Commentary: Corporates, please stop with the misleading green marketing
SINGAPORE: News that Coca-Cola will sponsor the United Nations climate conference in Egypt, COP27, was hard to swallow for sustainability advocates.
According to the alliance Break Free From Plastic, Coca-Cola has been the world’s top plastic polluter for four years in a row. “It’s astounding that a company so tied to the fossil fuel industry is allowed to sponsor such a vital climate meeting,” the group was cited as saying in media reports last month.
Other companies that tried to promote their sustainability efforts have faced similar backlash. In August, DBS Bank published a post on LinkedIn about their decision to commit to zero thermal coal exposure by 2039. The caption ended with the slogan: “More like an eco-warrior, less like a bank.”
The post drew sharp criticism from other sustainability leaders, with founder of PropertyGuru Steve Melhuish calling it “greenwashing hogwash”.
Melhuish argued that a deadline of almost two decades later is not sufficient when climate action must be taken immediately. In response, DBS CEO Piyush Gupta said DBS no longer funds thermal coal projects, and 2039 is when the bank’s current loans will be repaid.
Are sustainability observers too critical? Or are companies today inextricably linked to the fossil fuel economy – so any attempt at painting oneself green comes across as hypocrisy?
THE RISE OF GREENWASHING
As climate consciousness is on the rise, experts have warned of a growing risk of greenwashing – when a company tries to make its operations and products seem more environmentally friendly, without taking tangible steps to ensure that they really are.
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