July 2, 2014
GE (NYSE:GE) released its 2013 update reporting the progress of the company's ecomagination and healthymagination initiatives, as well as its measureable impact from broader sustainability efforts. In 2013, GE invested more than $2 billion in research and development for ecomagination and healthymagination innovations, and projects with ecomagination offerings generated $28 billion in revenue. GE, along with its employees and retirees, gave $215 million to community and educational organizations.
The report includes an update on commitments made through ecomagination, GE's program to develop products and services with significant environmental advantages. They include:
- Investment in clean-tech research and development: Since 2005, GE has invested about $13B in ecomagination R&D, on track to meet the commitment of $15B through 2015. In February, GE announced the continuation of its ecomagination investment committing to invest an additional $10B to reach a total investment of $25B by 2020.
- Increase revenues from ecomagination products: In 2010, GE set an ambitious goal of growing revenues from ecomagination offerings at twice the rate of total company revenue in five years. In 2013, ecomagination met this objective with revenue totaling $28 billion.
- Reduce greenhouse gas (GHG) emissions 25 percent by 2015 and improve the energy intensity of operations 50 percent by 2015: GE energy efficiency improved 31 percent from the 2004 baseline year (measured as energy/$ revenue). GHG emissions were reduced 32 percent from the adjusted 2004 baseline. Building off this success, in February GE committed to reduce GHG emissions and freshwater use by 20 percent, from the 2011 baseline, by 2020.
- Reduce freshwater use by 25 percent and improve water reuse: GE's freshwater use was reduced 45 percent from the 2006 baseline.
Deb Frodl, global executive director, ecomagination, GE, said, 'Our ecomagination strategy has helped our customers be more productive while significantly reducing their environmental impact. By creating solutions that work, ecomagination has generated approximately $160 billion in revenue since 2005.'
The report also includes an update on GE's healthymagination commitments, which include:
- Invest in new technologies and business models: In 2013, two years ahead of schedule, healthymagination reached 100 validated products and solutions that strive to improve the quality, access and affordability of care. During this time, GE invested $4.2B in research and development for these innovations. In addition, GE Ventures, Healthcare invested in entrepreneurs and companies that accelerate innovation in digital health, affordable medical procedures and precision medicine.
- Grow collaboration opportunities with community partners: healthymagination works with customers, governments, universities and industry leaders all over the world. Following the success of a community-driven healthcare initiative in the cities of Cincinnati, OH, Louisville, KY, and Erie, PA, in 2013 GE announced an expansion of the program to Houston, TX.
- Continue employee health efforts: HealthAhead is GE's internal culture of health. To date, 480 of GE's largest sites have met robust requirements - including achieving tobacco free status - to be considered a healthy worksite, impacting 220,000 employees across the globe.
Sue Siegel, CEO, GE Ventures & healthymagination, said, 'Healthymagination is about better health for more people. In 2013, healthymagination activated a new approach to driving innovation by combining venture investing, collaboration, internal incubations and our employee health program to drive better health outcomes.'
The update also includes GE's comprehensive sustainability reporting that tracks the company's progress against more than 60 sustainability metrics, including ecomagination and healthymagination metrics. Highlights for 2013 include:
- Operate with the highest standards of integrity, governance, and safety: GE's business is fundamentally about people, and in 2013 GE spent $1 billion on employee learning and development. In addition, GE reduced recordable illness and injuries among employees by 37 percent from a 2003 baseline. The company was recognized as one of Ethisphere's 'World's Most Ethical Companies' for the eighth straight year.
- Advance economic development in the communities where we operate: GE, along with its employees and retirees, committed more than $215 million to community and educational organizations in 2013. The company and its employees surpassed $1 billion in charitable donations through its matching gifts program. An estimated 1.2 million GE volunteer hours were contributed across 55 countries in 2013.
- Partner to eradicate corruption: For the third consecutive year, GE co-chaired the B20 Working Group on Improving Transparency and Anticorruption, which provided the G20 with recommendations for measures to reduce both the supply and demand side of corruption.
Ann R. Klee, vice president for Environment, Health & Safety, said, 'At GE, sustainability is embedded in everything we do: in the way we work with employees, customers, suppliers and investors; the technology we create; and the philanthropic partnerships we support. Great people, operating safely and with the highest standards of integrity and environmental protection, set our Company apart.'
As part of these initiatives, GE strives to keep the public informed of progress against its sustainability commitments. The company engages and communicates progress through a variety of regularly updated channels, including GE websites where people can learn more about specific programs and engage in a dialogue with GE, its customers and its diverse stakeholders. GE further ensures strong disclosure by holding more than 300 analyst and investor meetings annually.
GE's complete reporting is available at www.ge.com/globalimpact.
For more information on GE's commitment to sustainability please visit: http://www.gesustainability.com/
GE (NYSE:GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and helping to cure the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
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