The history of how GDP became a marker of progress is fascinating. Economist Simon Kuznetz was asked by the US government to give them a single number which coupled together all the nation’s economic progress. While the man did that, he gave a footnote. This GDP could not be seen a complete maker of progress- for it did not factor in the unpaid work of caregivers or community growth and resilience. And those things are pretty important markers for quality of life.
Especially when we talk about climate action.
One of the ideas studies have shown we need to work towards is building communities and resilience to combat climate-anxiety. Community action is the best way to promote local, seasonal, and thus sustainable lifestyles.
Now add to this the idea of racing after continuous exponential growth. Never once looking at the resources being use or proper waste management.
Is it any wonder many climate activists are not in favour of our current economic systems?
But, Anjali, we live in this system. What else is there? What can we do?
Things you can do to promote sustainable living in the systems we live in
Well, if you have been following my spiels for a while, you know I am always in favour of these-
- voting for green policies
- voting with your rupee (or pound or dollar or whatever currency you use.)
- Education and awareness about green lifestyles.
- And…investing is ecofriendly companies, sustainable stocks, and companies which take CSR seriously.
I personally look at ESG but some say it’s more marketing than actual sustainability. In the past oil firms and major polluters have been included in these funds after all. So, unless you have a full-proof way to avoid greenwashing, this one is dicey. There’s also the problem of companies that aren’t unsustainable but just not on the ESG radar for some reason, this losing out unnecessarily. India though has laws regarding ESG reports and such, which makes this a possible solution for me to look at.
Despite all this, at the end of the day, realistic sustainable living will acknowledge that while sustainable economic systems are good things to aim for, currently we cannot abandon the economy completely.
Green economic systems include, a net-zero economy, degrowth, circular economy, environmental economic policies, and environmental and social responsibility. But currently we are in a liner economy. And that is bad for the planet.
Yet we can’t just enforce green economic systems.
Yes, the idea of green growth is a myth. Endless growth cannot be sustained, especially at the rate of the current planetary crisis.
“Green” capitalism won’t save us- Derek Brower has confirmed that much.
But… and this my personal non-climate scientist opinion-
We have to help the transition to a greener and ethical economic system while ensuring that we aren’t harming people or the planet in the process.
Because unfortunately, these transitions can cause harm if implemented wrong. For instance, if we all switch to thrifting, people who work in factories making new clothing might find themselves out of jobs. This can cause mass unemployment. In this scenario, it would be important to ensure that these workers find jobs in other sectors or even thrift stores.
So, while we make a move towards implementing sustainable economic systems, what can we do realistically to support sustainable living in the current economic climate? How do we balance sustainability and financial stability?
Girl, I got you.
Now unlike my dad, I am no economic expert. But here’s what I have gleaned from conversations with him and running a sustainable business. These are things that I have been able to implement into my life.
Before jumping into these though, let it be said, I am no expert so it is essential you conduct your own research and take the advice of a financial advisor or wealth advisor before implementing anything I have suggested. I am just a girl living the life she can.
Now that’s out of the way, here’s how I contribute to the economy in a green manner.
Ways to support the economic while living green
Acknowledge that Currently consumption creates jobs:
There is a reason the collective wisdom of the internet through the mouth of ChatGpt says that a circular economy and CSR polices are the best chances of us transitioning to a green economy. Because they focus on things such as reduction of waste, and reusing of resources while allowing us to consume. Maybe not the astronomical rates some countries are currently, but at least enough to meet the needs and wants of the human population.
So, one way to support the economy while living a green lifestyle would be to support companies with circular policies. Such policies include take-back programs, well-implemented recycling programs, and such. This aligns particularly well with the end of lifecycle only mentality that many zero-wasters had.
Now, yes, we live in a liner economy which can make it tough to support circular practices. Rampant greenwashing around recycling adds to the problem. Always look third-party certifications like GOTS, Leaping Bunny, etc. coupled with clear sustainability reports when supporting a company.
And if you end up buying something that contributes to a linear economy, remember this next sentence. Realistic and healthy sustainability is imperfect. It is a journey that begins with small steps.
But what about green girlies (and people of other genders) who want to focus on the complete lifecycle of a product?
Ingredients used. Ethical sourcing. Fair wages. Distribution. What happens to the waste created. These all and more play a role in determining how susty the product is.
Well, then you can buy products, that add value to your life, from companies which meet your ethical standards. So, if you are vegan, that would be a PETA approved brand such as Studio Beej.
And if companies helping solve social issues is important to you, look for those with CSR policies that agree with your ideals to buy stuff from.
Finally, there is supporting local businesses and startups which helps your community. It is better if those businesses are green or are prioritizing going green.
Do bear in mind, though, I am not saying consume excessively. That’s climate-fraud and toxic hope.
So, what do we do?
Personally, I focus on things, experiences, and education that adds value to my life. Whether it is pleasure or growth or fulfilling a need or a want that truly matters to me, when I want to be a consumer, I pick value. You need to find your own balance.
And of course, look at ways to support the economy that aren’t consuming new resources. Such as supporting thrift shops, arts, or sustainable money management. Aka…
Support sustainable banks
If you wish to have stability in this economy, you have to have savings. And investments. But we will get to that in the next point.
One of the most popular places to save money is a bank. I mean, you could save money in a safe in your home, but banks give you interest on your savings, making banks a more profitable option.
Are there problems with that?
Yes.
And the eco bit of that pie is that many banks invest your money in fossil fuel companies. Sure, maybe we need some amount of fossil fuels. Yet everyone and their mom agrees that the current rate of consumption of fossil fuels is the most destructive thing we are doing to our planet.
