Philips to invest heavily in green innovation
Company recorded healthy increase in green product sales in 2010
Royal Philips Electronics will invest EUR 2 billion in green innovation by 2015, in order to accelerate sustainable business across the company’s three sectors.
In 2010, Philips’ cumulative investments in green innovation amounted to EUR 1 billion, which surpassed the company’s green innovation investment target two years ahead of schedule. As a result of its continued commitment to sustainability, 38% of total 2010 sales were generated by Philips Green Products, up from 31% in 2009.
"We consider sustainability to be a driver of growth and an integral part of the Philips DNA,” said Rudy Provoost, chairman of the Philips' Sustainability Board and CEO of Philips Lighting. "By doubling our investment in green innovation by 2015, we reconfirm our ambition as a health and wellbeing company to deliver meaningful and sustainable solutions. This commitment also supports our Vision 2015 growth strategy, driven by global trends, such as the need for more sustainable and energy efficient products and solutions”.
An increase in green sales was achieved primarily by the company’s continued focus on EcoDesign across all sectors. This is a process that aims at developing products with a significantly lower environmental impact throughout their lifecycle.
Recent introductions of green products for healthcare include the Philips Essential, a patient monitoring system designed for clinical workflow and patient safety during transport, which offers a 48% reduction in energy use, 72% less product weight, 32% less packaging weight and a lead-acid free battery.
Notable green product launches in the consumer lifestyle division included the Econova TV, the first PVC/BFR free television in the world, which received both the EU-energy A+ label as well as the EISA Best Green TV 2010/2011 award.
Philips Lighting contributed to nearly half of total green product sales and continued to make important strides with the commercial launch of the 12-watt EnduraLED lamp, which is known in the Middle East as the MasterLED lamp. This is the industry’s first replacement for the traditional 60-watt incandescent bulb.