Green Piggy Banks
I tend to be pretty skeptical of companies and organizations that drone on and on about how consumers can do “small things” and make “big differences” in energy consumption and the fight to go ‘green’. Most companies simply advertise their own consumer products/services under a ‘green’ disguise and try to convince customers that the company’s products/services will help them create a “sustainable lifestyle” even though they don’t provide a real incentive for consumers to actually take action. (ie: see my previous post about the Ikan).
I recently read an article titled “How to Turn Pennies Green” in BusinessWeek, however, that highlighted a company that I think approaches ‘green’ in the right way. Apparently soaring copper prices are making it very expensive to make coins: it now costs 1.3 cents to make a penny and 7.7 cents to make a nickel. Also, there’s an environmental cost to minting new coins, namely copper mining and refining involves huge amounts of power and water. Coinstar, a company that is known for its huge coin counting machines that convert change to cash or credit at supermarkets and drugstores estimates that there are around 150 billion coins going unused in the U.S. Cashing in just 10% of this amount would translate into sizable environmental savings. More specifically, 82 million showers (water), 4.1 million 60-watt light bulbs (energy), or 12,619 cars removed annually from the roads (CO2 emissions). The company does of course charge a fee for this conversion to cash/credit (8.9% to be exact), but the service is actually entirely free for consumers if they choose to convert their coins into a gift card for a select number of vendors (including popular companies such as Amazon.com, Circuit City, Starbucks, JCPenney, iTunes, etc). And more importantly taking action in this case is actually beneficial to the consumers who are rewarded for being careful with their coins. I personally have a coin jar that I’ve been collecting loose change in since middle school and I plan on cashing it in at a Coinstar machine at the end of college. I’m pretty excited about all the cash I’m going to get back, and it’s nice to know that I’ll be doing a little something for the environment

At the end of the day, Coinstar is using ‘green’ advertising to promote its service but at least consumers have a personal motivation to cash in. This is just one small example but basically I think that companies that really want to promote sustainability and the green movement ultimately have to have both a profit agenda as well as a legitimate way to motivate customers to succeed. Non-profits and community service can only achieve so much. That’s my two cents anyway.

