GE Vernova unveils first sustainability report, highlights gains

GE Vernova has released its inaugural Sustainability Report, outlining the company's efforts to electrify and decarbonise the global energy landscape. The report provides a detailed overview of GE Vernova's sustainability strategy, which is built on a four-pillar framework: Electrify, Decarbonize, Conserve, and Thrive. This framework aims to align the company's business performance with sustainability goals.

In 2023, GE Vernova reported significant achievements, including bringing 29 GW of generating capacity online, energising 64 GW of new power transformers, and helping avoid approximately 20 million metric tons of CO₂ emissions. The company also reported a 39% reduction in Scope 1 and 2 greenhouse gas emissions from a 2019 baseline.

Scott Strazik, CEO of GE Vernova, commented, "GE Vernova's purpose and mission to electrify and decarbonise the world has never been clearer or more urgent. Sustainability is at our core as a company and as a team. We see incredible opportunities for our sustainability framework to create economic value, growth, and performance while at the same time serving the world."

The "Electrify" pillar focuses on increasing generating capacity. "As a company whose technology base helps generate approximately 25 percent of the world's electricity, the company brought online an additional 29 GW of generating capacity in 2023, roughly equivalent to the total installed generating capacity of Massachusetts, Connecticut, and Rhode Island combined, with 42% in emerging economies," the report states. Additionally, GE Vernova energised 64 GW of new power transformers, enhancing transmission capacity.

The "Decarbonize" pillar introduced metrics for tracking improvements in carbon intensity. The company claims to have avoided around 20 million metric tons of CO₂ emissions in its first year of operations. Progress toward the 2050 net zero ambition is supported by advancements in hydrogen technology, carbon capture, direct air capture, and small modular reactors. GE Vernova's research and development efforts, funded in part by the U.S. Department of Energy, involve over 150 projects and 420 technology collaborators.

Under the "Conserve" pillar, GE Vernova reported a 39% reduction in its Scope 1 and 2 emissions, achieved through energy efficiency projects and renewable energy purchases. The company also introduced a "4R circularity framework"—Rethink, Reduce, Reuse, and Recycle—aiming to cover 90% of its top products by 2030.

The "Thrive" pillar focuses on ethical and sustainable practices within its supply chain and community engagement. GE Vernova conducted more than 600 global supplier audits, approving approximately 580 suppliers under its Supplier Responsibility Governance program. The company also reported over 20,000 employee volunteer hours and 7,500 student engagements through its Next Engineers program.

Roger Martella, GE Vernova's Chief Sustainability Officer and head of Global Policy, commented, "We recognised that we needed to build a new, modern sustainability program for a new, modern sustainability company. Our new Control Room encompasses our comprehensive approach to sustainability, including our Sustainability Framework, guiding principles, stakeholder engagement, and employs Lean to accelerate and sustain higher levels of performance through continuous improvement."

GE Vernova's technology supports around 25% of the world's electricity generation, with a global workforce of 75,000 employees across more than 100 countries. In 2023, the company invested approximately USD $1 billion in research and development and generated a revenue of USD $33 billion.

The Power, Wind, and Electrification segments of GE Vernova reported substantial activities. Some notable figures from 2023 include the installation of around 7,000 gas turbines, over 55,000 wind turbines, and technologies powering 90% of global power transmission utilities. The company's Accelerators businesses also showcased significant contributions, with over USD $4 billion in orders for its technologies.