Case Study: Philips's Investment On Green Initiative
Target:
Philips had pledged to refine the lives of three billion people on our planet by 2025. It had set up an ambitious target to sell at least half of its products which are green.
By 2015, Philips wanted to collect and recycle 45,000 tons of its products, recycle alone 15,000 tons of obsolete products. It also set a target to reduce co2 emissions by 40% in 2015.
Investment on Green Initiative
The Research and Development budget in 2015 was an estimated amount €1.8 billion, which was equivalent to 7.3% of sales revenue. Out of this, €569 million was allocated to the green innovation.
Philips had already achieved the cumulative €2 billion Green Innovation investment target in 2014, although they wanted to achieve it in 2015. The company invested an amount of €463 million in green innovation in 2014.
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These sales were steered by the investments in Green Innovation.
Philips is investing in the advancement of green products and technologies. It is taking every measure to reduce the ecological footprint of their operations and supply chain. The commitment of Philips to the circular economy mindset is supporting them to complete the materials loop and its progressive movement towards the innovative business models.
Focus of Philips
Being the leader in the LED technology, Philips is creating lighting systems are energy efficient, sustainable, and reduce operational expense. Philips is prioritizing to improve the living conditions and healthiness of indoor and outdoor environments. It is in fact providing everything from functional illumination to dazzling color-changing experiences that meet the requirements of the world.
Approach towards Sustainability
Philips wants to achieve sustainability through Sustainability lighting, Sustainable operations and Supplier
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