exo-is/governance-reporting-on-listed-companies huggingface dataset:
Keyword: tax
of energy tax credits included in the IRA and  
on permitting reforms necessary to unlock  
clean energy deployment. These advocacy 
actions seek to enable achievement of the  
Paris Agreement goals.
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
111
GE Vernova 2023 Sustainability Report
Youth United for Sustainability
In May 2023, GE signed an agreement with the 
UAE Independent Climate Change Accelerators, 
which now includes GE Vernova, focused on 
youth and diversity, innovation and technology, 
and policy collaboration, to increase momentum 
and active climate engagement in the lead-up 
to COP28. 
As the first activation of the partnership, in 
collaboration wit
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
4
GE Vernova 2023 Sustainability Report
CONTENTS
For more than 130 years, General Electric 
Company (“GE”) has led the electrification 
revolution. On April 2, 2024, GE completed 
the separation of its portfolio of energy 
businesses through the spin-off of GE Vernova 
as an independent, publicly traded company. 
GE now operates as GE Aerospace. This 
Sustainability Report covers the reporting 
period for the 2023 fiscal year, and, unless 
otherwise indicated, the policies, actions, and 
programs discussed refer to GE Vernova as a 
stand-alone business, and the data provided 
is on a GE Vernova basis. For purposes of this 
report, references to “we,” the “Company” 
for fiscal year 2023 refer to GE Vernova as 
a stand-alon
Keyword: governance
GOVERNANCE
2023 Board Oversight
97
Enterprise Risk Management (ERM)
99
Data Privacy and Cybersecurity
101
Customer Satisfaction
103
Supporting Communities in the Energy Transition 
Through Our Projects and Investments
104
Policy, Advocacy, and Engagement
106
Paris Agreement Aligned Lobbying Report
109
COP28
112
THRIVE
Introduction
71
	 Goal 1: Fatality-free operations 
72
Product Safety and Quality
76
Human Capital: Our People Inspire Change
77
	 Goal 2: Demonstrate progress on global  
gender representation and locally  
underrepresented populations
81
	 Goal 3: Embed and implement ethical decision-
making principles into business decisions
86
	 Goal 4: Partner with suppliers to promote  
and uphold human rights
89
GE Vernova Foundati
Keyword: governance
Sustainability Operations and Governance
18 
Lean Is How We Work 
19 
Sustainability Education
20 
How We Impact: Sustainability Performance 
21
Alignment with UN SDGs
23
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
5
GE Vernova 2023 Sustainability Report
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 
Invent, deploy, and service the technology to decarbonize 
and electrify the world
LEADING GOALS
LEADING GOALS
LEADING GOALS
LEADING GOALS
Innovate more while using less, safeguarding 
natural resources
Advance sa
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
6
GE Vernova 2023 Sustainability Report
2023 SUSTAINABILITY OVERVIEW
THRIVE
DECARBONIZE
CONSERVE
ADVANCING
4 
breakthrough 
technologies through 
Advanced Research: 
hydrogen, carbon capture, 
direct air capture, and 
small modular reactors
39% 
reduction in Scope 1 
and 2 (market-based) 
GHG emissions from 
our own operations 
from 2019-2023
SAFETY  
3 
see page 72 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
ETHICS AND COMPLIANCE 
97% 
salaried employees 
completed ethics and 
compliance training
HUMAN RIGHTS 
604 
supplier audits conducted, 
with 58
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
7
GE Vernova 2023 Sustainability Report
GE Vernova is purpose-built to electrify 
and decarbonize the world.
Following our spin-off from GE on April 2, 2024, 
GE Vernova is now an independent, publicly traded 
company with approximately 75,000 global team 
members as well as numerous loyal customers 
and industry partners across the world.
We are 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 
Accelerators support these segments, building 
on GE’s rich history of innovation. We’re investing 
~$1 billion a year in research and development to 
commercialize breakthrough technologies.
The
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
8
GE Vernova 2023 Sustainability Report
POWER
WIND
ELECTRIFICATION
ACCELERATORS
2.5+ MILLION  
total operating hours 
by our HA gas turbine 
technology (as of July 
2024)
1ST 
commercial contract for 
a small nuclear modular 
reactor in North America 
signed in 2023
~55,000  
wind turbines installed  
in 50+ countries 
#1 U.S. 
onshore wind turbine 
installs for the fifth year 
in a row*
90%  
of global power 
transmission utilities 
have been equipped 
with GE Vernova 
technologies 
40,000 m3  
(on average) of methane 
emissions avoided per 
year from our advanced 
centrifugal compressor 
technology
~$1 BN  
invested in annual 
R&D across Advanced 
Research + our 
businesses, ~3% of  
2023 revenue
$4 BN+ 
orders for GE V
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
9
GE Vernova 2023 Sustainability Report
OUR BUSINESSES
OUR BUSINESSES
OUR BUSINESSES
OUR BUSINESSES
	 Gas Power
	 Hydro Power
	
