Yesterday, Monday 14th of January, GE (NYSE: GE) announced it plans to increase investments in the renewable energy sector by 50%. $6 billion instead of $4 billion will be invested by 2010, into green power projects. The Financial Department gave three main reasons for this shift in strategy: record-high oil prices (the renewable energy has less volatility than fuels such as oil); an increased focus on environmental protection, especially in the public opinion; and the improvement in these technologies, that allow a better output.
By the way, GE Energy had already invested in two Solar plants, in California and Portugal. On top of that, the American Company will invest in Wind farms projects, in Oregon, Minnesota, Illinois and Texas, in order to power 180,200 homes, and save 1.4 million tonnes a year in greenhouse gas emissions.
This announcement could not prevent the GE’s stock fall, following the current financial market evolution. However, many majors operating in the energy sector have started their green revolution.
Full story: The Globe and Mail, Tuesday, Jan. 15, 2008. p B12.
GENERAL ELECTRIC RAISES ITS INVESTMENTS INTO GREEN POWER said,
January 17, 2008 @ 10:16 pm
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