Philips sustainable revenues hit $5.8bn in 2016

Revenue from sustainable products, systems, and services forms 78% of Philips Lighting's total sales in 2016, it has been revealed.

The revenue, worth $5.87bn (EUR5.5bn), marks a 6% rise from corresponding values for 2015 ($5.65bn).

In a press statement, Philips Lighting said the hike "underscores progress" made under the company's sustainability programme, named Better Lives, Better World, launched during Climate Week NYC 2016.

Philips Lighting aims to deliver 80% of its total revenues through sustainable products, systems and services by 2020.

As of 2016, Philips Lighting had delivered 628 million LED lamps as part of a commitment to deliver 2 billion LED lamps by 2020.

The company also decreased the amount of waste materials delivered to landfill by 41% compared to 2015 and continued a sustainability drive across its portfolio, which included investing 80% of its R&D spend in "sustainable innovation", the statement continued.

It added: "One result of this was the Dubai Lamp, the world’s most energy-efficient commercially available LED lamp, which Philips Lighting developed with Dubai Municipality.

"By replacing conventional lamps with the Dubai Lamp, electricity used for lighting can be reduced by up to 90%."