Nuclear Power
	 Steam Power
	
Grid Solutions
	
Power 
Conversion
	

	
Solar & Storage 
Solutions
	
Electrification 
Software
	 Onshore Wind
	 Offshore Wind
	 LM Wind Power
1892
2020
DECADE OF ACTION
Our most powerful 
onshore wind turbine
With a revolutionary two-
piece blade, our 6 MW 
onshore wind platform has 
grown from an initial 4.8 
MW through to the latest 
6.1 MW. By the end of 2023, 
almost 11 GW of our 4-6 
MW turbines have been 
booked as firm orders.
Power
100% hydrogen gas 
turbine capability
Carbon capture and  
storage improvements 
Advanced nuclear, 
BWRX-300
Wind
Growth and
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
10
GE Vernova 2023 Sustainability Report
CONTROL ROOM: OUR SUSTAINABILITY 
MANAGEMENT SYSTEM 
Our Control Room encompasses our comprehensive approach to sustainability – it is a 
multi-dimensional, cross-functional management system for our sustainability programs 
that is core to our internal operations, and which drives our external impact. Stakeholder 
engagement is foundational to our sustainability programs, as it helps inform our global 
electrification and decarbonization efforts. Our sustainability principles ultimately guide 
how we implement our strategies, make progress towards our leading goals, and 
disclose our impact.
Our Sustainability Framework is at the center of our Control Room, helping us structure 
o
Keyword: governance
How We Operate: Sustainability Operations and Governance | page 18 
 
