WSJ ECO:nomics Conference, Observations & Takeaways

Notes from Wall Street Journal ECO:nomics Conference
Santa Barbara, California
March 12-14, 2008

One of the most interesting things about the Wall Street Journal Conference was the consistent message delivered by each one of the CEOs who spoke, exceptionally intelligently and with tremendous integrity, to their responsibilities as leaders of their companies (their fiduciary responsibility to shareholders) and the logic of pursuing an alternative energy, waste elimination path.

Each CEO clearly articulated the challenges, as well as the responsibilities, of a CEO operating in an unstable context (including doing “what’s right”) where there was no clearly defined playing field that could be used as a basis for decision-making.

Consistent CEO Message

There was literally no debate - however much the Wall Street Journal interviewers tried to stir some up. Each CEO consistently stated:

• CO2, rising energy prices, and limited access to new supplies of fossil fuel-based energy present very real business risks
• The situation could also be seen as a major revenue opportunity (for the energy companies-it’s their only hope of maintaining consistent future revenue growth)
• Conservation/efficiency is a critical first step in the right direction
• Everyone needs to get engaged so we can quickly move in the right direction while serving rapidly growing energy needs.

Listening to these CEOs (and granted this is after all what I do. I help guys like these get this kind of work done), you could really tell that they were serious -- that they are taking what’s going on in relation to energy very seriously.

I was particularly impressed with:

• Jeffrey Immelt, Chairman and CEO, General Electric
• Lee Scott, Jr., President and CEO, Wal-Mart Stores
• Andrew N. Liveris, President, CEO and Chairman, The Dow Chemical Company
• Christophe de Margerie, CEO, Total (Paris-based, world's fourth-largest oil and gas company)

Each of these CEOs spoke with a level of integrity that made it clear that they are ready to take on (if not already somewhat engaged in) the kind of work that will be required to successfully position their companies for the future. In addition, there was a strong appeal to also address consumer culture and human behavior to quickly shift from current modes of operating, to modes that are sustainable – this means lasting and not destructive to our environmental resources (including air, water, food) or our companies' physical, social or economic resources. They also requested action on the political front to establish clear guidelines and level the global playing field.

By the middle of the second day, the talks already sounded like “same old, same old.” From a business perspective, the narrow scope of Carbon and the distracting couching of Climate Change were obviously too narrow a focus for what had the potential to be a much broader discussion.

About the author; Revi Schlesinger heads RVN Consulting, a network of experts aligning to support the success of large-scale corporate sustainability integration initiatives. Continue the conversation at www.ReviSchlesinger.com/blog.html