Lighting company Philips (NYSE: PHG) plans toinvest EUR 2 billion in "green innovation" by 2015, according to thecompany’s latest annual report.
The company, which is a leader in the commercialization of LED lighting, said it invested EUR 450 million in green innovations in 2010,achieving its EUR 1 billion investment target two years ahead ofschedule.
Other 2010 highlights include increased Green Product sales to 38% ofoverall sales–up from 31% in 2009; reduced its carbon footprint by 7%and increasing overall operational energy efficiency by 6%.
In 2010, Philips also made progress with its supplier sustainabilityprogram, auditing 273 supplier sites against its supplier sustainability declaration, bringing the total since 2005 to 1,591 full-scope audits.
Following a trend in sustainability reporting, this is the first yearthat Philip’s annual report will not be available in a print version.From the company website, stakeholders have the opportunity to view orprint selected chapters, thereby reducing the environmental impact ofproducing the report.