Green Bet to aid renewable energy programs via a unique source

When researching stories that pertain to the site I’m often reading about fundraising and environmental issues concurrently. Occasionally the two cross over but never in a manner such as this which is perhaps the strangest piece of news that I have read in quite some time.

This story is about a company claiming they can will make a huge difference via a spending pattern many people already have – and taking a piece of that very profitable market and moving the profits toward helping environmental causes. It all sounds a bit good to be true but the market in question is the multi-billion dollar realm of online gambling. Green Bet have failed in their attempts tried to associate their plan with existing environmental organizations who refused to work with a company that ‘encourages gambling’ as a moral decision. My feeling is that the gambling will occur anyway, why not consider the company that seeks to lend its profits to a better final goal?

Green Bet expect to raise hundreds of millions to support renewable energy projects and also donate to charities that favour green causes. Green Bet is looking to partner with existing online casinos under the umbrella of letting those who use the casinos feel they can make a difference. After all I think most gamblers accept and understand that ‘the house’ will be taking some of their money in the long haul. The managing director of Green Bet has expressed some concern with the lack of support in a recent interview with The Guardian:

“Green Bet allows people to contribute towards green causes without any sacrifice, either financial or effort wise. Supporting Green causes has become synonymous with suffering, restraint, personal sacrifice. I want to move away from this, show people simple, painless ways of helping. My belief is that the arguments need to be changed. The science of climate change is still being debated, many people aren’t convinced that the threat is real. If a technology for generating renewable energy can be shown to be more profitable than conventionally generated electricity we fundamentally alter the argument, from being about science, about sacrifice, about economic hardship – to one based on capitalist market forces. If renewable energy makes more money than conventional energy the battle will be won. That’s the ideal behind Green Bet. Support of a better future without the sacrifice. An easy option for supporting the environment without the puritanical green ethics. Using the reality of human nature rather than preaching from our pulpit. The stance of the Green Party, in opposing the Green Bet site, is part of the old style environmentalism we’re fundamentally against”

He explained that 70% of profits will be used towards renewable energy programs with much of the residual going to charities associated with conservation. In a global market that is estimated to be worth in excess of $20 billion, Green Bet argue that just a small ratio of that market share would make a huge difference in environmental matters. Its a very interesting dilemna, in my mind not that greatly removed from some of the national lottery campaigns that result in billions of dollars of revenues for governments to spend towards education and other needed social issues. Whether Green Bet will be the first corporation to exist primarily to benefit renewable energy research remains to be seen, while the cynics are still having their say I’m curious to revisit this story again in 12 months time.