Ecomagination

In Time magazine July 7th update and Washington post, 10th May 2005 issue, GE's Ecomagination is highlighted. As per Jeff Immelt, CEO of GE:

"When it comes to energy efficiency, environmental technology and water solutions, I want to lead forever"

"I never perfected an invention that I did not think about in terms of the service it might give others...I find out what the world needs...Then I proceed to invent." Thomas Edison, GE founder.

This is great news. GE is leading the market to think greener and reduce the pollution, conserving the energy and becoming eco-friendly. In some ways, corporations such as GE are pulling U.S. policy into greener arenas despite the Federal Government's recalcitrance. Ecomagination is the convergence of economic and social needs with the unique skills of GE. Business, and society in general, need lower-cost, cleaner and more secure energy, along with cleaner, more abundant sources of usable water. GE's combination of leadership technologies, operating skills and global reach make us uniquely qualified to help solve these problems.

GE--whose size, stellar earnings record and legendary management practice make it one of the world's most influential companies--it's about cashing in on cleaning up the planet. Worldwide, the market for environmental goods and services hit $600 billion last year, according to Environmental Business News. Some segments, such as renewable-energy power systems, are expanding at double-digit rates in Europe and China. According to Times magazine , GE sees eco-friendly products as a growth business, especially overseas. In the past three years, GE's wind business, snapped up from Enron for $358 million, has grown into a $2 billion enterprise, with sales up 300%.

Under ecomagination, GE will:

* Double investment in research & development: GE will invest $1.5 billion annually in research in cleaner technologies by 2010, up from $700 million in 2004.

* Introduce more ecomagination products each year: GE will double its revenues from products and services that are deemed 'ecomagination offerings'---from $10 billion in 2004 to at least $20 billion in 2010 with more aggressive targets thereafter.

* Reduce our greenhouse gas emissions per unit of revenue 30 percent by 2008 and our absolute emissions 1 percent by 2012 (both compared to 2004).

* Improve our energy efficiency 30% by 2012 (in BTUs per revenue dollar).

* Report publicly on progress toward these goals annually.

* Keep the public informed: GE commits to regular updates in meeting ecomagination targets.

What's driving GE to do this? First and foremost, it's a huge business opportunity as indicated above. Beyond that, Immelt believes the private sector