Philips to invest EUR 2 billion in green innovation by 2015

Philips today announced that it will allocate EUR 2 billion for investments in Green Innovation by 2015 to accelerate sustainable business across the company’s three sectors. In 2010, Philips’ cumulative investments in Green Innovation amounted to EUR 1 billion, surpassing its Green Innovation investment target two years ahead of schedule. As a result of the company’s continued commitment to sustainable innovation, 38 per cent of total 2010 sales was generated by Philips Green Products, up from 31 per cent in 2009.

‘We consider sustainability to be a driver of growth and an integral part of the Philips DNA,’ says Rudy Provoost, chairman of Philips’ Sustainability Board and CEO of Philips Lighting. ‘By doubling our investment in Green Innovation by 2015, we re-confirm our ambition as a health and well-being company to deliver meaningful and sustainable solutions. This commitment also supports our Vision 2015 growth strategy, driven by global trends, such as the need for more sustainable and energy efficient products and solutions.’

The increase in green sales, as a percentage of total sales in 2010, was achieved primarily by the company’s continued focus on EcoDesign across sectors, a process aimed at developing products with a significantly lower environmental impact throughout its lifecycle.

Lighting contributed to nearly half of total Philips Green Product sales and continued to make important strides with the commercial launch of the 12W EnduraLED lamp, the industry’s first replacement for the traditional 60W incandescent lamp. This development, the first of its category to receive the ENERGY STAR qualification, was recognised by the American Lighting Association as the winner in the LED Replacements Lamp division for the Tomorrow Awards and was named ‘Product of the year 2010’ by Popular Science Magazine.

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