March 13, 2008 10:48AM
GE’s Immelt says “Get your head out of the sand.”
By Liz Claman
Good morning from Santa Barbara where the sun is rising over blue skies and a cobalt Pacific ocean. We’re going to be live all day from the Wall Street Journal’s first-ever ECOnomics conference which brings together CEO’s, entrepreneurs and venture capitalists to discuss how to make money by going ‘green’: reducing carbon emissions, recycling and figuring out ways to create sustainable energy.
General Electric’s CEO Jeff Immelt was last night’s keynote speaker. He made some bold and dramatic statements to the group of 300. Among them:
“I’m not an environmentalist. I’m a capitalist and a businessman but I believe i can drive earnings and make money by working to create clean energy, water and environmental solutions….”
“We decided on our own to see if we could follow the Kyoto Protocol (emission reduction efforts)…I *thought* we’d lose money doing it, but we *made* money.”
“Don’t put your heads in the sand and be stupid about this. You better start (becoming more green) today.”
“Our lighting business is our worst business. The only thing that makes it interesting today is new energy standards.”
The crowd interrupted several times with big applause. He was a hit.
So gang, this morning at 11am ET, 8am Pacific, my first guest will be a guy you’d *think* wouldn’t want to be at a conference like this one. Red Cavaney, CEO of the American Petroleum Institute will be FIRST on FOX Business. With oil at 110$ a barrel, he knows he has some ’splainin’ to do but he’s a good sport and we’re so happy he’ll join us.
Also today, Lee Scott, CEO of WalMart, Andrew Liveris of Dow Chemical, James Rogers of Duke Energy, and the Green Poster Child, actor Ed Begley Jr. All will be with me live on FOX Business.
So keep us on all day to hear some pretty fascinating talk about the future of our world and how businesses want to fit it.
–See ya at the beach!
Liz
Comment by Mike Garcia
Mar 13th, 2008 at 11:33 am
I just saw your morning report and find it hard to believe a smart business person actually believes in man-made Global Warming. I hope you enjoy beautiful warm southern California while the rest us live through the coldest winter in over 30 years.
Additionally, the GE CEO insulting people to be green is an enticing message; calling people “stupid” if they don’t submit being green is a great example of the anger associated with the environmental movement in general. Global Warming is now a religion based on faith, and if you don’t believe it you’re automatically a heretic.
These businesses and their leaders don’t really care about the environment; they care about making money for their shareholders (like me). They all flew to California on jet airliners or private jets, have been driven in fossil fuel vehicles to the conference, wear clothes and accessories made of petroleum products, use their high tech communication gadgets made of and powered by energy, stay at a resort built by and powered by energy and have no problems owning boats or several homes around the world all powered by energy.
These people are smart. They make money off consumers who get a steady drum beat of trumped up news on how man is killing the world, while marketing their earth friendly products as solutions. That’s green business alright . . . smart greenback business.
Mike Garcia
Chicago, IL
Comment by Chris Joaquin
Mar 13th, 2008 at 11:34 am
If oil companies truly start thinking of themselves as energy companies, then we’ll start to see some dynamic improvements in renewable energy sources. I’m interested in Red’s response to this statement. And his vision of the future of petroleum industries say 50 years from now.
Thanks
Comment by WRS
Mar 13th, 2008 at 11:39 am
I am becoming discusted with the games Fox producers are playing, IE: tease us to wait for a popular subject then switch to this “story”, then we have to listen to this bull. Liz has been indoctrinated with Al Gores B.S.
and has become one of his usfull idiots. She now takes every opportunity to tell the audience to get “our heads out of the sand” while she ignores the very reptable critics whome despute this THEORY peddled by Gore. Well Liz get YOUR HEAD out of where the sun dont shine and get a clue !! by the way you look rediculouse in green. HELLO—HellO—–
Comment by Jason Bourne
Mar 13th, 2008 at 12:09 pm
Beware,
Green is the new RED.
