GE Vernova : Sustainability Report 2023 Sustainability Report Executive Summary Electrification Segment (2023 Sustainability Report Executive Summary Electrification Segment)

Published: 2025-02-28 08:21:33 ET GEV

SUSTAINABILITY

REPORT 2023

CUSTOMER SUMMARY

EXPLORE MORE

Building a more sustainable electric power system

Full Report

2023 Performance Data

gevernova.com/sustainability

Customer Summary

BUILDING A MORE SUSTAINABLE ELECTRIC POWER SYSTEM

GE Vernova 2023 Sustainability Report

As a newly independent global leader in the electric power industry, GE Vernova's purpose and mission to electrify and decarbonize

~25%

of the world's electricity is generated with the help of GE Vernova's technology base (as of June 2024)

2,324 GW

global installed base across our Power and Wind segments in 2023

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.

SCOTT STRAZIK,

Chief Executive Officer, GE Vernova

"The opportunities and challenges we confront as a company are central to our planet's future."

~75,000

~$1 BN

global employees

invested each year in R&D,

focused on decarbonization

and electrification

100+

$33 BN

countries

2023 revenue (~45% services)

GOVERNANCE

Strong governance is essential to running our global business. Sustainability efforts are overseen by the GE Vernova Board of Directors and informed by Enterprise Risk Management (ERM) and materiality assessments. Strong policies and processes ensure we deliver for our customers while keeping information about our employees, customers, and suppliers safe.

Customer Summary

GE Vernova 2023 Sustainability Report

PURPOSE-BUILT TO ELECTRIFY AND DECARBONIZE THE WORLD

GE Vernova is uniquely positioned with solutions across our Power, Wind, and Electrification segments, each with their own distinct product and service offerings, delivered on a global scale.

OUR BUSINESS SEGMENTS

POWER

OUR BUSINESSES

Gas Power

Nuclear Power

Hydro Power

Steam Power

2.5+ MILLION

1ST

total operating hours by our

commercial contract for a small

WIND

OUR BUSINESSES

Onshore Wind

LM Wind Power

Offshore Wind

~55,000

#1 U.S.

wind turbines installed

onshore wind turbine installs

ELECTRIFICATION

OUR BUSINESSES

Grid Solutions

Solar & Storage

Power

Solutions

Electrification

Conversion

Software

90% 40,000 m3

ACCELERATORS

OUR BUSINESSES

Advanced

Consulting

Research

Services

Financial

Services

~$1 BN

$4 BN+

HA gas turbine technology

nuclear modular reactor in

(as of July 2024)

North America signed in 2023

~7,000

~$17 BN

gas turbines installed -

2023 revenue

the world's largest fleet

Read more on page 8

(on average) of methane emissions avoided per year from our advanced centrifugal compressor technology

~$6 BN

2023 revenue

invested in annual R&D across Advanced Research

8.5 MILLION

operating hours from our hydrogen-fueled gas turbines through 2023

orders for GE Vernova technologies enabled by Financial Services in 2023

420+

technology collaborators

Customer Summary

ALIGNING GE VERNOVA'S BUSINESS

SUCCESS WITH SUSTAINABILITY SUCCESS:

OUR SUSTAINABILITY FRAMEWORK

Catalyze access to more secure, sustainable, reliable, and affordable electricity, and help drive global economic development

LEADING GOALS

Be a leading provider

Address electrification

Support workforce

of new power

in regions underserved

development, with a

generating capacity

by reliable, affordable,

focus on underserved

and grid capacity

and sustainable

populations globally

for the world

electricity

Innovate more while using less, safeguarding natural resources

LEADING GOALS

Carbon neutrality for

90% of our top

Scope 1 and 2 GHG

products covered

emissions by 2030

by our 4R circularity

framework by 2030

GE Vernova 2023 Sustainability Report

GE Vernova's Sustainability Framework comprises four pillars - Electrify, Decarbonize, Conserve, and Thrive - each with leading goals that progress our objectives to electrify and decarbonize the planet, conserve natural resources, and support communities where everyone can thrive. These leading goals are core to our sustainability programs and the framework helps align

our business performance with non-financial impacts.