Lean Is How We Work | page 19 
 
Sustainability Education | page 20 
 
How We Impact: Sustainability Performance | page 21 
 
Alignment with UN SDGs | page 23 
 
11
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
GE Vernova 2023 Sustainability Report
In the power sector, the control room 
is a place of unflappable professional 
execution in operating what’s been 
described as the planet’s most 
complex machine, the electric grid. 
Those nerve centers inspired us to 
build our own Control Room – our new 
Sustainability Management System 
– to route and align our internal and 
external efforts toward solving the 
world’s most complex challenge
Keyword: governance
corporate DNA of Lean, governance, risk and 
impact assessments, as well as sustainability 
education to produce success for our leading 
sustainability performance, goals, and alignment 
to the United Nations Sustainable Development 
Goals (UN SDGs) shown on page 23.
A MODERN SUSTAINABILITY COMPANY 
BEGINS WITH A MODERN SUSTAINABILITY 
MANAGEMENT SYSTEM
“We know this is not an 
everyday opportunity, 
but a once-in-a-career 
chance for all of us to 
develop a system to 
ensure that we succeed 
not only as a business, 
but also for solving some 
of the world’s most 
pressing sustainability 
challenges.” 
Throughout this report, you’ll see this system put 
into practice, reflecting our relentless commitment 
and pride in the meaningful impact we’ve had in 
2023 toward our g
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
GE Vernova 2023 Sustainability Report
Investors
Regulators & 
government agencies
Employees
Partnerships & 
memberships    
Suppliers
Customers          
Communities
STAKEHOLDER ENGAGEMENT
GE VERNOVA SUSTAINABILITY FRAMEWORK
HOW WE IMPACT
HOW WE OPERATE
CONTROL ROOM: OUR SUSTAINABILITY MANAGEMENT SYSTEM
Building a more sustainable power system
GUIDING PRINCIPLES
IMPACT
PRAGMATISM
 CREDIBILITY
Sustainability is core to our business 
strategy and operations; our internal 
processes include:
բ Sustainability risk and impact  
    assessments
բ Sustainability operations     
   and governance 
բ Lean 
բ Sustainability education   
We drive positive impact on a 
global scale by making progress 
on our leading sustainability 
g
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
GE Vernova 2023 Sustainability Report
STAKEHOLDER ENGAGEMENT
Stakeholder engagement is foundational to our sustainability programs. We 
believe that listening to and partnering with a diverse breadth of stakeholders 
is as essential to our success as our own work at GE Vernova. We are grateful 
to our stakeholders for their time, ideas, and candor, as we continue building 
our strategy and operations to drive positive impact on a global scale. Below 
is a summary of our key stakeholders and how we engage:
Communities: We aim to have a positive 
impact on the communities where we operate. 
An assessment of our salient risks highlights 
community welfare as a key area where we conduct 
community assessments and evaluate our
Keyword: governance
our Supplier Responsibility Governance 
program, Open Reporting system, and 
additional communications as necessary. 
Compliance | page 86  
Human Rights | page 89  
GE Vernova leaders from several business units engaging with Engineering and Supply Chain teams; 
one of several quarterly meetings to drive accountability and quality across our manufacturing sites.
ENGAGEMENT IS A TWO-WAY STREET
Key issues we’ve heard from our stakeholders:
Examples of how we’re integrating 
their feedback:
Sustainability must be integrated at company core
Our sustainability framework aligns success 
for both business and our broader goals
Sustainability must be demonstrated through 
metrics and quantitative rigor 
Our leading goals demonstrate our commitments 
and progress for each of our sustai
Keyword: governance
Process and governance are critical 
for operationalizing sustainability goals 
toward success
The Control Room demonstrates how we govern 
our sustainability program across GE Vernova for 
the strongest impact
14
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
GE Vernova 2023 Sustainability Report
GUIDING PRINCIPLES 
We are focused on progressing the objectives of our 
Sustainability Framework under the guidance of three 
principles: impact, pragmatism, and credibility.
 IMPACT 
GE Vernova’s sustainability 
programs focus on where we 
can have the most impact as 
a company: electrifying and 
decarbonizing the planet. We 
prioritize our efforts by focusing 
on the impact oppor
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
GE Vernova 2023 Sustainability Report
15
we operate. To evaluate the strength of our 
Human Rights program, the firm assessed our: 
(i) corporate commitment, as evidenced by 
our policies and reporting lines; (ii) diligence 
in terms of risk identification and management; 
(iii) remedy in terms of process and outcome; 
and (iv) disclosure. In general, the assessment 
revealed some notable strengths, but it also 
highlighted several areas for improvement, which 
we used to develop a detailed plan to enhance 
the program. Building on the learnings from 
this assessment, our Human Rights program 
at GE Vernova continues to prioritize, manage, 
and monitor these risk areas.
For more information, please see the 
Human Rights s
Keyword: governance
and governance priorities and strategies. Our 
goal with this assessment was to develop a 
list of priority topics deemed relevant for the 
sustainability strategy of each business unit. 
We vetted these topics through interviews with 
internal and external stakeholders, soliciting 
input to validate and prioritize topics. Based 
on the insights gained from our employees, 
customers, investors, NGOs, and other 
stakeholders, this assessment provided an 
overarching blueprint on how to prioritize 
sustainability-related risks to our business. 
To build on this work, in 2022, we conducted 
an annual refresh of our issues assessment, 
finding that the same topics remained priorities, 
and building out our mitigation policies and 
procedures, and oversight p
Keyword: governance
rights programs is accountability and governance 
over our highest-priority sustainability and human 
rights risk areas. In accordance with international 
guidance, including our commitment to the United 
Nations Guiding Principles (UNGP) on Business 
and Human Rights, the OECD Guidelines for 
Multinational Enterprises, and the UN Sustainable 
Development Goals (SDGs), we have prioritized 
risk assessments that both look inward (e.g., risks 
to our business) and outward (e.g., risks to the 
environment, the communities in which we serve) 
to help prioritize our actions and governance.
LOOKING OUTWARD – OUR HUMAN RIGHTS 
SALIENCE ASSESSMENTS
In 2020, prior to the spin, GE, inclusive of 
GE Vernova businesses, engaged a leading 
human rights advisory firm to conduct a global 
human rights
Keyword: governance
and governance (ESG) impacts, risks, and 
opportunities (IROs).
SUSTAINABILITY RISK AND IMPACT ASSESSMENTS
1	 For the purposes of this report, double materiality refers to the environmental 
