General Electric has launched its global clean energy and water initiative – called ecomagination – in the Australian market at Sydney’s Powerhouse Museum.

“The bridge between GE and Australia has been open since 1902, when we installed motors to open the Pyrmont Bridge over Darling Harbor,” Rice said. “Ecomagination is our bridge to the future — to discover and develop solutions to growing environmental challenges in Australia and around the world,” GE’s Rice says.

GE says it will:

— Double investment in R&D – GE will invest almost A$2billion annually in research in cleaner technologies by 2010, up from A$930million in 2004.

— Introduce more ecomagination products each year – GE will double its revenues from products and services that provide significant and measurable environmental performance advantages to customers – from A$13.3billion in 2004 to at least A$26.6billion in 2010 with more aggressive targets thereafter.

— Reduce its GHG emissions and improve its energy efficiency – In addition to helping customers meet their environmental goals, GE has committed to reduce its own GHG emissions one percent by 2012 and the intensity of its GHG emissions 30 percent by 2008 (both compared to 2004). Based on the company’s projected growth, GE’s GHG emissions would have risen 25 percent by 2012 without further action.

GE projects in Australia include:

— Water reuse and water use reductions at OneSteel’s Rooty Hill steelworks

— the Jenbacher gas engine plant operated at Envirogen’s Oaky Creek Colliery, which converts problem waste gas from one of Australia’s largest coal mines into a viable energy source. From 2008-2012, the Oaky Creek station is expected to offset greenhouse gas emissions equal to 2.6 million tons of CO2

— the Evolution locomotive, the cleanest diesel powered locomotive ever made, producing 60 percent fewer emissions and in negotiation for supply to a major Australian mining company

— Energy Smart compact fluorescent lighting for Australian commercial and residential use, products that offer customers significant energy savings.