So, if you are a green girlie, you probably don’t want to contribute to that.
Personally, I take banks that are safe and have good interest rates over other options, but I am trying to find the greenest option in that. Which supports my ethics and advances both my personal finances and contributes to the economy.
Green investment options
And if you have money, which girl tell me your secrets, you probably want to invest some amount of it. And as mentioned on a reel I saw years ago that got me into this topic, many of us think investing promotes unethical destructive businesses.
But there is a place where we can find an imperfect solution.
Green stocks, bonds, and such. There is also investing directly into the stocks of companies making a positive impact. Less green but still better than traditional investment is investing in companies that are the most susty in their fields.
Why do I call this a slight solution? Aveek Agarwal, who helps people invest their money wisely, says that such investment options are relatively new in India and haven’t seen much success. The interest rates they offer are lower and thus they won’t be the best investment for the investor.
My personal take?
It would still be better than no investment. Aveek Agarwal says in this case, there are options like Green FDs, ESG Mutual Funds that use international ESG guidelines, and Green Bonds.
But keep in mind that ethical investments have issues and it is not a way to push companies towards greener actions, because that likely won’t work. And remember, diversification is important, so ensure to have that as much as possible.
Plus, some studies in Western countries have shown that green investing can be more profitable than traditional investing. And that’s because consumers want ethical and eco products.
To know more about ethical investing, especially in the US, you can check out this video I watched by Dow Janes. It shares tools that could help you invest green. Gittermary Johanson also has two great videos on sustainable investing and banking for those in Europe.
Support sustainable business practices
Investing green is great. Another way to support people and the planet in an economic situation is to introduce sustainable business and economic practises in your work place.
Here’s a few ways:
- You can be working at a green job or raising concerns about environmental and ethical ideas at your current work place.
- If you have a business, you can make sure it is circular in nature and supports social and green innovations.
- Spreading awareness about green economy, sustainable marketing etc. and how beneficial they’re to a business, such as better brand loyalty for one, is a good idea to help guide others to a greener economy.
- If it is financially possible for you, talking about reducing unnecessary consumption through your business is an option.
Though transition to a degrowth based economy, no matter how good it is for the planet and people’s well-being, can be a challenge.
Now are there ethical concerns about ideas such as a carbon tax or providing incentives for green actions? Yes. But those are still options.
Yes, companies may greenwash to get the incentive. Or small startups might not be financially able to compete with bigger companies which can do better CSR. And carbon tax, while a good idea, can lead to carbon off-setting which if not done well, pollutes a different part of the world to save yours.
And the planet is everyone’s.
Saving just your side of it isn’t going to help much in the long-run.
So, when we take these options, we have to be mindful.
A Parting Note
Are these the only ways to support sustainable living in our current economic? Of course not. Advocacy is powerful and so is helping people transition to greener jobs. That also has the added benefit to helping us transition to more ethical and eco-economic systems.
But we need to acknowledge that for some people who might not always have access to funds, hoarding for harder months is essential. Hence, we cannot always say buy seasonal or buy less.
Hoarding is also part of human nature from when we were hunters and gatherers and needed it to survive. Now, I am not promoting retail-therapy or excess unnecessary consumerism. I am simply acknowledging that it might be hard to overcome these practises. Especially if you do not always have excess funds which allow you to make seasonal purchases.
Plus, for those to who thrifting is not an option, new sustainable items are a need to stay green. Others focus on the sustainability proponents vilifying of convenience. Building on it, they argue that a sustainable system would be inaccessible for many. And yes, there is the case to be made for convenience in sustainable living. But we also need to acknowledge that sustainable brands are trying to be more convenient. In an ideal world, a sustainable system would be more focused on 100 imperfect zero-wasters rather than perfectionism. And let’s not forget doughnut economy literally prioritizes quality of life.
There is also the idea that as a major stakeholder or a coveted customer, you have the power to ask a company to provide certain things. These may range from green alternatives to better packaging options. And better contribution to society.
At the end of the day, healthy and realistic sustainability in today’s economy is imperfect. It needs to balance your values with financial stability. Yes, buying less can achieve that. But what if you want to contribute to the economic growth? Despite, many saying that isn’t green, your personal choice could have a reason. And these are some ways to live that choice without harming animals or people or the planet.
Here ends my take on sustainable ways to contribute to the economy while driving change. Like I said, relying on me and my lifestyle choices to make money is a BAD idea. You should always always listen to a financial advisor who respects your ideals over a random blogger. No matter how much you like their content, which I hope you do. Remember, you can support the planet better if you aren’t in financial ruin.
Do you have knowledge on how we can or if we even should support the economy while being eco-friendly? Have you tried sustainable consumerism- as oxymoronic as it sounds? Or do you have ideas about transitioning to a green economic system. Go ham in the comments.
P.S.- Keep updated of the changing landscape of finance and sustainability if you wish this to be an important part of your life. And remember, to consult a finance advisor or wealth advisor before making any changes to your financial portfolio.
Also See: https://youtube.com/shorts/sKti5H9aZIM?si=32ydnn9dgbWGNtKF
Updated- 18/01/2024
As much as we would like to remove plastic from our lives, because microplastics, we need some for monsoon. So support upcycling of plastic waste, reduction of plastic pollution, and my blog with this tote from Ecokari.
P.P.S.- I haven’t used this bag, but if I ever do stay tuned for a review! And if someone gets it, leave us a note about how it in the comments!
As an economy, we need to stop chasing GDP to make it possible.
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