Philips Plans EUR 2 Billion In Green Innovation by 2015 Feb 18, 2011

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Appliance OEM Royal Philips Electronics today announced plans to invest EUR 2 billion (approx. US$2.7 billion) in Green Innovation by 2015 to accelerate sustainable business across the company’s three sectors.

Philips’ 2010 investments in Green Innovation amounted to EUR 1 billion, surpassing its investment target two years ahead of schedule. It said 38% of total 2010 sales was generated by green products, up from 31% in 2009.

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.

Philips has three primary business operations: Healthcare, Consumer Lifestyle, and Lighting.

"We consider sustainability to be a driver of growth and an integral part of the Philips DNA,” said Rudy Provoost, chairman of Philips' Sustainability Board and CEO of Philips Lighting.

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