General Electric Company Sustainability Profile
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General Electric Company Sustainability profile Note: This document is for representation purposes only. The facts and figures reported are masked. The report does not claim to accurately represent any industry, business entity, or person. XX/XX/XXXX www.insightbee.com | © XXXX InsightBee. All Rights Reserved Contents Sl. No. Section Page X Company overview............................................................................................................................................... X X Organizational structure……................................................................................................................................ X X Sustainability strategy.......................................................................................................................................... X X Sustainability goals…………………..................................................................................................................... X X Recent sustainability initiatives…......................................................................................................................... X X Social sustainability initiatives.............................................................................................................................. XX X Product stories…….............................................................................................................................................. XX X Analysis………………………................................................................................................................................ XX www.insightbee.com | © XXXX InsightBee. All Rights Reserved p. 2 Company overview Business snapshot Key facts (FYXXXX) • General Electric Company (GE) is a diversified infrastructure Headquarters Connecticut, US and financial services corporation. Number of employees XXXXXX • Its products and services include aircraft engines, power generation, oil and gas production equipment, household Revenue USDXX.XXbn appliances, medical imaging business and consumer financing, and industrial products. Year founded XXXX Segment Revenue contribution (%) Description GE Capital XX This segment offers a broad range of financial services and products for businesses of all sizes. This segment serves power generation, industrial, government and other customers with products Power & Water XX and services related to energy production and water reuse. This segment designs and produces commercial and military aircraft engines, integrated digital Aviation X components, and electric power and mechanical aircraft systems. This segment serves all segments of the oil and gas industry, from drilling, production, and oil field Oil & Gas XX operations to transportation via oil and gas pipelines. Healthcare XX This segment provides essential healthcare technologies to both developed and emerging markets. Appliances & This segment provides appliances and lighting products for consumer, commercial and industrial X Lighting applications. Energy This segment designs, manufactures, and services leading technology solutions for the delivery, X Management management, conversion, and optimization of electrical power. Transportation X This segment supplies products and services to the railroad, marine, drilling and mining industries. * As on December XX, XXXX Source: Annual report XXXX / Company website www.insightbee.com | © XXXX InsightBee. All Rights Reserved p. 3 Organizational structure Sustainability Steering Committee • At GE, the Sustainability Steering Committee (SSC) is responsible for managing and coordinating sustainability activities. Formed in XXXX, the committee is chaired by Ann R Klee, VP of GE’s Environment, Health and Safety (EHS), and includes subject matter experts from across the company. – Members of the SSC and other executives brief four board committees on sustainability-related issues as part of GE’s overall risk management process. – SSC includes leaders from HR, EHS, communication, government and public policy, investor relations, Ecomagination, the GE Foundation and the SEC reporting team. • GE also seeks external advisory from its Citizenship Advisory Panel, whose members act in their independent capacity. Apart from them, separate advisory boards look after the company’s Ecomagination and Healthymagination initiatives. Sustainability Steering Committee Ecomagination Chaired by Ann R Klee, VP of GE’s X. Deb Frodl Environment, Health and Safety Global Executive Director of Ecomagination X. Brandon Owens Citizenship Advisory Panel Director of Strategy of Ecomagination X. Alyssa Dwyer 1. John Morrison Executive Director of the Institute for Human Global marketing Director of Ecomagination 