Jan. 14, 2008 GE Energy Financial Services, a unit of General Electric, says it will double its renewable energy investments to a total of $6 billion within the next three years. It has also become one of the first financial institutions to disclose the greenhouse gas emissions from its power-plant equity investments.

GE Energy Financial aims to increase its renewable energy assets to nearly 20% of its overall investment portfolio, or $6 billion, by 2010. To reach that target, the GE business unit is investing in wind energy in Texas and hydroelectric power in British Columbia. It is also working with investment partner BP on new hydrogen power projects.

GE's annual Ecomagination report, released today, pegs greenhouse gas emissions from GE Energy Financial's equity investments in power plants at about 11 million metric tons. Electricity from its current equity portfolio of renewable energy assets will prevent nearly 4 million metric tons of carbon dioxide emissions from being released into the atmosphere each year, according to the report.

GE Energy Financial is currently working with the World Resources Institute and other organizations to develop a broader greenhouse gas accounting protocol for financial activities.