Back in 2010, Heather Rogers wrote in “Green Gone Wrong: How Our Economy Is Undermining the Environmental Revolution” that green capitalism is actually undermining ecological progress. In 2016, the Business Development Bank of Canada launched a $135 million fund that will invest in entrepreneurial startup companies in the energy and clean technology sector. The Bank anticipated investing the money over several years into between 15 and 20 Canadian firms that demonstrate global potential in green tech fields. A drop in the bucket! Now, a group comprising Canada’s big banks and financial institutions is working on a new set of labels to clearly identify “green” financial products for investors. However, they are facing accusations of “greenwashing”. Some refer to “greenwashing” as it applies to efforts by companies or governments to make businesses or commercial activities look less damaging to the planet than they really are.
Now, we are all familiar with the term “whitewashing” which alludes to efforts to cover up wrongdoing or hide embarrassing mistakes by governments or corporations. In some cases, it most often involves trying to put a more favourable face on corporate initiatives by highlighting the positive attributes of new products or services. However, informed consumers normally can see through the marketing strategies aimed at encouraging people to use their services and products, regardless of any attempt at whitewashing.
With increasing concern over climate change and environmental issues, governments and corporations are plugging their efforts to reduce their negative environmental footprint impacts, primarily through the implementation of green technologies and so-called “sustainable development”. Part of the reason that corporations are marketing their efforts is primarily to convince investors to invest in their enterprises and consumers to consume their products. Automotive manufacturers are now skirring around in the race to produce more electric vehicles, each stressing their mission to eventually eliminate vehicles run by combustion engines. Oil and gas companies are advertising their efforts to develop and implement carbon capture and storage technologies. Perhaps, too little, too late? In 2018, a report by the World Energy Outlook (WEO) released by the International Energy Agency projected that global fossil fuel use — and related emissions — would grow out to 2040, as oil, gas and coal continue to dominate the energy picture. At that time, the WEO stipulated that the percentage of total global primary energy demand provided by wind and solar was only 1.1 percent.
Moreover, when it comes to assessing whether green investments are truly valid is not easy, given the connections of many corporations to general profits and the bottom line. Consumers and investors find it difficult to determine to what extent greenwashing is taking place. In some cases, the claims of corporations have been discovered to be bogus. Take for example, the Competition Bureau last year ordered Keurig Canada to pay a $3-million penalty for falsely claiming its single-use K-Cup pods can be recycled. In another case, a group of environmental organizations, including the Sierra Club and the Indigenous Environmental Network, ranked the Royal Bank of Canada (RBC) fifth globally among major banks financing the fossil fuel industry. However, in marketing materials, RBC states that it is “fully committed” to supporting drastically reducing greenhouse gas emissions to net zero by 2050.
This is not to say that all companies are disingenuous in promoting their initiatives aimed at reducing negative impacts on the environment. Many manufacturing and warehousing facilities have reduced their energy uses, green gas emissions and general environmental footprint. Some provincial governments in Canada are also guilty of dishonest campaigns focusing on short-term emission reductions made in the certain sectors, but failing to define what “sustainability” really means for the province in the long-term. All of this to say that each of us have to take such marketing with a grain of salt. I’m certain that I will.
FROLITICKS 
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