THE CHALLENGE OF GOING GREEN

Responding to environmental problems has always been a no-win proposition for managers, report Noah Walley and Bradley Whitehead in ''It's Not Easy Being Green'' (May-June 1994). Help the environment and hurt your business, or irreparably harm your business while protecting the earth. Recently, however, a new common wisdom has emerged that promises the ultimate reconciliation of environmental and economic concerns. In this new world, both business and the environment can win. Being green is no longer a cost of doing business; it is a catalyst for innovation, new market opportunity, and wealth creation. The idea that a renewed interest in environmental management will result in increased profitability for business has widespread appeal. in a new green world, managers might redesign a product so that it uses fewer environmentally harmful or resource-depleting raw materials - an effort that if successful could result in cuts in direct manufacturing costs and inventory savings. This new vision sounds great, yet it is highly unrealistic, Walley and Whitehead argue. Environmental costs are skyrocketing at most companies, with little chance of economic payback in sight. Given this reality, they question whether ''win-win'' solutions should be the foundation of a company's environmental strategy. Twelve experts assess both view-points and offer their comments.