WHEREAS: The Intergovernmental Panel on Climate Change reports that immediate and significant emissions reductions are required to stave off the worst consequences of climate change.[1] Decarbonizing the energy sector, which accounts for nearly 75% of global greenhouse gas (GHG) emissions, is critical to achieving the global 1.5 degree Celsius (1.5¡C) Paris goal.[2]

Despite the need for swift action to reduce GHG emissions, the General Electric Company (GE), whose technology is used to produce 30% of global electricity, continues to expand global reliance on fossil fuels through the sale of high-emitting, long-lived products including natural gas-powered turbines and liquid natural gas infrastructure.[3] The emissions from downstream use of these carbon-intensive products accounts for 90% of GEÕs total carbon footprint.[4] Continued investments in such high-carbon energy infrastructure locks in high emissions for decades, jeopardizing the achievement of global net zero targets.[5]

In the past year, GEÕs sales of natural gas-powered turbines have increased.[6] While GE has a future goal of producing 100% hydrogen-capable turbines by 2030,[7] use of hydrogen is not currently commercially feasible,[8] nor can GE require turbine customers to actually use high-cost hydrogen in their turbines. Similarly, GEÕs proposed future integration of renewable natural gas and carbon capture into its energy infrastructure poses long-term scalability and cost hurdles.

On the other hand, GE is currently experiencing Òunprecedented growth in demand for onshore and offshore wind turbines,Ó and it notes the Inflation Reduction Act Òis expected to resolve recent U.S. policy uncertainty... and significantly increase near- and longer-term demand in the U.S. for onshore and offshore wind projects.Ó[9]

In 2021, nearly 98% of shareholders voted in support of GE disclosing its intent to align with a Net Zero goal. The CompanyÕs continued sale of high-emitting gas products is contrary to this goal and exposes the Company to the physical, regulatory, and market risks of an economy rapidly transitioning away from fossil fuel energy.