General Electric raises its investment target for renewable energy to $6 billion

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General Electric raises its investment target for renewable energy to $6 billion. According to a recent report by the Associated Press, driven by the growing demand for alternative energy sources, General Electric in the United States has stated that it will increase its investments in renewable energy to $6 billion by 2010. Alex Eckert, President and CEO of GE Energy Financial Services, said that record-high international oil prices, growing concern for environmental protection, and technological advancements are the main factors driving GE to increase its investment in wind, solar, bioenergy, hydroelectric, and geothermal energy sectors. Uhtke said, “The renewable energy sector has become General Electric’s fastest-growing business.” ” Currently, the most active area of investment for General Electric Energy Financial Services is wind energy, which accounts for about two-thirds of its portfolio. The four wind farms in the United States in which the company has invested will supply power to over 180,000 households each year, while reducing greenhouse gas emissions by nearly 1.4 million tons.