1. Jeffrey R Immelt – CEO Rights and Business Healthymagination 2. Management Development and Compensation 2. Jane Nelson Committee X. Sue Siegel Director of the Corporate Social Responsibility CEO of GE Ventures & Healthymagination Initiative at the Harvard Kennedy School 3. Governance and Public Affairs Committee X. Alan Gilbert 3. Simon Zadek 4. Audit Committee Director of Global Government and NGO Strategy, GE Senior fellow at the Global Green Growth Institute 5. Risk Committee Healthymagination and the International Institute of Sustainable X. Risa Stack Development and visiting scholar at the Tsinghua General manager of GE Ventures, Incubations School of Economics and Management. X. Rafael Torres Healthcare Leader, GE Ventures X. Robert Wells Executive Director for Strategy, Healthymagination Source: Sustainability report XXXX / Bloomberg / Company website www.insightbee.com | © XXXX InsightBee. All Rights Reserved p. 4 Sustainability strategy Overall approach • Top-line sustainability approach: GE has been investing in developing sustainable and environment-friendly products to drive revenue growth. In XXXX, it invested USDXbn in its Ecomagination and Healthymagination initiatives. Projects with Ecomagination offerings generated revenue of USDXXXbn during the year. • GE’s sustainability strategy is built around three focus areas: developing a safe working environment, developing products that meet customers’ needs and supporting society through social activities. • The company is committed to delivering new environment-friendly and sustainable technologies to develop its products. • Its key sustainability initiatives are Energy Star Product Initiative, Healthymagination, HealthAhead and Ecomagination. Level of sophistication: GE has been focusing on sustainability since late XXXXs. Between XXXX and XXXX, GE spent over USDX.Xbn for improving its R&D facilities and providing for safety and environmental protection. XXXX–XXXX XXXX–XXXX Initiative Results Initiative Results In XXXX, GE launched Between XXXX and XXXX, In XXXX, GE announced that The company is working Ecomagination to provide Ecomagination generated it will invest over USDXXbn towards achieving these technology solutions aimed over USDXXXbn in till XXXX in R&D to build goals. In XXXX, GE at reducing environmental revenue and contributed to cleaner technologies. It plans generated over USDXXbn impact. In XXXX, it launched a XX% reduction in GHG to reduce GHG emissions in revenue from Healthymagination. emission by XXXX while and water usage by XX% by Ecomagination products. It also reducing freshwater XXXX (baseline: XXXX). also opened an Initiatives/Results use by XX%. Ecomagination center in Masdar City. Source: Sustainability report XXXX / Company website / Annual report XXXX www.insightbee.com | © XXXX InsightBee. All Rights Reserved p. 5 Sustainability goals (X/X) Achievements so far Goal Targets (XXXX) Progress* Workforce development and •Introduce sustainability topics to the orientation program for new Topics introduced in the program and over XXXX inclusiveness employees new employees trained in XXXX •Capture reporting compliance concerns related to environment, Governance health, safety, fair employment practices, conflicts of interest and Reported concerns regarding The Spirit & The Letter international trade compliance policies have increased by XX% since mid-XXXX •XX% reduction in recordable illness and injuries, XX% reduction in XX% reduction in recordable illness and injuries, Health and safety days away from work incident rate (DAFWIR) and zero work- XX% reduction in DAFWIR since XXXX and one related fatalities automobile accident recorded in XXXX •Manage increase in healthcare costs in the US for its employees Limited the increase in healthcare costs to less than Health and expand the HealthAhead program to promote employee X% per year; XXX sites and XX% of employees wellness covered under HealthAhead since XXXX XX% reduction in GHG emissions by XXXX, •XX% reduction in GHG emissions by XXXX (baseline: XXXX), USDXX.Xbn increase in R&D commitment for Ecomagination between XXXX and XXXX (with Energy and climate double investment in Ecomagination R&D commitment to USDXXbn, and improve energy intensity of GE operations by XX% USDX.Xbn investment in XXXX) and XX% by XXXX (baseline: XXXX) improvement in energy intensity of GE operations by XXXX Source: Company website / Sustainability report XXXX *XXXX data is expected to be available in Spring XXXX www.insightbee.com | © XXXX InsightBee. All Rights Reserved p. 6 Sustainability goals (X/X) Achievements so far Goal Targets (XXXX) Progress* Water •Reduce water usage by XX% by XXXX (baseline: XXXX) XX% reduction in water usage by XXXX USDXXXm in contributions from GE businesses, Charitable giving •Support community and educational programs