Business | General
GE's green arm eyes Mideast for expansion
Ecomagination, a green initiative of General Electric (GE), is looking to expand in the Middle East's construction and infrastructure sectors as the US firm seeks to bolster its credentials in energy-efficient and water conservation products.
- By Nadia Saleem, Staff Reporter
- Published: 00:33 April 19, 2008
Dubai: Ecomagination, a green initiative of General Electric (GE), is looking to expand in the Middle East's construction and infrastructure sectors as the US firm seeks to bolster its credentials in energy-efficient and water conservation products.
GE, which heavily deals in conventional energy systems, said its green initiative, launched more than two years ago, provides efficient sources of energy or technologies that are cost effective and safe.
Lorraine Bolsinger, vice-president of Ecomagination, said the company has made significant investments in clean energy projects, passing the $1billion mark in such technologies.
The company has been increasing its investment $200 million a year and hopes to continue the trend.
"Our commitment is to double our investment in clean technology from $700 million annually to $1.5 billion annually by 2010," Bolsinger said.
The company has lowered its carbon footprint by 200,000 tonnes of carbon dioxide and saved a $100 million in energy costs simultaneously, according to Bolsinger.
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