One of the largest electronic company plans to spend €2 billion or $2.7 billion in green initiatives. The electronic company, Royal Philips Electronics plans to spend the money in investing in green technologies, which aims to speed up sustainable business throughout the company’s three sectors — Philips Healthcare, Philips Lighting, and Philips Consumer Lifestyle.
Inline with investment in green innovation, another electronic company, Panasonic, will also be investing much less impressive $200 million on its largest manufacturing unit, which is a part of the company’s ‘eco ideas’ Declaration last year, and its commitment to become no.1 Green Innovation Company in the industry by 2018.
Last year, Philips invested about €1 billion or $1.7 billion in green innovation investment, which exceeds its Green Innovation investment goal two years ahead of the plan.
And as the result, 38 percent of the total sales last year are from the electronic company’s Green Products, a positive effect on Philips strong commitment to sustainable and green innovation. The sales for Philips Green Products in 2009 are about 31 percent of the total sales.
According to Rudy Provoost, a principal at Philip Electronics, the company considers sustainability to be a driver of development and growth, as well as an integral part of the company.
The electronic company’s commitment in doubling its investment in green innovation is reconfirming its objective as a health and well-being company to deliver meaningful and sustainable solutions. The company’s investment also supports its vision and development strategy, according to company information.
The 38 percent of the total sales for 2010 for electronic company was accomplished because of its continuous development of products, which all have significantly lower negative environmental effect during its lifecycle.