Invent, deploy, and service the technology to decarbonize and electrify the world

LEADING GOALS

Improve the

Innovate toward

trajectory on

our 2050 Scope 3

carbon intensity

net zero ambition

for near-term

for use of sold

impact

products

Advance safe, responsible, and equitable working conditions in our operations and across our value chain

LEADING GOALS

Fatality-free

Demonstrate

Embed and

Partner with

operations

progress on

implement ethical

suppliers to

global gender

decision-making

promote and

representation

into business

uphold human

and locally

decisions

rights in our

underrepresented

value chain

populations

Customer Summary

2023 SUSTAINABILITY OVERVIEW

GE Vernova 2023 Sustainability Report

ELECTRIFY

~25%

of the world's electricity is generated with the help of GE Vernova's technology base

2,324 GW

global installed base across our Power and Wind segments

29 GW

of generating capacity brought online in 2023, 42% of it in developing & emerging economies

64 GW

grid enabling capacity energized in 2023

DECARBONIZE

~20 MILLION METRIC TONS

avoided CO₂ emissions in first

full year of operation from generating capacity brought online in 2023

ADVANCING

breakthrough technologies through Advanced Research: hydrogen, carbon capture, direct air capture, and small modular reactors

CONSERVE

39%

reduction in Scope 1 and 2 (market-based) GHG emissions from our own operations from 2019-2023

GOAL:

90%

of our top products covered by our 4R Circularity Framework by 2030

SAFETY

see page 72 of the full report for more information on our efforts towards fatality-free operations

DEI

30%

U.S. employees are from racial or ethnic minority groups

24%

female representation in leadership

99%

global gender pay equity

THRIVE

ETHICS AND COMPLIANCE

97%

salaried employees completed ethics and compliance training

HUMAN RIGHTS

604

supplier audits conducted, with 581 suppliers approved and 23 rejected

PHILANTHROPY

$5.49MN

total GE Vernova family giving

20,000+

volunteer hours donated

1,300+

global non-profits supported

Customer Summary

THE CONTROL ROOM

Communities

HOW WE OPERATE

Sustainability is core to our business strategy and operations; our internal processes include:

Inspired by the nerve centers of the planet's most complex machine, the electric grid, our Control Room is our comprehensive approach to sustainability - a cross-functional management system spanning our internal operations, which drives our external impact.

Customers

Employees

Investors

Partnerships &

Regulators &

memberships

government agencies

STAKEHOLDER ENGAGEMENT

GE VERNOVA SUSTAINABILITY FRAMEWORK

ELECTRIFY

DECARBONIZE

CONSERVE

THRIVE

Building a more sustainable power system

GE Vernova 2023 Sustainability Report

Suppliers

HOW WE IMPACT

We drive positive impact on a global scale by making progress on our leading sustainability goals, measuring and sharing our sustainability performance, and aligning with

the United Nations Sustainable Development Goals (UN SDGs).

GUIDING PRINCIPLES

IMPACT

PRAGMATISM

CREDIBILITY

Read more about the Control Room on page 11 of the Sustainability Report

Customer Summary

ELECTRIFICATION

Our Electrification segment includes Grid Solutions, Power Conversion, Solar and Storage Solutions - collectively referred to as Electrification Systems - and digital technologies, referred to as Electrification Software. The solutions offered by this segment are essential for the transmission, distribution, conversion, storage and orchestration of electricity from point of generation to point of consumption. They modernize grids through digitalization, allowing the integration of more renewable energy, while helping our customers electrify and decarbonize the global energy ecosystem.