and social impacts of GE Vernova’s strategy and operations. It does not have 
the same meaning as the term “materiality” used in accounting standards or 
under U.S. federal securities laws. The inclusion of information in this report 
should not be construed as a characterization regarding the materiality or 
financial impact of that information. For additional information regarding 
GE Vernova, please see our filings with the SEC.
16
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendice
Keyword: governance
procedures, governance, and KPIs to mitigate 
our highest-priority risk areas. Our ongoing risk 
assessment work, through a double materiality lens, 
informs our leading goals and helps to set our global 
corporate priorities. Regarding next steps, we will 
be working on mapping relevant processes and 
controls, governance structures, and documentation 
to support limited assurance regarding our 
management of our priority risk areas.
2021
GE ISSUE 
ASSESSMENT
2023+
DOUBLE MATERIALITY
ASSESSMENT
GE Vernova is undergoing a risk assessment 
through a double materiality lens. 
The initial priority areas identified through  
our double materiality work are:
GE, including the Power and Renewable 
Energy businesses, engaged in an 
issues assessment with our internal a
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
GE Vernova 2023 Sustainability Report
ONE GE VERNOVA: SUSTAINABILITY 
OPERATIONS AND GOVERNANCE
HOW WE OPERATE
Sustainability at GE Vernova is 
the ultimate team effort. Because 
sustainability is embedded deeply 
within and across all of our business 
activities through our operating 
method, we can credibly say that our 
full employee population contributes 
to delivering the goals set out in our 
Sustainability Framework. 
In addition to our Lean operating method for 
integrating sustainability into our business, 
detailed on the next page, we further embed 
sustainability in our business using a “council” 
model. The Sustainability Council, which 
includes representatives from all business 
segments and corporate func
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
GE Vernova 2023 Sustainability Report
OUR APPROACH 
Our operating method starts with an annual 
planning process, through which our functional 
teams adopt a common approach to key 
performance indicators (KPIs) aligned to prioritizing 
SQDC. Next, teams develop action plans and a 
cadence of operating reviews to ultimately track 
and achieve results. Teams drive continuous 
improvement on KPIs using Kaizens, which are 
data-driven, fact-based, team-oriented, structured 
problem-solving events that create immediate 
results. Our operating method provides consistent 
tools, training, sharing of good practices, and 
methodologies for integrated thinking and internal 
collaboration, resulting in the development of 
team-orie
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
GE Vernova 2023 Sustainability Report
19
SUSTAINABILITY EDUCATION
At GE Vernova, we educate our employees about sustainability and 
how we operationalize our Sustainability Framework. Success in our 
sustainability efforts requires the contribution of each and every 
one of our employees – approximately 75,000 people. 
Our Sustainability Team, in collaboration with 
other functions, has developed several training 
programs and educational resources for our 
employees covering a variety of sustainability 
topics, including our Sustainability Framework. 
We educate our employees through the 
following activities: 
Conducting Kaizen events (based on the 
Japanese philosophy of continuous improvement) 
focused on increasing t
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
GE Vernova 2023 Sustainability Report
SUSTAINABILITY 
PERFORMANCE
As an active participant and 
signatory to the UN Global Compact, 
we play a role in helping achieve 
a better, more sustainable future 
for all. 
Our sustainability performance in 2023 and 
priorities for 2024 and beyond align with the 
UN SDGs identified on page 23 of this report.
GE Vernova businesses began collating 
sustainability data on a stand-alone basis in 
2023, prior to separation from GE in April 2024. 
Therefore, 2023 is the first reporting year for 
GE Vernova’s sustainability performance, although 
we reference earlier baselines for commitments 
that were set by GE prior to 2023. Reported 
metrics are based upon KPIs needed to track 
towards
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
GE Vernova 2023 Sustainability Report
Footnotes continued
15	 Incident rate for the number of recordable injury and illness cases globally per total hours worked year to 
date. Rate calculation is based on 100 employees working 200,000 hours annually, as measured against OSHA 
recordability criteria.
16	 Days Away from Work Incident Rate uses the OSHA calculation for number of recordable cases resulting in one 
or more days away from work (transfer or restricted cases are excluded) per total hours worked year to date. 
Rate calculation is based on 100 employees working 200,000 hours annually.
17	 GE employees, contingent/leased workers, wholly owned affiliate employees and majority-owned, joint-
venture employees.
18	 
Keyword: governance
Human Rights: Supplier Responsibility Governance (SRG) Program
 Total Global Audits
604
 Total Suppliers Approved
581
New Suppliers
436
Existing Suppliers
115
Supplier from Acquisition26
30
 Total Suppliers Rejected
23
New Suppliers
10
Existing Suppliers
13
Supplier from Acquisition26
0
 Total Findings27
3,651
2023
Percentage of SRG Audit Findings per Category:
Health & Safety
15%
Environment
25%
Emergency Preparedness
18%
 Human Rights & Labor
21%
Dormitory Standards
5%
Conflict Minerals
<1%
Regulatory Compliance
13%
Security/Other28
4%
SRG Audits per Region:
China
36%
India
33%
North and South America
21%
Europe, Middle East & Africa
7%
Rest of Asia
3%
Lifting Our Communities
Total GE Vernova “Family” Giving ($M)29
5.49
2023
THRIVE
Safety
Injury & Illness Total Recordable Rate15
0.44
D
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
GE Vernova 2023 Sustainability Report
Our global Diversity, Equity, and Inclusion 
(DEI) program, led by our Chief Diversity 
Officer, is rooted in the belief that diversity 
makes us more competitive and creates 
value for our stakeholders. We provide 
benefits that support our diverse workforce, 
including flexible work policies, parental 
leave, and other family benefits. We are 
also helping to advance gender equality by 
supporting women and underrepresented 
populations in science, technology, 
engineering, and math (STEM) fields. 
As a company whose technology base helps 
generate approximately 25% of the world’s 
electricity, we’re focused on catalyzing 
access to more secure, sustainable, reliable, 
and affordabl
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
GE Vernova 2023 Sustainability Report
ELECTRIFY
Our commitment to catalyze access to more secure, 
sustainable, reliable, and affordable electricity, while 
helping to drive global economic development.
LEADING GOALS
ADDITIONAL AREAS OF FOCUS
How Our Technologies are Delivering Electrification | page 26 
 