Comment by Donc
Mar 13th, 2008 at 1:37 pm
Comments by Mike G. are on target. I’m sure Mr. Immelt is ecstatic that the Federal Government is mandating a marked increase in sales of his light bulbs, but I’m confident that within the next decade, the whole concept of global warming will be exposed as the utter fraud and scientific dogmatism it’s become. In both cases - follow the money. Money to GE for the sale of light bulbs, money to researchers to continue their politically correct research path. Looking for a great investment now? Environmentally safe disposal of the increased levels of highly toxic mercury from the mandated light bulbs. And as for the Republican Party, the party revitalized by Ronald Reagan? What happened to smaller government, less government involvement?
Standing by in the hand basket…
Comment by Max Stelmacker
Mar 13th, 2008 at 1:41 pm
I can see how going green can reduce costs and overall spending and improve efficiency.
Definitely. Even if a CEO decides to introduce car pooling as a result of population growth or an office recyling program he is ‘going green’ whether he/she likes it or not.
Companies that don’t will grow to become increasingly isolated and pariah-ized because it just doesnt make sense (business sense) to produce so much WASTE.
If your company isnt ‘going green’ people i.e. consumers are going to be asking : “why not?”
Will they go to your competition if they find out your not using environmentally friendly practices? They might.
Are your company shares printed on recycled paper with non-toxic ink?
Comment by PacificGatePost
Mar 13th, 2008 at 1:52 pm
BOARDROOMS ARE IN URGENT NEED OF RESTRUCTURING
Instead of lauding adulation, how about questioning guys like Immelt to restructure their boards of directors. All of them. Control needs realignment. ……
http://pacificgatepost.blogspot.com/2008/03/boardrooms-need-restructuring-and-not.html
The sooner the better, before the cracks in the system become too big for putty.
Comment by Rod Ashby
Mar 13th, 2008 at 3:39 pm
global Warming is hogwash and we all Know that is bad science. Actually if you listen to some of the leading climatologists, You will see that we are probably in a cooling trend. I know how to affect the markets, strenghten the dollar and let us drill off the coast and and in Alaska. High oil prices are killing the American consumer and stupid govermental regulations are killing the markets. Maybe when the light goes off in these Green Lovers brains it won’t be flourescent. Maybe I can start selling carbon credits to GE and maybe I could be in sunny San Diego.
Comment by Jonathan Clark
Mar 13th, 2008 at 6:48 pm
agree..Jeff Immelt is a damn good salesman..all the idiots in the audience clapping rah-rah..and Jeff got outa there thinking “man the masses are stupid”..Jeff’s making megabucks ..if coal burning is required to drive the shareprice-up ..Jeff’s into-it
Comment by Patrick
Mar 13th, 2008 at 9:36 pm
Attending another event in China, I unfortunately cannot attend the Executive Conference. Whatsoever, it is very encouraging to see Top Executives endorsing Green Jackets, which is, anyway, good start. However, the hardest part remains, converting words into facts.
Beside pure politics, it is very important to consider what would happen if nothing drastically change in our ways of workings, ways of thinking and ways of behaving. The Earth population is on its way to reach 7 billion of people, 1.5 billion people have no access to safe drinking water, and the one having access are paying high price to keep it drinkable. Climate Changes is a high topic, which unfortunately hidden other realities, which Executives have to take in consideration.
Moving from where we are to where we should bring Mother Earth to guarantee sustainable environment to future generation is a huge task, which will require efforts from all of us.
We should all remember:
“We haven’t inherited the earth from our ancestors, we have borrowed it from our children
http://www.newelectronics.co.uk/article/13287/Building-a-better-future.aspx
http://www.ericsson.com/technology/research_papers/other_tech_papers/opt_energy_eff.shtml
Comment by dan
Mar 16th, 2008 at 6:13 pm
The point of global warming vs. climate change really is not the point with going “green”. Look at it on a cost savings basis. Do I want to use this light bulb that uses less energy and saves me money or do I want to use the old, more wasteful of my money bulb. You can go down the list of new “green” items and find your savings per year might equal a nice vacation…watching beautiful Liz on Fox at the pool bar t.v. while floating on a raft in the pool sipping a nice cool drink. This sixth month of winter here has me planning to use more “green. Keep the “green” items coming.