GE Launches ecomagination in Australia to Address Water, Energy Challenges; Initiative unleashes leading-edge environmental technology

SYDNEY, Australia--(BUSINESS WIRE)--Sept. 19, 2006--General Electric Company (GE) launches its global clean energy and water initiative - called ecomagination - in the Australian market at Sydney's Powerhouse Museum today. John Rice, GE Vice Chairman and President & CEO of GE Infrastructure, convenes the meeting with government and business leaders to address Australia's unique challenges in securing adequate energy and water reserves in a resource constrained world.

"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.

“Our commitment to our customers and our focus on developing and providing solutions to the tough environmental and efficiency challenges is paramount to our core business. Ecomagination is about producing products that produce results and solutions for our customers”

GE's Rice is joined today by Parliamentary Secretary Bob Baldwin; BP Australia CEO Gerry Heuston; Envirogen CEO Jeff Rice, and hundreds of valued GE customers from across the region.

"This country and the world are increasingly serious about the need for cleaner, more efficient sources of energy, abundant sources of pure, clean water, and reducing greenhouse gas emissions," GE's Rice adds. "GE is here to show our commitment to finding answers."

Through ecomagination, GE 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 greenhouse gas (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 1% by 2012 and the intensity of its GHG emissions 30% by 2008 (both compared to 2004). Based on the company's projected growth, GE's GHG emissions would have risen 25% by 2012 without further action.

-- Keep the public informed - GE will publicly report progress in meeting its goals, as the Company did in the May 2006 release of its first ecomagination Annual Report (www.ge.com/ecoreport)

"Looking to the future, ecomagination will focus GE's leading-edge technologies for tomorrow's solutions: cleaner coal, lower-emission aircraft engines, lighter and stronger advanced materials and plastics, energy-efficient lighting and the next generation of water purification technology," GE's Rice says.

GE projects currently operating 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% 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.

Currently, 38 GE products are ecomagination certified - a process that distinguishes environmental and operating performance. Examples include products that are significantly more energy-efficient than existing technologies, renewable resource technology such as wind power and products that meet third-party efficiency or environmental standards. Detailed information about these products is available online at www.ge.com/ecomagination.

GE's Australian ecomagination launch at the Powerhouse Museum in Sydney comes as GE responds to the growing global market demand for eco-friendly solutions to the challenges its customers face.

"Our commitment to our customers and our focus on developing and providing solutions to the tough environmental and efficiency challenges is paramount to our core business. Ecomagination is about producing products that produce results and solutions for our customers," GE's Rice concludes.

About General Electric

GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.