How Our Businesses Contribute to Electrification | page 31 
 
Our Businesses | page 32 
 
Electrification in Our Business Segments
	
Power | page 33 
 
	
Wind | page 37 
 
	
Electrification | page 38 
 
GOAL 1
Be a leading provider of 
new power generating 
capacity and grid capacity 
for the world 
Page 27 
GOAL 3
Support workforce 
development, with a 
focus on underserved 
populations globally
Page 30 
GOAL 2
Address
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
24
GE Vernova 2023 Sustainability Report
ELECTRIFY
Electricity is vital to modern 
civilization, and critical to prosperity, 
health, and safety. We believe the 
world needs – and will benefit from 
– more electricity. The future electric 
power system must meet demand 
growth while also incorporating 
new and diverse sources of energy, 
and preserving or improving 
system reliability, affordability, 
and sustainability. 
As a company whose technology 
base helps generate approximately 
25% of the world’s electricity, we 
are passionate about innovating 
and investing across our broad 
portfolio of technologies to help 
the world meet growing demand 
for electricity while also reducing 
the carbon intensity of power grids
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
25
GE Vernova 2023 Sustainability Report
HOW OUR TECHNOLOGIES ARE DELIVERING ELECTRIFICATION
Energy  
destination
Homes
Business
Industry
Gas
Wind
Solar
Energy source
Water
We are innovating and 
deploying zero- and lower-carbon 
technologies, including:
 Efficient gas turbines
 Onshore and offshore 
wind turbines and blades
 Hydro power
 Advanced nuclear reactors
Our work in breakthrough 
technologies includes:
 Hydrogen as a fuel
 Carbon Capture & Storage (CCS)
 Direct Air Capture
 Small modular nuclear reactors 
GENERATE
We provide grid and electrification 
solutions needed to bring power 
more reliably and efficiently from 
the point of generation to the point 
of consumption, including: 
 Transformers 
 Gas insula
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
26
GE Vernova 2023 Sustainability Report
29 GW
NEW GENERATING1 
CAPACITY ONLINE 
IN 2023
64 GW
GRID ENABLING 
CAPACITY ENERGIZED 
IN 20232
The approximate 
equivalent of the installed 
generating capacity 
of Massachusetts, 
Connecticut, and  
Rhode Island
Could enable the 
approximate equivalent 
transmission of the 
installed generating 
capacity of Thailand
“Electrification is one of the most important 
enablers for global decarbonization at scale.”
1	 Gas, hydro, nuclear, steam, onshore, and offshore nameplate generating capacity added based on Commerica Operation Date (COD).
2	 Measured by power transformers (MVA, GW) energized, inclusive of 50% of Prolec GE volume (52 GW); Post-2023 sustainability report: 
explorin
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
27
GE Vernova 2023 Sustainability Report
Meeting the world’s increasing 
demand for reliable, secure, and 
affordable electricity is critical to 
life, health, and safety. It is also the 
foundation for economic growth and 
improved quality of life. We understand 
that electricity will be a key enabler 
for decarbonization of other sectors 
of the global economy. 
Demand for electricity is expected to grow 
by more than 50% in the next 20 years given 
electrification of economies and serving 
approximately 760 million people that now lack 
access to reliable, affordable, and sustainable 
electricity. As the world needs more electricity, 
we will also need more infrastructure to 
distribute that electricity.
Electrificatio
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
28
GE Vernova 2023 Sustainability Report
Increasing access to reliable, secure, 
and affordable electricity fuels 
growth and opportunity in global 
economies and helps improve the 
quality of life. Our goal to address 
electrification in underserved regions 
is aligned with the UN SDG 7. 
As the demand for energy continues to 
grow, we understand the critical nature of 
generating and electrifying all parts of the world, 
particularly in regions lacking secure, reliable, 
sustainable, and affordable electricity. Energy 
is fundamental to economic development and 
societal progress, and is interconnected to 
vital systems supporting agriculture, business, 
communications, education, healthcare, 
and transportation.
2023 P
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
29
GE Vernova 2023 Sustainability Report
GE VERNOVA TO CONVENE 
INAUGURAL MENDOZA 
COLLECTIVE ACTION SUMMIT
GE Vernova is planning to convene the first 
annual Mendoza Collective Action Summit 
on Solving the Energy Trilemma in Mendoza, 
Argentina, in 2025. The Mendoza Summit 
is envisioned to bring together diverse 
leaders to assess the Energy Trilemma at a 
systemic level and forge new partnerships 
to solve difficult challenges, make actionable 
recommendations, and measure progress 
publicly to drive accountability.
GE Vernova plans to host, sponsor, and lead 
