General Electric

RATING

SECTOR

Technology and Finance

WEBSITE

CONTACT

General Electric Company,
5 Necco Street,
Boston,
MA 02210
U.S.

Tel: +001 877 394 9775
(Customer services: +001 800 435 4448)

STOCK EXCHANGE

LISTING

  • UNGC (United Nations Global Compact) – Signatory

EMPLOYEES

205,000

CHIEF SUSTAINABILITY OFFICER

Jérôme Pécresse

AWARDS

N/A

CONTENT SOURCE

FURTHER READING

Report created by Aravind Samala

General Electric

SECTIONS :  Sustainability    Evaluation  •  Progress  •  Watch  •  Overview

Company Activity

GE is a multinational conglomerate which operates through the following segments: aviation, healthcare, power, renewable energy, digital industry, additive manufacturing and venture capital and finance.

General Electric Co. is a technology and financial services company. It operates through the following segments: Power, Renewable Energy, Aviation, Healthcare, and Capital.

  • The Power segment offers technologies, solutions, and services related to energy production, which includes gas and steam turbines, generators, and power generation services.
  • The Renewable Energy segment provides wind turbine platforms, hardware & software, offshore wind turbines, solutions, products & services to the hydropower industry, blades for onshore & offshore wind turbines, and high voltage equipment.
  • The Aviation segment provides jet engines & turboprops for commercial airframes, maintenance, component repair, and overhaul services, as well as replacement parts, additive machines & materials, and engineering services.
  • The Healthcare segment provides healthcare technologies in medical imaging, digital solutions, patient monitoring, and diagnostics, drug discovery, biopharmaceutical manufacturing technologies and performance enhancement solutions. T
  • he Capital segment leases & finances aircraft, aircraft engines and helicopters, and also provides financial and underwriting solutions.

Company Sustainability Activity

In the words of GE they: “believe that GE is uniquely positioned to contribute to efforts to reduce greenhouse gas emissions. As the company that has led the way in innovation for over a century, GE can deliver technology for the world to meet the emissions reduction targets called for by the 2015 Paris Agreement and achieve the long-term goal of sustainable development.”

Highlights

  • Through 2019, GE has reduced Greenhouse Gas (GHG) Emissions from their operations by 21% from adjusted 2011 baseline.
  • Through 2019, GE’s overall freshwater use was reduced 26% from their adjusted 2011 baseline.
  • With a global installed base of more than 60,000 aircraft engines, more than 7,000 gas turbines, nearly 45,000 onshore wind turbines and more than four million healthcare systems, 
  • Approximately 800,000 EHS courses are completed annually, covering regulatory and non-regulatory topics, and translated into appropriate languages.

Targets

  • GE is committed to being carbon neutral in its facilities and operations by 2030

Progress

  • 26% reduction of freshwater use between 2011 and 2019
  • GE exceeded its 2020 greenhouse gas emissions goal early, delivering a 21% reduction between 2011 to 2019
  • Through 2018, GE has reduced greenhouse gas (GHG) emissions from its operations by 23% from their adjusted 2011 baseline. With these results, GE has surpassed 20% by 2020 GHG goal.

Certificates

  • ISO 14001 – 107 sites with Certification

UN Sustainable Development Goals

UN SDGs Compliance

SDG 7

  • GE provides clean, energy-efficient, cost-effective, technology solutions for customers
  • GE offers zero-emission renewable and nuclear energy options to reduce carbon emissions, while also promoting the integration of the world’s most efficient natural gas technologies

Evaluation

GE is a fossil fuel enabler with its GE Power – the biggest fossil fuel power plant builder. The company’s Power and Oil & Gas segments represent 46% (up from 43% in 2014) of industrial segment revenues.

GE continues to support coal-fired power plants despite their announcement of stopping to build new coal plants. GE announced that they will not build new coal plants, however, it is unclear whether they continue building their planned coal plants in other countries like Kenya, Kosovo, Bosnia, Vietnam.

GE neither possesses any certifications nor listed on any prominent indices. They comply with only one of the UN Sustainable Development Goals.

As a multinational conglomerate, GE does not have a chief sustainability officer and progressed very little in terms of sustainability. GE is rated as F.

Analyst Outlook: Neutral

Despite GE’s engagement with fossil fuels, they acknowledge their role in shaping a sustainable future. The company seems to be dedicated to addressing sustainability and is trying to reduce its environmental footprint and is incorporating sustainability within their business model.

Key Points

  • GE’s continued support to coal and other fossil fuels.
  • GE supports policies that reduce Greenhouse Gas Emissions and promote sustainable development
  • GE supports goals expressed in the Paris Agreement and the United Nations Framework Convention on Climate Change
  • GE is committed to Environmental, Health, and Safety (EHS) excellence to protect their people, communities and the GE brand. The company’s site, project and service managers are accountable for the EHS performance of the operations, employees, and contractors they supervise, and we monitor this performance through indicators such as injury rates and global greenhouse gas emissions. GE continues to have decreasing injuries, and days away from work each year, since 2016.
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