GE to double energy efficiency investment

FAIRFIELD, CONNECTICUT - General Electric Co. said that its plan to pour $5 billion in investments into energy efficient and environmentally oriented projects has been met a year ahead of schedule.

It also said it is committed to spend an additional $10 billion by 2015.

General Electric, based in Fairfield, Conn. said in its annual report that its investment in its "ecomagination" program is paying off.

GE said revenue from these products and services increased 6 percent to $18 billion in 2009 and that it has reduced emissions of greenhouse gases blamed for global warming. The company's revenue totaled $156.8 billion last year.

"We are doubling down to drive even faster impact and to deliver our contribution to a 21st century energy transformation," Jeffrey Immelt, GE's chairman and CEO, and Steven Fludder, vice president of ecomagination, said in the report.

The company said revenue from these products and services will grow at twice the rate of total company revenue in the next five years.

The company said its $5 billion investment has generated revenue of $70 billion. GE's portfolio of products from the effort is now up to 90, ranging from aircraft engines, locomotives and wind turbines to energy-efficient home improvement loans.