Word: immelt
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...Immelt responding to a guilty corporate conscience? Nope. He's seizing a blossoming opportunity: Green is where the green is. Eyeing the hot market for eco-friendly technologies like wind turbines, Immelt says he aims to double revenues in green products from $10 billion to $20 billion by 2010. He promises to improve GE's energy efficiency 30% and cut greenhouse-gas emissions 1% by 2012 as the company grows at a projected 8% average annual rate (emissions would rise 40% if left unchecked). GE will issue annual "citizenship" reports on its environmental progress. With a new ad campaign...
...course, with sometimes contradictory positions, and you could say Ford execs are just protecting investors, whose interests they are legally required to represent. No CEO wants to stand up at a shareholders' meeting and announce that going green hurt profits. "Guys in my job can't have hobbies," Immelt says, explaining that he's not greening GE to earn plaudits from environmentalists, eco-minded consumers or even young GE employees, who liked the idea according to internal focus groups. "You can't do things because you had a vision while you were in bed one night and someone whispered...
...Immelt and GE--whose size, stellar earnings record and legendary management practice make it one of the world's most influential companies--it's about cashing in on cleaning up the planet. Worldwide, the market for environmental goods and services hit $600 billion last year, according to Environmental Business News. Some segments, such as renewable-energy power systems, are expanding at double-digit rates in Europe and China. Immelt needs those high-growth businesses to offset mature sectors in GE's portfolio, which aren't growing much more than the economy. The potential for fuel-saving technologies and renewable energy...
...emissions--opposed by congressional Republicans and President Bush--failed to make it into the energy bill. The Senate bill does require utilities to generate 10% of electricity from renewable fuels like wind or solar by 2020, but Bush wants more emphasis on tax breaks for oil and gas production. Immelt is one of a growing number of chief executives, including the heads of major utilities, who think carbon caps are both inevitable and a feasible response to global warming--a condition that nearly every scientist in the world not working for the White House believes is occurring...
...farms, the latest one off the coast of Ireland, and announced its third contract to supply smaller windmills to mainland China--where energy demand is soaring and the government aims to spend $85 billion on pollution controls, especially in smog-choked cities like Beijing, site of the 2008 Olympics. Immelt also intends to capitalize on coal-gasification technology purchased last year from Chevron, allowing GE to sell coal-fired power plants that spew fewer greenhouse gases. (GE is in discussions with coal-rich China on various "clean coal" initiatives too). Other eco-ventures include a hybrid locomotive...