Building a more sustainable electric power system

As a newly independent global leader in the electric power industry, GE Vernova’s purpose and mission to electrify and decarbonize the world has never been clearer or more urgent. Our planet and communities are feeling the increasing effects of a changing climate, geopolitical unrest, and the urgent global need to build a more sustainable electric power system. GE Vernova is well-positioned to play our role as our society responds to these generational imperatives and seeks to fundamentally change the arc of climate change.

Foundationally, sustainability is where it starts. Sustainability is at our core as a company and as a team. We guide our efforts at GE Vernova through the four pillars of our Sustainability Framework: Electrify, Decarbonize, Conserve, and Thrive.

“The opportunities and challenges we confront as a company are central to our planet’s future.”

For Electrify, the demand for electricity is expected to grow by more than 50% in the next 20 years. Our electric systems are balancing increasingly dynamic and extreme factors such as energy security and grid resiliency and reliability, due to extreme weather events, cyber security threats, and geopolitical instability. We must enable sustainable, reliable, and affordable electricity to 8 billion people around the world while also affirmatively addressing the more than 760 million people without such access today.

For Decarbonize, this evolving system must continue decarbonizing through the Energy Transition, while keeping up with the electrification growth rate needed. This involves deploying technologies that improve the trajectory of carbon intensity for near-term impact while advancing our efforts on breakthrough innovations to achieve net zero. The challenge to the planet is immense and will require a global community working together to meet it. GE Vernova is not approaching this alone. We are making a deliberative effort to engage with and convene diverse stakeholders – a core component of our new Sustainability Management System – to deliver on our responsibility to lead global decarbonization efforts.

For Conserve, we outline our efforts and systems to make progress each year toward our goals of carbon neutrality for Scope 1 and 2 emissions by 2030 and incorporating environmental factors into how we design, build, service, and repurpose technology. We have taken an actionable approach rooted in pragmatism, with explicit measurements across our framework on what we’re holding ourselves accountable and where we need to improve.

As for Thrive, all of these efforts cannot be achieved if we do not put special attention and effort on advancing working conditions in our operations and across our value chain, with an absolute emphasis on safety, representation, ethics, and human rights. We are committed to ensuring our people, our partners, and the communities in which we operate and where we do business, thrive as we thrive.

We see incredible opportunities for our Sustainability Framework to create economic value, growth, and performance while at the same time serving the world. A hybrid approach to further integrate natural gas, including hydrogen and carbon capture capable gas turbines, along with renewables, storage, and nuclear, is necessary to succeed for both goals. That is why we invested ~$1 billion in R&D across our three segments in 2023 and intend to make the same level of investment in 2024. Not only will these investments contribute to GE Vernova’s economic growth, they will also accelerate solutions for the #EnergyTransition.

GE Vernova is playing a central role in electrifying the world, with a determined ambition to change the arc of climate change, and we appreciate your interest and partnership with us as we progress together.

I feel a great amount of gratitude, pride, and optimism as we launch our first #SustainabilityReport as #GEVernova. Thank you to our customers, employees, suppliers, and all other stakeholders, for joining us on this critical journey for all. We look forward to continuing to lead with you.

Let’s get to work.

Read GE Vernova's Sustainability Report: https://vernova.is/3TBwBxU

#FutureOfEnergy #ElectrifyAndDecarbonize