We explore the environmental sustainability of Artificial Intelligence (AI), focusing on Generative AI (GenAI) such as Large Language Models (LLMs). As GenAI matures along the typical "hype cycle" for emerging technologies, new challenges and benefits will emerge. But let's not lose sight of the big picture -- the future of AI's environmental impact isn't about acute environmental impacts, but rather how the AI-driven economy will compare in sustainability to the traditional one. We must acknowledge AI's dual potential for both societal decay and advancement. To explore the issues, we dive into the evolving environmental impact of GenAI over time, drawing parallels with previous technologies, including the early Internet. Finally, we have a Q&A on AI's influence on electricity usage and corporate carbon footprints. Are the energy impacts of AI overblown? Could AI potentially lead to energy savings in other areas? Forward-thinking business leaders will consider the broader business model and ethical implications of AI. When we talk about a sustainable future, we must think bigger than immediate carbon and energy impacts.