Ecomagination is GE’s business strategy in order to achieve improved economic and environmental outcomes not only for its customers, but also in its own operations. Since GE started the program 10 years ago, GE’s Ecomagination line of products and services generated over $200 billion in revenues. In 2014, revenue from Ecomagination products totaled $34 billion, about 30% of total GE sales.
“A key success factor for Ecomagination was that our top management set bold targets with measurable metrics for the company in the areas of R&D, revenue targets and reducing our own footprint,” says GE spokesperson Josef Skoldeberg. “Between 2005 and 2014, GE invested $15 billion in R&D, reduced our GHG emissions by 31 percent and reduced our freshwater use by 42 percent. In 2014, we announced updated targets for Ecomagination: by 2020 we will invest another $10 billion in clean technology R&D, and to reduce our own greenhouse gas emissions and water usage by 20 percent.”
The next phase for GE’s Ecomagination is focused on building partnerships with companies such as Walmart, BHP Billiton, Goldman Sachs and Intel to reduce impact and increase productivity and returns – “challenges that are bigger than any one company” according to Skoldeberg.
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