Rifkin Challenges Smith MBAs to Tackle Energy Crisis

On Aug. 31, 2007, Jeremy Rifkin, the founder and president of The Foundation on Economic Trends, spoke to Smith MBA students in Howard Frank Auditorium about the forthcoming economic revolution in hydrogen fuel cell technology. Rifkin has authored 17 best-selling books on the impact of scientific, technological and cultural changes on the economy, society and the environment.

Rifkin's speech focused on the central themes of his 2002 international bestseller, "The Hydrogen Economy," which postulates that the two major issues facing the next generation of business leaders are climate change and skyrocketing energy prices. As carbon dioxide (CO2) levels continue to sharply rise, the possibility exists that a dramatic worldwide climate change could be suddenly triggered potentially in only a few years time. And even the most conservative economists predict that over half of all global oil reserves will be depleted by 2035 at which point the world will be plunged into a crippling energy crisis. As Colin Campbell wrote in The Times (London), It [The Hydrogen Economy] speaks of nothing less than the survival of the species.

As the fossil fuel era draws to a close, Rifkin envisions a third industrial revolution that will dynamically alter the present make-up of global economic markets and infrastructure. Essentially, the key to our future existence lies in harnessing renewable energy through hydrogen. Hydrogen is the most basic element in the universe its supply is infinite and it produces no CO2 emissions. Through storage in interlinked energy grids shared in an open-source fashion, hydrogen fuel cells will allow for a widespread decentralization of power in the energy sector. As Rifkin stated, Poverty is linked to powerlessness. Electricity empowers it allows one to be a part of globalization from the ground up.

But according to Rifkin, hydrogen-based technology and business models alone are not enough in order to survive, the world will need to come together collaboratively and begin to think as a cohesive single family. Rifkin ended his remarks by challenging current MBA students to take a leadership role in positively reshaping the global energy infrastructure of the entire planet. There are no exit strategies. Its up to you to take the lead these changes will happen on your watch, concluded Rifkin.

Further reading on Jeremy Rifkin and FOET can be located at foet.org.

▓ Pete Baird, MBA Candidate Class of 2009, Smith Media Group