General Electric plans to double its investments in renewable energy to $6 billion by 2010, the Financial Times reports (via Reuters).
GE believes that within two years alternative energy sources will account for almost a quarter of its total investments in energy and water, up from 10 percent in 2006.
One reason is that large price spikes in energy fade with the elimination of fossil fuels as a source of energy, the Associated press reports. “There are no fuel costs with wind and solar, no volatility,” said Kevin Walsh, managing director and leader of renewable energy at GE Energy Financial Services.GE Energy Financial Services set a $4 billion target last May, but recently crossed the $3 billion threshold, according to the AP article. GE’s most active investments are in wind energy.