money helping customers meet their environmental challenges. A year later, we know that green is green, and that it will make a difference on the bottom line for GE investors as customer interest is accelerating."
GE is also using ecomagination as a platform to improve the energy efficiency of its own operations, helping to lower costs. In 2004 and 2005, GE attacked higher energy expenditures by undertaking nearly 500 global energy conservation projects that resulted in more than 250,000 tons of GHG emissions reductions -the equivalent of removing nearly 50,000 cars from the road. These projects are yielding substantial energy cost savings.
The ecomagination report, "Taking on Big Challenges," details GE's progress in meeting its own challenges and the broader challenges faced by customers and society. The report reviews GE's performance on its four ecomagination commitments and describes a long-term plan to meet these goals. Specifically, GE made the following progress on each of its ecomagination commitments in 2005: