June 24, 2008 - Electronics giant Siemens AG says it's on track to pull in 25 billion Euro a year in green-product sales by 2011, thanks to skyrocketing demand for environmental solutions in the industrial, energy, and healthcare sectors.

In 2007, the company earned 17 billion Euro – nearly a quarter of its total revenues – from environmental and climate-related products. Siemens expects annual growth from the portfolio to total about 10% over the next few years, according to Siemens CEO Peter Loscher.

"We're significantly outpacing our competitors in this area," Loscher told reporters in London yesterday.

Much of Siemens' growth can be attributed to what the company calls its "consistent innovation strategy."

"Today, we're already investing three-quarters of our R&D budget in businesses with above-average margins," according to Hermann Requardt, Siemens’ chief technology officer. "Our goal is to make our company a trendsetter in all its business fields and achieve competitive advantages through the rigorous development of our patent and technology positions."

Siemens engineers turn out 38 inventions and submit 23 patent applications per workday, the company says.