Energy and climate represent two of the most important business challenges of this century. Energy—its generation, use and transmission—is critical to the global economy and personal advancement. Finding ways to help emerging economies meet rising demand for energy—set to grow 40% over the next two decades—is essential for bringing those economies out of poverty and improving human development. But at the same time, expanding fossil-fuel use is leading to increased greenhouse gas emissions that contribute to climate change, which threatens future development.
As a key company in the energy sector, GE is focused on helping its customers deliver more energy from more varied and cleaner sources while producing fewer environmental impacts in its operations and value chains.
At GE, we believe in putting innovation to work to solve some of the world’s toughest challenges. In 2005, we committed to invest in R&D, launch new solutions that save money and reduce environmental impact for our customers, and minimize our own environmental footprint. We call this commitment Ecomagination.
Since 2005, Ecomagination has become one of GE’s most successful cross-company initiatives. We have invested $15 billion in R&D and generated more than $160 billion in revenues. We have also made it a part of our operations, reducing our greenhouse gas emissions 32% and freshwater use 45%.
The energy landscape is dynamic, and new challenges exist today. To meet these head-on, in February 2014, GE announced new commitments to bring our total investment in Ecomagination R&D to $25 billion by 2020 to advance research in natural gas, low-cost renewable energy and power plant efficiencies. We will also build on our previous success by announcing new goals to reduce greenhouse gas emissions and freshwater use 20% from our 2011 baseline. Ecomagination has always focused on innovation to drive results: an economic story with environmental impact, not an “either/or.” We believe we can do both. Even though the energy challenges and landscape have evolved, Ecomagination continues to remain relevant.
Our commitment to innovation extends beyond our own operations and products. GE Ventures-Energy makes venture capital investments in innovative companies in the Energy sector. The goal of GE Ventures-Energy is to be the global partner of choice to accelerate the commercialization of world-class ideas and technologies by providing capital as well as access to GE’s expertise, resources and global scale.
For much more on Ecomagination, GE Ventures, our other collaborations and our progress, see Ecomagination Progress.
* 2005 through 2013
**2004 through 2013