General Electric agrees to Net-zero by 2050 Target 

By OEM Update Editorial July 17, 2021 2:11 pm IST

Commitments include reducing emissions from its energy generation and aircraft engine products.

After a 98 percent shareholder vote on an ‘As You Sow’ resolution, General Electric (GE) announced a major commitment to transition its business to address climate change by setting a target to achieve net zero carbon emissions by 2050. This target not only encompasses GE’s operations but importantly includes its Scope 3 emissions from customers’ use of the products it sells, including power generation equipment, which account for a significant portion of the company’s emissions.

This announcement marks an important shift in GE’s business plans as a major manufacturer of fossil fuel power generation technologies, including thermal power plants and jet engines.

GE announced in late 2020 that it will exit the new build coal power market.

As You Sow supports this major step for GE.

Danielle Fugere, President of As You Sow, had this to say about the announcement:

“Investors support this commitment by General Electric to take responsibility for the climate impact from use of its products and to transition to a more sustainable business model. GE’s leadership demonstrates that industries involved with the burning of fossil fuels have the capability to evolve their business strategy and reduce their greenhouse gas emissions in line with the IPCC’s global goal for avoiding catastrophic climate change. GE shareholders look forward to seeing further detail on the company’s transition plan and the time frames for action.”

This announcement is part of a larger “Say on Climate” investor movement calling for companies to develop a net zero climate transition plan and report annually on their success in reducing emissions. A recent study found that 20 percent of the world’s 2,000 largest public companies have adopted net zero commitments, representing annual sales of nearly $14 trillion. Companies such as Microsoft, Amazon, Unilever, and many others have recently committed to become carbon neutral by 2050 or sooner and to annually report progress towards meeting those targets.

For more info, visit: https://www.asyousow.org/