GE after the defining moment:

Shape the future of a world that works

08:55 | 12/07/2022 Industry

(VEN) -  In year three of the COVID-19 pandemic, it is clear that global recovery – both economic and societal – remains uneven. Supply chain constraints continue to challenge businesses, government budget shortfalls hinder efforts to provide essential services, and millions of people around the world have faced significant disruption to their education and employment. In the recently-published Sustainability Report, GE shared the company’s strategy to shape the future of a world that works.

The shape of things to come

GE is taking steps today to further strengthen GE’s ability to lead on some of the defining trends of our time – driving decarbonization through the energy transition, enabling precision health, and creating a smarter and more efficient future of flight. In November 2021, GE announced plans to form three independent, investment-grade companies that will be better positioned for long-term growth and improved service to customers, employees, and communities. The company plans to spin off Healthcare first in early 2023, combine Renewable Energy, Power, and Digital into one business to launch as an independent public company a year later, thus creating the third company focused on aviation.

As looking ahead to forming three industry leaders with sustainability at their core, these strong independent businesses will better leverage innovation muscles, technology expertise, leadership, and global reach to build a world that works for everyone.

Energy transition

As a company whose equipment helps generate one-third of the world’s electricity, GE has a responsibility to lead the industry’s decarbonization efforts while solving the energy “trilemma” of affordable, reliable, and sustainable electricity, particularly for the more than 750 million people without access. GE’s energy businesses provide powerful, integrated solutions with some of the most innovative onshore and offshore wind turbines, most efficient gas turbines, as well as advanced technology to modernize and digitize electrical grids. For example, GE’s powerful Haliade-X offshore wind turbine prototype in Rotterdam began operating at 14MW. One Haliade-X 14MW turbine can generate up to 74GWh of gross annual energy production, saving up to 52,000 metric tonnes of CO2, which is the equivalent of the emissions generated by 11,000 vehicles in one year. GE has over seven GW of Haliade-X commitments worldwide.

Besides, GE is building the breakthrough technologies the world will need in the future, including low- and zero-carbon fuels like hydrogen for new and existing gas plants, carbon capture, utilization, and sequestration (CCUS), offshore wind superconducting generators, and small modular nuclear reactors (SMRs).

shape the future of a world that works

Precision health

Enabling precision health will require integrated, efficient, and highly personalized care while improving access, particularly to the half of the world’s population that is underserved. In Healthcare, GE is developing innovative new technology that will further personalize and streamline the entire healthcare experience, from diagnosis to treatment and through recovery. For example, Healthcare launched the Vscan Air handheld wireless color ultrasound scanner that increases access to innovative care – including rural areas where such technology may not otherwise exist. With 30,000 units impacting the care of more than 50 million patients worldwide, Vscan Family technologies help doctors deliver better care to more people.

Future of flight

Innovations that improve fuel efficiency are defining the future of flight, and Aviation is helping the industry make meaningful progress toward its goal of net zero carbon emissions by 2050. GE Aviation is unique in the industry for the scale and ambition it is bringing to confront this problem, as the company pursues solutions across Sustainable Aviation Fuel (SAF) as well as hybrid electric and hydrogen-powered flight. Today, all GE and partner engines are able to operate on approved SAF, which could lower lifecycle carbon emissions by up to 80 percent compared to petroleum-based fuels.

GE Aviation, together with GE Research, is advancing commercial hybrid electric propulsion systems through key partnerships with ARPA-E and NASA. Additionally, Airbus and CFM International are collaborating on tests of a modified GE Passport engine fueled by hydrogen. GE is also innovating the next generation of aircraft engines. CFM launched the Revolutionary Innovation for Sustainable Engines (RISE) program to demonstrate advanced technologies, with ground and flight tests expected in the middle of this decade. This program could ultimately lead to engines that would use 20 percent less fuel and reduce CO2 emissions by 20 percent more than the most efficient jet engines built today.

Driving progress on sustainability

Throughout the 130-year history, GE has demonstrated a larger purpose of lifting up the quality of life for people around the globe. The company’s approximately 168,000 employees work with customers, partners, communities, and governments in over 175 countries to deploy and innovate technology to solve the world’s most pressing sustainability challenges across energy, health, and flight.

In 2020, GE set a new goal to achieve carbon neutrality within the company’s operations by 2030. To achieve this goal, businesses are making operational investments in energy efficiency, reducing emissions from the grid through smart power sourcing, and using lean practices to eliminate energy waste. In 2021, GE articulated GE’s ambition to be a net zero company by 2050, including not just GE’s own operations, but also emissions associated with the use of sold products.

To reach the goals, lean mindset is fostered to help with making the right and necessary decisions. Moreover, GE is focusing on ensuring that the company is able to recruit, retain, and promote the best talent. Teams that include diverse backgrounds and perspectives are absolutely critical to driving the lean mindset and innovative approach that GE will need to shape the energy transition, precision health, and future of flight, and this dedication will be maintained in the new three independent companies.

It’s reported that since 2020, GE saw growth at the leadership level for both women globally (+1.2 percent) and for total U.S. race and ethnic minority (+1.7 percent). While men and women performing similar work are paid within one percent of each other across each business, GE is committed to achieving 100 percent pay equity.

Larry Culp, Chairman and CEO, GE