Philips Plans to Invest in Green Innovation

Royal Philips Electronics has made an announcement to the effect that it is planning to invest EUR 2 billion in Green Innovation by 2015 to speed up the sustainable enterprises carried out by the three sectors of the company.

Philips had allocated cumulatively a sum of EUR 1 billion by 2010 thus exceeding the investment target in green innovations two years before the planned schedule, resulting in the company continuing its commitment to green innovation. In 2009, a total of 38% sales were generated by the sale of Philips Green Products, showing an increase of 7% from the figures of 2009.

Rudy Provoost, the CEO of Philips Lighting and Chairman of Philips’ Sustainability Board, commented that sustainability would drive the growth processes in Philips and was an integral part and portion of the Philips Company. They were reconfirming their plans to being a healthy company delivering sustainable solutions by doubling their investments in green innovation. This commitment would also be supportive of the company’s growth strategy, Vision 2015, which propagates energy efficient and sustainable solutions and applications.

The added green sales was achieved mainly because of the nonstop focus shown by the company on EcoDesign across various sectors, which helped to develop products with remarkable low impacts on the environment, all through their lifecycle. New products from Healthcare include a patient monitoring system, the Philips Essential, which is designed for patient safety during transport and clinical workflow. This green product provides a reduction of 48% in energy consumption along with a 32% reduction in packaging weight and a 72% reduction in product weight, all with a lead acid free battery. Another significant green product launched by Philips was the Econova TV in the Consumer Lifestyle sector, which is the world’s first ever PVC/BFR free television, which has obtained both the EISA Best Green TV 2010/2011 award and the EU-Energy A+ label.

The sales was also dominated by the lighting sector and the new 12 watt EnduraLED lamp, which is the substitute for the conventional 60watt incandescent lamp has received the ENERGY STAR qualification, was named by a popular science magazine as the Product of the Year 2010 and was also declared to be the winner in the LED Replacements Lamp Division for the Tomorrow Awards.

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