Fiscal Environmentalism is a hybrid
term of two traditional and often conflicting philosophies,
environmentalism
and fiscal conservatism, created to emphasize the
growing understanding of the middle ground between the two, where the goals of
each are simultaneously fulfilled. The result is an innovative business
practice based upon principles of intelligent environmental design and financial discipline,
associated with each.
Concept
Traditional practices of environmental
stewardship (including preservation, elimination of waste, and increased energy efficiency), complement
bottom-line-driven economic policy (including increased profitability, reduced
waste, and organizational efficiency). As future economic growth will demand
both a higher degree of environmental awareness and a stronger utilization of
available investment monies, the hallmarks of an efficiently organized and
profitable company, organization, government, or household stand to benefit
from environmentalism’s holistic approach.
Fiscal environmentalism is a useful term for individuals who
are familiar with either of the philosophies, and is related to very general
concepts such as "sustainable business practices" and
"socially responsible business practices", and other concepts more
specific to traditional fields, such as Ecological Economics, and Environmental Management Systems. Compared
to these other terms, fiscal environmentalism emphasizes fiscal discipline. It
is used in discussions with business leaders who are looking to answer public
demand for increased environmental awareness while still focusing on
bottom-line success.
Corporate examples
Recent examples of fiscal environmentalism include the rise
of green
building practices among government and traditional businesses as an attempt to
save costs in energy consumption and improve indoor air quality. Even retailer Wal-Mart, which
has often been strongly criticized by environmental groups for its environmental
practices, has begun to embrace a fiscal environmentalist approach, if only to
save money. It recently hired a new senior level Environmental Affairs officer.
Wal-Mart has also recently made a monumental commitment to promoting
energy-saving compact fluorescent light bulbs.
According to a global Newsweek ranking,
which measures how effectively the top 100 companies manage environmental risks
and opportunities relative to their industry peers, Royal Bank of Canada is the most
environmentally friendly company in the world. Other companies in the top 5
include Lafarge Construction, Grupo
Ferrovial SA, Westpac
Banking Corp, and Yell Group PLC Advertising.
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