the Mendoza Summit with participation from 
public interest, advocacy, public sector, 
academic, and private sector stakeholders, 
with a focus on emerging eco
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
30
GE Vernova 2023 Sustainability Report
GOAL 3
Within the next decade, one of the 
greatest challenges for the energy 
sector will be the increasing demand 
for skilled labor. As investment in 
new energy infrastructure continues 
to increase, so does the need for an 
expanded workforce that is skilled in 
developing and implementing lower 
emissions power and grid solutions.
Workers from sub-sectors with declining labor 
needs, such as oil and coal, may already possess 
the skills needed for the Energy Transition (e.g. 
wind, hydro, battery storage, and nuclear) and 
could be trained and redeployed into these various 
technology sectors. However, experts expect 
there will still be a gap in the amount of available 
work
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
31
GE Vernova 2023 Sustainability Report
OUR 
BUSINESSES
GE Vernova’s businesses work together 
toward meeting the world’s energy 
demand with less carbon intensity over 
time. Our comprehensive product portfolio 
of complementary attributes helps 
customers power economies and deliver 
electricity that is vital to health, safety, 
security, and improved quality of life. Each 
of our segments serve strategic priorities:
Our Power segment is focused on driving the 
services revenue of our installed base across 
gas, hydro, steam, and nuclear; while launching 
breakthrough technologies such as small modular 
nuclear reactors, carbon capture technologies, 
and hydro pumped storage solutions.
Our Wind segment is focused on re
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
32
GE Vernova 2023 Sustainability Report
HA GAS TURBINE FLEET CELEBRATES 2.5 MILLION OPERATING HOURS
Our high-efficiency air-cooled (HA) fleet 
is helping power-plant operators reduce 
emissions, increase efficiency, retire coal-
fired facilities, and integrate greater levels 
of renewable energy. 
GE Vernova’s HA gas turbines can save 
over 3.3 metric tons of CO2 emissions per 
year per unit, compared to an average 
coal-fired plant of the same size. This 
is equivalent to removing 680,000 cars 
off the road for every HA unit deployed. 
GE Vernova HA class combined cycle 
power plants emit approximately 50–60% 
less CO2 compared to a typical coal-
fired power plant of the same size, and 
have significantly lower nitrous
Keyword: governance
Introduction         Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
33
GE Vernova 2023 Sustainability Report
RESERVE 
POWER PLANTS 
As the demand for electricity 
grows significantly, GE Vernova 
offers aeroderivative products 
that can quickly and reliably 
provide, install, and commission 
power solutions to help meet 
those demands.
For example, fast and flexible gas power 
supports Germany’s energy policy objectives, 
which target 80% of power generation 
from renewable sources by 2030, after 
exiting nuclear and ideally phasing out 
coal. Dispatchable gas power – gradually 
decarbonized through hydrogen or carbon 
capture – is expected to cover the remaining 
20% of power generation.
RWE’s Biblis power plant, powered 
by 11 units of our LM2500XPRESS™ 
aeroderivative technology, is ex
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
34
GE Vernova 2023 Sustainability Report
GE Vernova’s Hydro Power business 
produces advanced technologies 
that harness the power of water to 
help deliver sustainable and reliable 
power to some of the world’s largest 
economies and remote communities. 
Our portfolio includes the broadest 
range of hydropower solutions and 
services: from water to wire, from 
individual equipment to complete 
turnkey solutions, for new plants 
and the installed base.
GE Vernova is delivering two 85 MW Variable 
Speed Pumped Storage Hydro units for the 
new Tauernmoos hydropower plant located 
in the Stubachtal Valley, in Austria. As part of 
the project, GE Vernova’s Hydro Power team 
is responsible for the design, engineering, 
model t
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
35
GE Vernova 2023 Sustainability Report
GE Vernova’s Nuclear Power 
business, through its joint ventures 
with Hitachi Ltd., is a world-leading 
provider of nuclear fuel, services, 
and advanced reactors. Our history 
of Boiling Water Reactor (BWR) 
technology dates to the 1950s. Over 
several decades, more than 60 of 
our BWR units went into operation, 
providing 24/7 carbon-free power.
In addition to our heritage of designing BWR 
technology, we have been designing and 
servicing our customers’ BWR and Pressurized 
Water Reactor (PWR) fleets globally. Our portfolio 
of fuel and service offerings helps our customers 
operate more efficiently and at increased 
performance, which enables baseload nuclear 
energy to power
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
