Following are excerpts from the unofficial transcripts of CNBC interviews with The Carlyle Group Co-Founder and Co-Chairman David Rubenstein and Kleiner Perkins Partner John Doerr on CNBC’s “Squawk Box” (M-F, 6AM-9AM ET) live from the Aspen Ideas Festival in Aspen, Colorado today, Monday, June 27th.
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Recession Won’t Be Inevitable But Tough To Avoid, Says Billionaire Investor David Rubenstein
Rubenstein On Market Performance And Recession
DAVID RUBENSTEIN: Okay well obviously, we are trying to avoid a recession and the Fed has taken action to try to avoid it. We don't know whether the Fed will be able to do that because it's trying to get rid of inflation as well. And as you know, when you increase interest rates, sometimes you don’t have a soft landing. So nobody knows how that's going to work out. I think the two biggest issues right now is what's going to happen with China, is our COVID policy going to make their economy slow down so much so that they're not going to help the global economy and what how long is the war in Russia and Ukraine gonna last and what's the impact on the energy market? And we don't really know the answers to that and the Fed doesn't have the answers either. I don't think it's inevitable there'll be a recession. I do think it's tough to avoid a recession but it's not inevitable.
We Are In An Epic Transition From A Fossil Fuel Economy To A Clean Energy Economy, Says John Doerr
Doerr On Epic Transition To Clean Energy Economy
JOHN DOERR: I believe we are in epic transition from a fossil fuel economy to a clean energy economy. This is the largest economic development of our lifetimes. It ranks up there with the interent in terms of impact. So largest economic development of our lifetimes. It ranks up with the internet in terms of its impact, and it's a revolution. In real revolutions, there's winners and there's losers and I think it's the best investment opportunity of our lifetime. And the road will be bumpy.
Doerr On Fixing Inflation And Methane Emissions
DOERR: Well, the Fed’s job is to fix inflation now. The administration is very concerned about inflation now. Our elected leaders are all concerned about inflation so.
ANDREW ROSS SORKIN: What is the lowest hanging fruit when it comes to—
DOERR: In the plan.
SORKIN: In the plan.
DOERR: The most immediate thing we can do in the plan is cut methane emissions, leaks and wasted and flared methane, which is a productive hydrocarbon. And it's one we're just tossing into the air like it's some kind of free and open sewer. If we acted on the recommendations that came out of the most recent accords, we could lower the global warming by four degrees C.
SORKIN: And what does that mean and who has to do that?
DOERR: The large oil companies have already pledged that they will put in place better and more effective caps and controls on their on their wells. One of the most important developments that will happen later this year in a project called Climate TRACE, where 50 nonprofits are coming together to pool in near real time their data on emissions around the world. Think of Google Earth, a kind of map that you can track the carbon, carbon emissions in specifically focused on methane as a first and most potent gas.
