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GE Sees Good Business Climate for Climate Business
May 11, 2005
The global warming action wake-up call just got louder.
General Electric CEO Jeffrey Immelt says his company plans to push clean energy technology -- not because he's a do-gooder (which he might be), but because it's a good business proposition.
"We believe we can improve the environment and make money doing it," Immelt told an audience at George Washington University.
A message like that from the CEO of GE, the world's largest corporation by market value, just might penetrate the earwax plugging up Washington, DC. Mr. President, Senators, and Congressmen, are you listening?
A key part of GE's strategy is to roll out technology products that improve energy and water efficiency, generate power from renewable resources, and turn coal into a cleaner burning gas. In addition, GE will double research funding on cleaner energy technologies.
While earning money selling clean energy technology, GE plans to cut its greenhouse gas emissions 1 percent by 2012 even as the company grows. Without action, GE's emissions would rise an estimated 40 percent. For good measure, GE will publicly report its results, to lessen the chances that the new strategy, dubbed "Ecomagination," will be dismissed as PR fluff.
Immelt is not the only high-level CEO pointing the way towards economically beneficial ways to cut pollution and greenhouse gas emissions. A few days ago, Duke Energy announced plans to merge with Cinergy. The CEOs of both companies say the time has come for business to lead the way towards a cleaner energy system.
Look for James Rogers, the Cinergy head who will become CEO of the combined company, to lobby for smarter energy policies in DC. Washington can play a helpful role marking out rules of the game to account for costs of greenhouse gas emissions and create profit opportunities for businesses selling products and services that reduce those emissions.
The federal government doesn't listen much to conservationists talking about global warming's risks and dangers. Here's hoping the federal government will listen to CEOs talking about global warming as a business opportunity.