GE Vernova 2023 Sustainability Report

OUR BUSINESSES

Electrification Systems:

Electrification Software:

Grid Solutions

Grid Software

Power Conversion

Power & Energy

Solar & Storage

Resources Software

Solutions

Proficy® Software

& Services

ELECTRIFY

SOLUTIONS TO ENABLE ELECTRIFICATION

Our Grid Solutions business provides advanced grid technologies and systems, supporting the transition to a more resilient, efficient and reliable grid. These activities are built around grid systems integration such as High-Voltage Direct Current (HVDC) solutions, power transmission products, and grid automation technologies.

Our software businesses deliver the intelligent applications and insights needed to accelerate electrification and decarbonization across the entire energy ecosystem. They enable a more sustainable energy grid and help safely deliver more reliable and affordable electricity to customers.

90%

of global power transmission utilities have been equipped with GE Vernova technologies

Read stories about our electrification systems on page 38 of the Sustainability Report

DECARBONIZE

DECARBONIZING THROUGH MORE

INTELLIGENT SYSTEMS

Investment in electrification technologies is critical to enabling the energy transition by connecting renewables to the grid, electrifying carbon-intense sectors, and enhancing grid resilience and reliability.

Our Power Conversion business provides energy conversion technologies, systems, and services including advanced electrical motors, power drives, and control technologies that help decarbonize and electrify energy-intensive processes and industries such as oil and gas, mining, steel, rail, and marine.

Solar & Storage Solutions provides cutting-edge technologies in solar energy, battery energy storage, and power plant controls that help customers to transition to dispatchable and reliable renewable energy solutions.

CONSERVE

UPGRADING AND DIGITIZING AGING

INFRASTRUCTURE

We maximize the potential of existing infrastructure by upgrading and digitizing aging systems, improving resilience, and integrating renewables.

We are expanding our range of advanced services including repairs, retrofits, operational readiness audits, and long-term service agreements for our installed base of high-voltage and medium-voltage equipment.

THRIVE

ADVANCE SAFE, RESPONSIBLE, AND EQUITABLE WORKING CONDITIONS IN OUR OPERATIONS AND ACROSS OUR VALUE CHAIN

People are fundamental to our success. The ideas, energy, and commitment of ~75,000 people who work for GE Vernova are the driving forces behind the change we're creating. It is essential that we create a thriving community for our people by working to ensure the safety of our teams throughout the world, embracing diversity, leading with integrity,

and respecting human rights.

Beyond our own employees, those working for our suppliers and living in the communities in which we operate are integral to our thriving community. Our strong supply chain governance programs help to advance positive change for people supporting our efforts, no matter their background or location.

Customer Summary

Forward-Looking Statements

This report contains forward-looking statements about future events that are inherently uncertain. These statements are based on certain assumptions and often concern GE Vernova's expected business and operational performance. They typically include terms like "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "estimate," "forecast," "target," "preliminary" "range," and similar expressions. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as our expectations regarding the energy transition and the role that we and our products and services can play in that transition; the demand for our products and services; our ability to meet those demands and the quality and performance of our products and services; our ability to meet our sustainability goals and targets; our ability anticipate and address customer demands; our actual and planned investments and projects, including in breakthrough technologies; the ability of us and others to innovate breakthrough technologies that enable us to meet our sustainability goals and targets;

the ability of us and others to deploy such technologies at scale; levels of global infrastructure spending; and the timing and impact of global adoption of policies that further the global energy transition, or the delay or lack of such adoption. Any forward-looking statement in this report speaks only as of the date on which it is made. Although we believe that the forward-looking statements contained in this report are based on reasonable assumptions, you should be aware that many factors could affect our actual results and could cause actual results to differ materially from those in such forward-looking statements, including but not limited to factors that are beyond our control, such as the impacts of macroeconomic and market conditions, the global supply chain and laws and government regulations. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, please see our Form 10, as well as our other filings with the U.S. Securities and Exchange Commission.

GE and the GE Monogram are trademarks of General Electric Company used under trademark license.

Disclaimer

GE Vernova Inc. published this content on February 28, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 28, 2025 at 13:19:27.806.