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Let’s go twenty tiresome years back – in the wake of the 1970s ‘oil-shock’, Texasbased oil-giant Exxon (now Exxon Mobil) had invested a mountain-load of free cash totalling $500 million for development of ‘alternative fuel’ technology. The only returns they received were in the form of unbelievably high costs and poor forecasted returns. The mission was abandoned within a couple of years of its initiation and the whole world sniggered, pointing their fingers at Exxon’s fanaticism (or so they thought) to harness solar energy and develop it as a viable alternative to fossil-fuels. Cut to the present – the very same ‘resounding laughter’ has turned into a ‘global war-cry’ – a war by, for and of the oil world, against the devil called ‘pollution’!
And the critics today are for sure cursing themselves hoarse for having jeered at all oil and auto majors who ever dared to imagine that alternative fuels must be sought after. Now here we are – neck to neck and running the race for survival against time... winning would mean victory and ‘life’, while losing out... extinction!
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Source : IIPM Editorial, 2007
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative