I think he meant conglomerates like
British Leyland, which had 250,000 employees at his peak.
Now, to return to the "the West managed to reduce CO2 emissions without stifling growth argument". First of all, I wanted to link this nice
World Bank data visualization tool. And indeed, we see that the West did manage to reduce CO2 production somewhat over the last decade. (China since caught up with the EU average in terms of tons of CO2 per capita).
However, that ignore a few points. First of all, the reduction we've seen over the past few years are not nearly enough if we want to keep the warming to only a few degrees. We need to do much more.
Second, the West is responsible for the vast majority of the extra carbon in the atmosphere. We may be reducing emissions now, but that's because we already got rich pumping the atmosphere full of carbon. In a sense, it's only fair that we do more than our share of emissions reductions, because we got more than our share of economic growth using more than our share of fossil fuel.
And the last, but most important point: a large part of the emissions from countries like China come from producing goods that are then exported to the West. Good data is hard to find,
but this report using data from 2004 estimated than a quarter of Chinese emissions then was due to China's export (They also accounted for the emissions "saved" through import) for example.
Actually, when the carbon embedded in imports is accounted for, the apparent diminution in emissions in the West simply vanish. To take an example, let's look at
this report about the UK.
In green you have the estimate of carbon emissions in the UK. Notice the small reduction in emissions.
In blue, you have the estimate of carbon emissions due to consumption in the UK. Notice the big increase.
So yes, the West diminished emissions, but only because the dirty, polluting industry that produce our stuff moved away (ironically, to countries where they pollute even more due to lower level of technology and lots of coal).