May 28, 2008 - Ecomagination, GE's $20 billion initiative to develop new environmental products and services, is generating so much business that the company has upped its revenue goals for the program.

Revenues from the Ecomagination portfolio have crossed $14 billion, according to GE's third-annual report on the initiative, released today. With revenues likely to pass $20 billion by 2009 – a year ahead of schedule – GE says it is raising its revenue goal to $25 billion by 2010. (Expect this target to be revised again; GE claims it has $70 billion worth of Ecomagination orders currently on the books.)

GE has also committed to using its own Ecomagination products to slash companywide fresh water use 20% by 2012.

"We will use our broad portfolio to reduce water consumption, ensure long-term supplies, and increase operational returns at GE facilities around the world," GE CEO Jeff Immelt said in a statement.

The company says it will reach its 20% water-reduction goal through process efficiencies such as reusing treated wastewater for cooling towers, heat exchangers, and other manufacturing needs.

Finally, GE reports that it is ahead on commitment to reduce the intensity of its greenhouse emissions 30% by 2008 and improve energy efficiency 30% by the end of 2012. The company estimates it has racked up $100 million in energy-cost savings so far.

Read GE's latest progress report on Ecomagination here.