36
GE Vernova 2023 Sustainability Report
ONSHORE WIND
GE Vernova’s Onshore Wind business is a world 
leader in onshore wind technology. With an 
installed base of approximately 55,000 turbines 
around the world, it offers a high-tech product 
portfolio of turbines for a broad range of site 
conditions. Our workhorse products, the 3 MW 
and 6 MW turbines, offer simplified configurations 
that improve reliability and efficiency while 
reducing logistics complexity.
OFFSHORE WIND
GE Vernova’s Offshore Wind business is one of 
the world’s leading offshore wind technology and 
services providers, with wind turbines capable of 
a proven performance of up to 14 MW. We have 
installed approximately 1 GW of offshore wind 
turbines
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
37
GE Vernova 2023 Sustainability Report
GE Vernova’s Grid Solutions 
business electrifies the world 
with advanced grid technologies 
and systems, enabling power 
transmission and distribution across 
the power grid, and supporting a 
decarbonized and secured Energy 
Transition to a more resilient and 
reliable grid. We equip power utilities 
and industries worldwide to bring 
power reliably and efficiently from 
the point of generation to end 
power consumers. 
Our activities are built around grid systems 
integration such as High-Voltage Direct Current 
(HVDC) solutions, power transmission products, 
and grid automation technologies.
Electrification
At the Serra do Tigre wind complex 
in Brazil, our Grid Solutions busi
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
38
GE Vernova 2023 Sustainability Report
GE Vernova’s Power Conversion 
business provides energy conversion 
technologies, systems, and services 
across the power and energy-
intensive industries, driving the 
electric transformation of the world’s 
energy and industrial infrastructure. 
Designing and delivering advanced electrical 
motors, power drives, and control technologies 
that help improve the efficiency and 
decarbonization of energy-intensive processes 
and industries, helping to accelerate the Energy 
Transition across transportation, energy, and 
industrial applications.
Metalfer Steel Mill (MSM) is a Serbian steel 
plant operating a mini mill, based on an electric 
arc furnace (EAF) melt shop. MSM worked 
wit
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
39
GE Vernova 2023 Sustainability Report
Our Solar & Storage Solutions business 
has been selected by Limak Enerji to install 
our FLEXINVERTER™ solar-power-station 
technology for the company’s 140 MW 
peak, 100 MW AC Erzin-I solar-power 
plant, to be built in Hatay Erzin, Türkiye. 
The initiative supports Türkiye’s continued 
expansion of renewable energy resources 
and its commitment to commission 10 GW 
of solar capacity between 2017 and 2027.
Find out more
Battery-storage business Varco Energy has 
chosen our Solar & Storage Solutions business 
to provide a National Grid-connected battery 
energy storage system (BESS) for its Native 
River project in Liverpool. We will supply 
the complete 57MW/138MWh BESS for the 
p
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
40
GE Vernova 2023 Sustainability Report
The Continental European Synchronous 
Area (CESA) is the largest synchronous 
electrical grid in the world. This 
interconnected grid supplies power to over 
400 million customers across 24 countries 
– including most of the European Union 
– and allows for more efficient pooling of 
resources and reserves, lower generation 
costs, and communal aid for disruptions. 
With GE Vernova’s GridOS® Advanced 
Energy Management System (AEMS) 
software to help ensure grid stability, 
Lithuanian transmission operator Litgrid 
is poised to join the CESA.
The European Network of Transmission 
Operators (ENTSO-e) is also focused on 
ensuring grid stability across Europe. This is 
particularly im
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
41
GE Vernova 2023 Sustainability Report
Electrification
ELECTRIFICATION 
SOFTWARE
The Power & Energy Resources 
Software business helps improve 
reliability and drive decarbonization 
through solutions that help produce 
energy more efficiently, safely, 
and sustainably.
Our Proficy® Software & Services 
delivers proven industrial software 
that improves efficiency and quality, 
enables connected workers, and 
operationalizes sustainability across 
diverse industries ranging from 
manufacturing to utilities.
Somfy is using GE Vernova’s Proficy® Smart 
Factory to increase efficiency and capacity. 
As the world leader in automatic controls for 
openings and closures in homes and buildings, 
the company has a deep commitmen
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
42
GE Vernova 2023 Sustainability Report
DECARBONIZE
Our commitment to invent, deploy, and 
service technology to help decarbonize 
and electrify the world.
LEADING GOALS
ADDITIONAL AREAS OF FOCUS
How We’re Helping Drive Decarbonization | page 45 
 
