General Electric Invests $10 Billion in Ecomagination
Photo via Mykl Roventine via Flickr CC
Ecomagination is General Electric's environmentally-focuses research and development program. We've watched Ecomagination for years now, including eyeing it for greenwash, and the program has continued to grow, even becoming the first corporate tenant in Masdar City. And now, it is about to get a whole lot bigger as GE invests a full $10 billion into the programs with a goal of boosting the number of "green" products the company provides to consumers. CNET reports, "Since Ecomagination began, GE has invested a total of $5 billion in its research and development as of the end of 2009. The technology and products to come out of that program have generated $70 billion in revenue over the past five years, according to GE statistics released Thursday.
In view of that revenue success, GE has decided to double investment for the program between now and 2015. The announcement is not entirely surprising, as GE has said since 2007 that its Ecomagination initiative has been making it a healthy profit."
GE's Ecomagination has a lofty goal -- that is, other than a massive profit. The program wants to address and hopefully solve major issues like energy generation, water management, and decreased fuel consumption. To that end, the company has dipped its fingers in energy efficient appliances, wind turbines, better batteries, and even a GEnx aircraft engine that will be 15% more fuel efficient.
Even though $10 billion is a substantial number for any major company to invest in specifically green R&D;, the investment comes as no great surprise. Experts predicted that this would be a bumper year for green tech, with an estimated 35% increase in investments. Any company wanting to stay ahead of the curve in this industry will have to dedicate a lot of energy and funds to new developments.
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