GE to double investments in renewable energy

GE to double investments in renewable energy

By Francesco Guerrera in New York

Published: January 13 2008 22:02 | Last updated: January 13 2008 22:02

General Electric will on Monday announce plans to double its investments in renewable energies to $6bn by 2010 in the latest sign of a push by big companies to capitalise on concerns over global warming and pollution.

The financial arm of the US conglomerate believes that within two years alternative sources such as wind and solar power will account for almost a quarter of its total investments in energy and water, up from 10 per cent in 2006.

The move by GE, which has been at the forefront of corporate America’s efforts to respond to environmental fears, underlines the desire by traditional industrial companies to gain critical mass in “greener industries”.

GE has already invested more than $3bn buying stakes in renewable energy plants across the world. But senior executives, led by chairman and chief executive Jeffrey Immelt, believe the sector is poised for strong growth in the near future.

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