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Of greenwashing, ecopreneurs, and flowing with the wind

Today, more and more businesses recognise that long-term sustainability can go hand-in-hand with profitability, and the triple bottom line – people, planet, and profit – is becoming more prevalent

Going green has captured our imagination for a while. Most of those embarking on the environment-friendly bandwagon are devoted to embodying change and endeavouring for sustainable products and services. They also go to the extent of sacrificing profits for the larger cause. On the other hand, “going green to look good” has also been going on for a while. The motivation here is to reap the dividends and incentives on offer.

Returning to the dawn of the new millennium brings a sense of déjà vu. In the buildup to and in the aftermath of the Year 2000 (Y2K) bonanza, start-ups appeared eager to prefix an “e” before their names and brands, looking to sell more of the products and services already in the market in some shape or form. If “e-gaining” was then the norm, “greenwashing” is now the catchword.

A deceptive practice, greenwashing, means a company exaggerating or falsely claiming the environmental benefits of its products, services, or practices. They try to appeal to eco-conscious consumers without making substantial changes. Such practices make it essential for consumers to be discerning while supporting genuinely sustainable initiatives.

The good news is that we have learned to separate the trailblazers from passengers and opportunists in the collective quest to make our planet greener. We are also better off focusing on bright ideas, adding new dimensions to the struggle against climate change. There are plenty of such initiatives to keep the narrative going.

Let us begin with the “Changemakers’ Majlis”, held alongside the recent Adipec energy conference in Abu Dhabi. Across its five breakout sessions focused on fast-tracking the energy transition by providing actionable solutions, the event brought together the most prominent industries, energy producers, technology, finance, and investment for the first time to collaborate across energy supply and demand.

Majlis, an Arabic word for a sitting room or a place where people discuss shared interests, is vital in home and business meetings across the Arab world. On this occasion, the Majlis became a platform for the broader COP28 Presidential Action Agenda to fast-track a just and orderly energy transition by rapidly building the energy system of the future while decarbonising today’s system.

One could argue that a gathering by some other name would have yielded the same result. Nevertheless, Changemaker Majlis succeeded in bringing together green venture capitalists and connected them to those with grants for sustainable businesses and incubators focused on green start-ups. Today, more and more businesses recognise that long-term sustainability can go hand-in-hand with profitability, and the triple bottom line – people, planet, and profit – is becoming more prevalent.

The term “ecopreneur” is also a product of these circumstances. An ecopreneur may be another entrepreneur who creates and sells environmentally friendly products or services. However, the moot point is fresh thinking, out-of-the-box approaches, and re-orienting strategies to tackle the immense challenge at hand. We have had enough entrepreneurs trying half-hearted greenwashing, and it is time to induct businesses with environment-first or even the environment-only domain.

Ecopreneurs and the ecosystem surrounding them are doing just that. They organise boot camps, conduct workshops and climate awareness activities, train entrepreneurs with a sustainability focus, and work around projects and products without a carbon footprint. In doing so, they build platforms for fresh ideas to take root and flourish.

Beyond consumer demand, a broader cultural shift is also happening toward valuing sustainability and environmental responsibility. As more people prioritise these values in their personal lives, the change also influences their professional choices and entrepreneurial endeavours.

Amid this jostling for a balanced approach, ecopreneurs must adhere to a fundamental rule – prioritise sustainability over maximising profits. They must remember that sustainable businesses will eventually become profitable with growing awareness and green product demand.

In other words, selling organic or locally sourced foods or creating sustainable fashion brands using eco-friendly materials and fair labour practices should be first about serving the cause of the environment and not solely for a profit motive. Producing green technologies, like solar panels or efficient transportation solutions, can all make money, but the business component can only be as significant as the climate cause.

The rise of an ecopreneur culture reflects a growing global awareness of environmental issues and the desire among consumers and businesses to contribute to a more sustainable future. This is a welcome development and needs support. However, the intent and not just effect would matter for it to succeed.

Even while offering services that help businesses reduce their carbon footprint, the focus should remain on conservation, such as eco-tourism or habitat restoration, rather than gathering incentives on offer and maximising returns. If that is not the case, it would amount to going with the wind to make a quick buck instead of making a difference to the climate.

Ehtesham Shahid is an Indian editor and researcher based in the UAE. X: @e2sham