Accelerating Breakthrough Innovations | page 50 
 
	
Advanced Research | page 51 
 
	
	
Innovations in Hydrogen | page 52 
 
	
	
Carbon Capture & Storage (CCS) | page 54 
 
	
	
Direct Air Capture | page 55 
 
	
	
BWRX-300 Small Modular Reactor | page 56 
 
	
Financial Services | page 57 
 
	
Consulting Services | page 58 
 
GOAL 1
Improve the trajectory 
on carbon intensity for 
near-term impact
Page 46 
GOAL 2
Innovate toward our 2050 
Scope 3 net zero ambition  
for use of s
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
43
GE Vernova 2023 Sustainability Report
DECARBONIZE
GE Vernova is uniquely positioned 
to help lead the Energy Transition 
by continuing to electrify the world 
while simultaneously working to 
decarbonize. As a company whose 
technology base helps generate 
approximately 25% of the world’s 
electricity, we believe it is our 
responsibility to be a leader in 
global decarbonization efforts.
In addition to meeting global demand for electricity 
to support economic growth, improving reliable 
access to underserved populations, powering data 
centers and artificial intelligence, and electrifying 
transportation, industry, and heat, the electricity 
power industry must simultaneously prioritize CO2 
reductions at scale. To a
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
44
GE Vernova 2023 Sustainability Report
HOW WE’RE 
HELPING DRIVE 
DECARBONIZATION
RAPID DEPLOYMENT  
OF RENEWABLES
We offer a broad renewables 
portfolio and are helping to grow 
renewable energy capacity by 
increasing reliability through 
simplified configurations that reduce 
logistics complexity and deploying 
battery storage and hydropower.
INNOVATING 
BREAKTHROUGH 
TECHNOLOGIES
We are working with customers and 
partners to innovate a wide range 
of breakthrough technologies for 
a lower-carbon future, including 
hydrogen as a fuel, carbon capture 
systems, direct air capture, and 
small modular nuclear reactors to 
accelerate the Energy Transition.
MODERNIZING, DECARBONIZING,  
AND DIGITIZING THE GRID
We are moder
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
45
GE Vernova 2023 Sustainability Report
We recognize that the focus of much 
of the energy sector is on longer-
term net zero goals, ambitions 
which we support as described in 
Leading Goal 2. At the same time, 
as we progress toward our 2050 
net zero ambition, we believe it’s 
important to demonstrate near-term 
progress toward decarbonization as 
we electrify. We will start to track 
three metrics that we believe provide 
helpful guideposts on near-term 
progress year to year, in addition 
to our long-term net zero ambition 
for use of sold products.
First, we will share the carbon intensity of the 
generating capacity we bring online, calculated 
as grams of CO₂ emissions per kilowatt hour. 
By introducing products
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
46
GE Vernova 2023 Sustainability Report
3	 Estimated CO2 emissions from first year of operation/estimated generation, 2023.
4	 Estimated CO2 emissions with hydrogen or carbon capture deployed for gas/estimated generation in 2023.
5	 Estimated CO2 avoided versus next likely alternative in region based on first full year of operation (average grid for renewables, average dispatchable power 
for gas/steam), 2023.
6	 Source: EPA Greenhouse Gas Equivalencies Calculator. Passenger vehicles are defined as 2-axle, 4-tire vehicles, including passenger cars, vans, pickup 
trucks, and sport/utility vehicles.
1	 Source: IEA’s World Energy Outlook 2023.
2	 Source: The average global carbon intensity of the existing electric power
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
47
GE Vernova 2023 Sustainability Report
1	 Please refer to the definition of Carbon Capability in the glossary on page 46.
In 2021, GE announced an ambition 
to be a net zero company for its 
operations by 2030, and for emissions 
associated with the use of its sold 
products by 2050. GE Vernova adopts 
this ambition as our own. A priority in 
this ambition must be reducing Scope 
3 emissions from the use of our sold 
products, helping to decarbonize 
power production on a global scale.
Achieving this goal will require the development and 
deployment of breakthrough technologies at scale, 
some of which don’t currently exist. Progress will 
further be driven by market conditions, public policy, 
and the specific timing f
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
48
GE Vernova 2023 Sustainability Report
1	 Data for power includes the historical GE calculation of products from the Gas Power and Steam business to calculate Scope 3 Category 11 Use of Sold Product.
CONTRIBUTING FACTORS 
Building on substantial contributions from past efforts
GE Vernova businesses’ installed base grew 13%, renewable 
energy and lower-carbon power generation technologies 
increased 16% during this period. Key emissions reduction 
technologies included:
Making continued progress
By 2023, we achieved a 46% 
reduction in gross Scope 3 emissions 
from the use of our sold products 
relative to 2019 levels, primarily as a 
result of the following:
Increased reporting transparency
Starting with the 2023 Susta
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
49
GE Vernova 2023 Sustainability Report
ACCELERATING 
BREAKTHROUGH 
INNOVATIONS 
GE Vernova has one of the most 
important roles to play in delivering 
the technology the world needs 
to make progress today to reduce 
greenhouse gas emissions 
while simultaneously innovating 
breakthrough technologies to 
succeed in the Energy Transition.
GE Vernovaʼs Accelerators work in partnership 
with our businesses to enable the next 
generation of breakthrough technologies 
and support our customers with solutions 
to enable the Energy Transition. 
At our Advanced Research Centers in India 
and U.S., GE Vernova engineers and scientists 
are working on R&D projects to bring forth 
new solutions to lead the Energy Transition 
by pre
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
50
GE Vernova 2023 Sustainability Report
ADVANCED RESEARCH
GE Vernova’s Advanced Research 
business is an innovation powerhouse, 
operating at the intersection of 
science and creativity to turn cutting-
edge research into impactful realities. 
Advanced Research collaborates 
with GE Vernova businesses across 
a broad range of technical disciplines 
to accelerate the Energy Transition.
The Advanced Research business is a hub for 
innovation where research and development 
meets strategy creation, partnership building, 
and engineering genius. At GE Vernova Advanced 
Research, we’re accelerating a new era of 
available, affordable, and sustainable energy and 
ambitiously tackling decarbonization, renewables, 
and electrifi
Keyword: governance
Introduction        Control Room        Electrify        Decarbonize        Conserve        Thrive        Governance        Appendices
51
GE Vernova 2023 Sustainability Report
INNOVATIONS 
IN HYDROGEN 
GE Vernova is investing in innovation today 
to decarbonize gas turbines in the future. 
Decarbonizing a gas turbine requires the supply of a 
lower-carbon fuel (e.g., hydrogen) and/or the capturing of 
carbon from the exhaust for transport offsite. GE Vernova 
is investing in both decarbonization pathways to be able 
to offer multiple solutions for our customers and the 
world, helping to fulfill carbon reduction commitments. 
GE Vernova has combustion technologies that are 
capable of operating on a wide range of hydrogen 
concentrations up to ~100% (by volume). As of 
September 2023, we have more than 120 gas turbines 
worldwide using hydrogen and assoc