Transcript below. The most interesting section is in bold.

(BEGIN VIDEO CLIP)

TED TURNER, FOUNDER, CNN: We both like making money and we both also like to give it away. What drives you to be so generous?

T. BOONE PICKENS, CHAIRMAN, BP CAPITAL: You know, Ted, we do have similar record on giving and making money, going broke a few times, too. I like to give it and see what happens.

TURNER: You’re 80. And I’m only 70. If you could give me advice of what to do with the next ten years, what would it be?

PICKENS: What is wrong with the model we’ve been using? You know? Work hard, make the money, give the money away, enjoy life.

TURNER: Sounds good to me.

PICKENS: The one that #I’ve always loved about you, Ted, is that you went in when there were only three networks. You were laughed at by some people. You weren’t by me. I didn’t know for sure what you were going to do but what you did, you changed the world when you got — showed the world what America looked like. Kind of tell me how did that unfold for you?

TURNER: Well, you know, I just had that idea that 24-hour news would be a — would be a great convenience because you could see news any time that you were ready to see it. Not just when the networks — the few hours a day they put it on — and I was right, thankfully.

PICKENS: Let’s go over to green. You’re a big green guy and you told me that when we had the green economy it will be the greatest of all times.

TURNER: Well, I really believe that global climate change is real and that we have to switch away from fossil fuels as much as we can as quickly as we can. And I think that will be great because we’ll be spending the money here in — right here in the United States and creating those jobs. And we’ll be keeping that money home instead of sending it to the Middle East.

PICKENS: That’s key because if we go forward ten years like we have had the last 40 years, no energy plan for America. In ten years we’ll be importing over 75 percent of our oil and it’ll be costing us $300 a barrel. That’s $2 trillion. Can you imagine — we got to side step that, Ted. TURNER: We got all that wind and solar power right here for free. So we’re crazy to bankrupt ourselves when we can get rich by having clean, renewable energy produced right here in America.

PICKENS: But we have got to use one hydrocarbon a little longer.

TURNER: Natural gas.

PICKENS: That’s right. You have to use it as a bridge fuel to the battery.

TURNER: What was it that made a lifelong oil man like you decide to become the champion of renewable energy?

PICKENS: I’m an energy guy, not just oil but energy. And I got in to the wind energy business and I’m in it for a business. I’m not in it because I’m just green or, you know, I’m an environmentalist. It’s because I thought it would make money.

TURNER: Boone, we have been fortunate so have found success and made a great living as businessmen. How can we encourage others in our position, especially landowners to see that renewable energy is not only good for the planet but it is also the best investment we can make?

PICKENS: Ted, the landowners are going to become a big factor in renewable energy. Of course, you’ve got the turbines. You have the solar and all. And I think what I see from the landowners, they want it because it does generate income for them.

So my question to you is, with 2 million acres, if the smart grid that the Obama administration is promoting, if that comes across your ranch, how will you accept it?

TURNER: I’m going to look forward to it.

PICKENS: Okay. Me, too. That’s exactly my…

TURNER: Because that’s going to get the energy we generate on that property to market. It’s going to be really a big advantage to have the grid come over your property. Bring it on.

PICKENS: Ok. Let it rip.

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