Economic implications of green technology and environmentalism

Green Technology

Jim Lorick discusses the economic ramifications and implications of environmentalism in his article "Green Technology." According to Lorick, "green," or environmentally sound, technologies are one of the market's latest trends. Green technology can include anything from energy-saving appliances to solar paneling to alternative fuel sources. The market has shifted toward a greater demand for high environmental standards, at least in first-world nations. Public policies are beginning to reflect the growing trend in green technology. At the moment only wealthy individuals, organizations, corporations, and governments can afford to make the shift from "dirty" to "green" technologies. However, future payoffs for implementing environmental technologies will be great. If companies are willing to invest even small amounts of money into developing or implementing green technologies, then they will reap the financial rewards a few years down the line. Many companies are not willing, ready, or able to take the risk. Moreover, there is considerable debate about which technologies are truly "green," and which are ultimately going to be financially or environmentally feasible. Many organizations and governmental bodies are already beginning to use and promote green technologies such as solar energy, plant-based waste water management, and power-saving "smart" lighting. Setting an example is extremely important, as it will stimulate the drive and demand for green technologies. Governments and powerful organizations can afford to invest in emerging green technologies. Lorick encourages investment in green technology because market trends suggest future growth. Consumers, at least in the first world, should quickly respond to industry-wide as well as public policy changes toward green technology. Companies, organizations, and governments need to redirect their focus to at least offering a green face to please consumers and shareholders.