Faiza Tehseen

Though rapid industrialisation has thrown up many opportunities around the globe, it has increased carbon footprint, particularly in countries like Pakistan, embroiling them in a host of challenges. While the developed world is increasingly investing in green projects to offset the impact of environmental degradation, developing countries lag behind, often finding it hard to arrange enough money for overcoming environmental hazards, which are largely attributed to rapid industrialisation in the developed world, but mostly affect the poor economies as a result of global warming. Talking about the grave issue, Dr Sobia Rose, an environmental research economist at the Pakistan Institute of Development Economics (PIDE), told WealthPK that strong environmental marketing (EM), sustainable marketing or green marketing were key to tackling environmental hazards. However, she said a proper policy framework and its effective implementation were direly needed. “For a developing country like Pakistan, environmental safety is becoming all the more critical.” She explained that EM was a multifaceted approach toward a safe future. “This idea covers many aspects. It particularly focuses on promotion of products and services with the minimum impact on environment.

For example, many companies have introduced recyclable or recycled products. Some companies have also gifted environment-friendly products like seeds of ornamental plants or vegetables; some firms have stopped the use of harmful plastic packaging. They have also modified the existing or developed new products, which are harmless for environment,” she said. She added that promotion of the carbon market was another aspect of EM. “It also includes ethical, social, financial and environmental influences. The fast-growing carbon credit market is a window of opportunity for developing countries to save ecosystems and extract money. They can invest in it through plantations and can generate money through carbon credits. This transferrable financial instrument can be turned into a financial and environmental security opportunity for Pakistan. As it is a derivative of an underlying commodity, its by-products like organic farming of honeybees, silkworms, herbs, resins and saps can also bring socioeconomic benefits.”  Sobia Rose said that to develop an environment-friendly product, there were a few important points to consider.

“For example, if you have to introduce any product in the local market or export anything, there are certain standards to be adhered to, including environmental standards. To meet these standards in Pakistan, proper certification from departments concerned is required.” “After certification, development, and branding, the product becomes ready for launch. Maybe you performed some job that may prove beneficial for the environment. For example, you developed that product by investing in solar panels. Or you extracted any by-product through it that generated a positive externality.” The environmental researcher said that there were two concepts in environment science called positive externality and negative externality. “The first one exists when positive output and environment-safe products are introduced and marketed convincingly. For example, the launch of e-vehicles is environmentally friendly. Besides its marketing, it is also positive to promote the source of green power generation. This message not only brings awareness but also shows a social benefit.” She said when a cost analysis benefit was performed, it resulted in both social costs and social benefits.

“It means that though the social cost is minimal, a social benefit is generated. So, green marketing is very important.” “Normally, the aspect of environment is neglected. This is the reason that the general public remains non-sensitised. With the rising awareness concerning environmental protection, EM marketing practices has been popularised rapidly across the globe. Environment-friendly products and practices mostly involve the responsible use of natural resources.” “To meet the market demands, showcasing sustainability commitment plays a vital role. It makes the purchasing decisions of consumers more favourable. Through this awareness, companies not only gain business but increase customers’ trust and brand loyalty through ethical marketing and business. The EM is also the source of innovation, new industrial developments, cost savings, business risk mitigation, regulatory compliance and job creation.” “EM in Pakistan is important for raising awareness about climate change, protection of natural resources, biodiversity conservation, reduced health hazards for a productive workforce, promotion of sustainable practices, establishment of eco-friendly businesses, particularly tourism, and revenue generation,” explained Sobia Rose.

Credit: INP-WealthPk