The color green is often associated with sustainability and environment protection. Similarly, when we refer to commerce, we often associate it with exploitation of environment. But with change in time commerce has also realized the need for going green.
Recognizing the urge of the hour commerce has also developed a whole lot of initiatives. Recently, several branches of commerce have evolved with the idea of going green. These require the co operation of entire community as it involves an overall shift in the practices.
Let us look into some of these areas:
Green consumerism deals with the process in which consumers demand products and services that have undergone an eco-friendly production process or one that involves recycling and safeguarding the planets’ resources. The green consumer is an opinion leader and a careful shopper who seeks information on products. Including information from advertising about the green aspects of products. If you want to be a green consumer start with small initiatives like avoid demanding plastic carry bags, start using paraben free products, etc. There Is a direct environmental impact of green behaviors. The growing environmental hazards, associated with the ever-growing consumption of such poisonous produces, have been creating several health-related problems, giving way to greater concerns over the consumption of these products among the people.
The inculcation of green initiatives with corporate governance is termed as green governance. In India the provisions of Information technology act have led to the growth of green governance. The act promotes usage of digital documents and provides legal validity for digital signature. It has also laid down provisions for regulating hard copy of documents. Similarly, several initiatives are adopted around the world in the field of corporate governance to promote green initiatives.
Green marketing is the marketing of products that are presumed to be environmentally safe. It incorporates a broad range of activities, including product modification, changes to the production process, sustainable packaging, as well as modifying advertising. It not only refocuses, adjust or enhance existing marketing thinking and practices but also provides a substantially different perspective. In a broader sense, eco marketing belong to the group of approaches which seek to address the lack of fit between marketing as it is currently practiced and the ecological and social realities of the wider marketing environment.
Green financing is emerging as on equivalent to socially responsible investing Eco-investing or green investing, is a form of socially responsible investing where investments are made in companies that support or provide environmentally friendly products and practices. These companies encourage new technologies that support the transition from carbon dependence to more sustainable alternatives. Green finance is “any structured financial activity that has been created to ensure a better environmental outcome.” Green financing could be promoted through changes In countries regulatory frameworks, harmonizing public financial incentives, increases in green financing from different sectors, alignment of public sector financing decision-making with the environmental dimension of the Sustainable Development Goals, increases in investment In clean and green technologies, financing for sustainable natural resource-based green economies and climate smart blue economy, increase use of green bonds, and soon.
Along with the shift in global thoughts, commerce and its allied activities have also moved towards green alternatives. Recognizing the need for climate resilient initiatives we all should assist the businesses in adopting the above initiatives.
Rather than putting the blame on a particular industry or sector, let us all join our hands in making our earth greener. Ultimately it’s the implementation of these initiatives that matter the most.