In GE’s renewal of ecomagination initiative, the global brand of electric products and energy business announced its new commitments and partnerships regarding investment, energy research and GHG emission reduction. It also suggests that GE will invest more in backing researches about clean energy.
GE has been holding ecomagination since 2005 and it is the ninth anniversary this year. Ecomagination, the company's commitment to technology solutions that save money and reduce environmental impact for its customers and GE's own operations.
"ecomagination is one of our most successful cross-company business initiatives. Bold investments in ecomagination research and development have resulted in strong returns for shareholders and improved cost and emissions savings for our customers," said Jeff Immelt, chairman and CEO of GE.
Energy business is an important sector for GE and the company has already devoted into solutions for renewable energy such as wind turbines. In the new ecomagination commitments, GE takes a further step toward this issue and states that it will invest in advance research in renewable energy to increase the output of its wind turbines.
Following are GE's new ecomagination commitments:
1. Investing $10 billion in cleaner technology research and development by 2020. The new investment will advance research in:
- Natural Gas
- Renewable Energy
- Power Plants
2. Reducing GHG emissions, freshwater use and improving energy efficiency of GE operations. This act includes two technology collaborations:
- Economics of CO2 Fracturing: Statoil and GE are working together to evaluate whether CO2 can be economically used as an alternative to water, potentially reducing the large amounts of water required for hydraulic fracturing.
- Flare Gas Reduction and Use: In a new collaboration between Ferus Natural Gas Fuels and GE, previously flared natural gas is captured and natural gas liquids, such as propane and butane, are removed to then be sold.
For more details, please visit: GE Renews Ecomagination Commitments