What? At a time when the credit squeeze threatens? But hey, eco-friendly products may help you tide the crisis. By Vareen Ray

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Jeff Immelt – the Chairman and CEO of the world’s largest energy behemoth General Electric (GE) – does something called a growth playbook every year with each of his businesses. In 2005, he called his new strategy of business growth Ecomagination – a strategy, which believed in investing in technologies to help customers win in a world with more regulation, more scarcity and higher energy costs. GE developed a range of environmentally conscious products that would lighten his company’s Goliath-like environmental footprint. At the launch, even as GE’s fleet of senior managers canoodled with the who’s who of Congress members and industry at a glittering cocktail party on Pennsylvania Avenue, Immelt magnanimously spelt out that environment and business were “no longer a zero-sum game.” As the glitterati nibbled organic canapés, Immelt uttered the now-proven words: “Things that are good for the environment are also good for business!”

Almost prophetically, revenues from GE’s 70 Ecomagination-certified products – ranging from CFL’s, dishwashers, water purifiers, refrigerators to even energy efficient home improvement loans from GE Money – are expected to hit $17 billion in 2008, and the company has raised the revenue target from $20 billion in annual sales by 2010 to $25 billion by the same date. Small surprise that now, every business worth its salt is seeing the green (dollar signs!) in going green. Even as governments’ continue to debate the economic risks of more stringent curbs on greenhouse gas emissions and environmentalists continue to cry hoarse about global warming, an unlikely hero is rising out of the dust – Yes! Big businesses including heavy industries are starting to become the new green protagonists of the world. From food to clothing, auto to IT, everyone’s looking for an eco-friendly label. They’ve realised, on one hand that going green helps them in overriding objections from flag-waving green activists, and on the other, helps them cut costs, improve performance and overall efficiency of their businesses.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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