We're not spending nearly enough money on preserving the environment, IMHO. We need to spend more, and spend it differently.
Otherwise we're going to stumble into worsening Global Warming; we're also going to lose many of the fish in the world's oceans, which are being badly over-exploited; and we're going to see a continued destruction of the earth's tropical rainforests. Some biologists already think that we've done so much damage to the rainforests and to tropical coral reefs, the most biologically diverse habitats on the planet, that we're going to see the earth's sixth big "extinction event" in our lifetimes -- a biological disaster comparable to the one that wiped out the dinosaurs in 65 million B.C.
As for the "Green Fad" as a way to fix this - I have my doubts.
"Fads" by definition are often pretty mindless, and recycling is not the full answer to the problems we face. As the saying goes, recycling is "necessary but not sufficient." There are many other changes we need to make as well.
Let's hope the current "fad," if that's what it is, causes many people to do a lot of further thinking, reading and studying about the full scope of the current global environmental crisis, and about the different factors causing it, and about how to fix it.
The Green Fad will fade, as all fads eventually do. However, I hope the people who've thought seriously about the environment because of the fad will just use it as a launching pad for lifetimes of productive Green activism.