FRANKFURT, Germany (AP) -- German industrial conglomerate Siemens AG expects environmental products that help reduce greenhouse gas emissions to generate revenues of $39 billion by 2011, the company said Monday.
Siemens' revenues of 25 billion euros from its environmental solutions portfolio accounted for about 17 billion euros ($26 billion) to Siemens' bottom line in 2007 -- or about one-quarter of the company's total sales, it said.
To be recognized as environmental solutions, products must either reduce greenhouse gas emissions or help combat water and air pollution. Siemens' products include solar and wind turbines, lighting technology and more efficient trains and medical equipment products.
"We're significantly outpacing our competitors in this area," Siemens' chief executive Peter Loescher said at a conference Monday in London.
"The projections for 2011 are based on assumptions about organic growth in the environmental portfolios of Siemens' industry, energy and health care sectors," Loescher said.
The German government passed a raft of measures last week requiring newly built and renovated buildings to meet more strict energy efficiency standards and bolstering energy production from renewable sources, such as solar and wind power. Germany aims for a 40 percent cut in its greenhouse gas emissions by 2020, as compared with 1990 levels.