At The Wall Street Journal’s “ECO:nomics” conference … 21% (of the 300 attendees)
thought ethanol would be a significant part of solving the nation’s energy
problem. Archer Daniels CEO, Ms Patricia Woertz, was on a panel as her company is a big producer of ethanol and the audience was tough on her.

ATTACHMENT 1 of 1
The Wall Street Journal
March 13, 2008
http://blogs.wsj.com/environmentalcapital/2008/03/13/archer-daniels-on-the-h
otseat/?mod=googlenews_wsj

ARCHER DANIELS ON THE HOTSEAT

Posted by Darren McDermot
Jim Carlton reports:

As chairman, president and CEO of agricultural giant Archer Daniels Midland,
Patricia Woertz is used to some controversy.

But the audience she faced today at The Wall Street Journal’s “ECO:nomics”
conference in California was probably tougher than she had expected.
Appearing on a panel to discuss the future of renewable fuels and her
company’s role as a big maker of ethanol, Ms. Woertz was hit right off the
bat with this: an instant poll of the group of about 300 mostly business
people found only 21% thought ethanol would be a significant part of solving
the nation’s energy problem.

Her response: “I would say the jury is not out (on ethanol.) The jury is
in.”

Adding insult to injury, one of the first questions from the audience came
from an activist from the Rainforest Action Network, a radical group based
in San Francisco. The activist took Ms. Woertz to task for her company’s use
of palm oil from endangered forests in southeast Asia, and tried to hand her
a petition from schoolchildren asking Archer Daniels to stop the practice. A
microphone was taken away from the activist, and Ms. Woertz seemed unphased.
“I appreciate your raising the issue,” the CEO said, adding that the palm
oil is derived in a sustainable way.

Meanwhile, a competitor on the same panel leapt to her defense. “It’s very
easy to walk in with a placard when you have no responsibility for providing
the energy of the world,” said Robert Lukefahr, president of petroleum giant
BP PLC’s alternative-energy business in North America.

Both energy executives agreed meeting the need for cleaner energy sources
would take time. Responding to another audience poll that found half
believed nuclear would be needed to meet reduced emissions goals, followed
by solar, wind and biofuels, Mr. Lukefahr added: “The priority is the world
needs a lot more energy. And it needs to be cleaner. So we need to do all of
this.”

Comments

It’s very easy to walk in with short-sighted energy plans when your
responsibility is to return quarterly profits. Way to go Ladies!!
Comment by Branto - March 13, 2008 at 6:04 pm

I’m a representative of Rainforest Action Network, so don’t take it from me
that ADM’s palm oil is anything but sustainable. Read this report on ADM’s
subsidiary, Wilmar:
http://www.foeeurope.org/publications/2007/Wilmar_Palm_Oil_Environmental_Soc
ial_Impact.pdf
Comment by Cameron Scott - March 13, 2008 at 6:06 pm

Explore the exciting world of barter: Barter

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