GE to double energy efficiency investment
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.
Related News
California's Next Electricity Headache Is a Looming Shortage
LOS ANGELES - As if California doesn’t have enough problems with its electric service, now regulators warn the state may be short on power supplies by 2021 if utilities don’t start lining up new resources now.
In the hopes of heading off a shortfall, the California Public Utilities Commission has ordered the state’s electricity providers to secure 3.3 additional gigawatts of reserve supplies. That’s enough to power roughly 2.5 million homes. Half of it must be in place by 2021 and the rest by August 2023.
The move comes as California is already struggling to accommodate increasingly large amounts of…
