Green Credits Are Rewards That Encourage Green Behaviour: Dr Ron Dembo
In a world fraught with environmental issues, there is a need to reimagine the economy in a way which incentivizes eco-friendly behaviour, to institute grass-root participation in the fight against climate change.
Green Credits is one such idea, which is a reward-scheme for environmentally friendly behaviour, which aims to involve people in every strata of society to become participants in creating a green economy.
In an exclusive interview with BW Businessworld, Dr Ron Dembo, CEO of Zerofootprint, Toronto, and the conceptualizer of Green Credits, discusses the system and how it can be a triple-bottom line solution in today’s world. Edited excerpts:
What is the idea behind Green Credits?
To combat climate change we need to change infrastructure (better buildings, trains, electricity generation etc.) but we will also need behavioural changes. We spend a lot of time dealing with infrastructure and behaviour is largely ignored (there are some notable exceptions). Green Credits are rewards that encourage Green behaviour.
How is Green Credits a triple bottom line solution, of social, environmental and economic progress?
Green Credits creates a virtual cycle of "good" behaviour. To earn credits you have to have measurably achieved results. You can only spend credits on items that are good for you or for the world. That fosters more Green commerce.
To what extent is Green Credits implementable in a developing country like India, as opposed to a Western economy?
I would imagine the basic idea would transfer to India. The specific rewards would be different for different cultures and socioeconomic sectors.
How can the Green Credits concept be funded?
Green behaviour generally reduces costs (i.e. conservation, recycling etc.). That frees up collateral to support the behavioural change.
Will an implementation of such a system require public and private partnership or will it solely be a public sector undertaking?
It could be done privately, or with public financing or both.
How will the future look with a successful implementation of Green Credits?
Green will become very natural - not something special.
Do you feel that there are any drawbacks to the Green Credit system?
It is sometimes alien for the government to pay for things that people should do anyway like eat healthily or exercise to reduce the occurrence of chronic disease. Yet, billions is spent on cure.
Why is there a need to implement such a system in various economies? Can such a system revolutionize the economic system towards better environmental accountability?
It is clear that rewards work. So if a government wanted to encourage green behaviour, Green Credits would probably be a very efficient way to get there.
