By Yoon Seung-joon
A cold spell has been sweeping across the globe. Normally, polar jet streams keep the cold stream from moving south in the Northern Hemisphere but the continuous temperature rise in the North Pole region weakens the jet stream, releasing cold winds to move downwards.
Science aside, the recent severe winter weather seems enough to raise public awareness of the seriousness of global warming.
According to a survey titled “Consumer Awareness on Eco-friendly Products,” conducted by the Ministry of Environment of Korea in 2010, 68 percent of respondents said global warming and ecosystem degradation had reached a very serious level, and a whopping 90 percent of people said a green lifestyle is necessary in order to change course.
However, only slightly more than 30 percent answered they practice a green lifestyle, while others said they wanted to but did not know how, or were bothering to consciously choose to do green deeds.
When it comes to the difficulty of going green, Korean consumers are not alone.
A 2008 study by the Boston Consulting Group shows that 34 percent of the European Union consumers did not know about green products, while 23 percent of respondents said they had no idea where to buy them.
Those who complained about price accounted for 13 percent of respondents. Regardless of nationality, it seems that it is not easy for consumers to practice green living, although they are aware of its importance.
Is there any way that consumers can easily practice a green lifestyle? Why don’t we provide tangible incentives for green living to motivate consumers? These questions have led to our brainchild, the Green Credit Card.
The card offers consumers financial incentives for green consumption. When a consumer purchases eco-friendly products, the manufacturer gives back what amounts to 1-5 percent of the price as point rewards, which can later be used as cash.
And if a household consumes less water, electricity and gas compared to the average of the previous two years, saving energy at home and subsequently lowering greenhouse gas emissions, the Ministry of Environment and local governments give back up to 70,000 won a year in the form of point rewards.
This is beneficial for households in two aspects, as they can not only reduce fixed costs by saving on utilities, but they can also enjoy financial bonuses provided by the government or manufacturers.
There are more ways to earn points. By paying public transportation fees with the Green Credit Card, you are also entitled to receive up to 10,000 won a month.
In general, a credit card is deemed a success when the number of users passes 200,000 in Korea.
In just 6 months since its launch, over 1 million people have signed up for the Green Credit Card.
The huge success has come from concerted efforts made by the government, businesses and the public in establishing a trend of green living.
Financial companies including BC Card, KB Kookmin Card and the Industrial Bank of Korea have actively engaged in promoting the Green Credit Card.
Large retailers such as E-Mart, Lotte Mart and Homeplus have also contributed to encouraging green consumption by endorsing eco-labeled products.
The significance of the Green Credit Card, which contributes to reducing greenhouse gas emissions and boosting the economy, lies in that it translates the idea of green life into practice.
Purchasing a low-carbon green product that has either an eco-label or a carbon footprint label on it is the easiest thing for a consumer to do in order to help reduce greenhouse gas emissions in everyday life.
Once consumers opt for green products, retailers will allow them more store space, thus in turn encouraging manufacturers to accelerate their efforts to develop relevant technologies and increase the production of green products.
In the process, they will take the lead in adopting green business management practices.
When more and more individuals are willing to participate in green consumption, this will turn into a great force to change the world.
To take one step closer to a greener future and greener planet, the only credit card you need is the Green Credit Card.