The Executive’s Daily Green Briefing

December 5, 2006

Financial Services Institutions Eye Carbon Emissions

financial-services-institutions-356.jpgThe largest global financial services organizations have carbon footprints in the region of 500,000 metric tons of CO2 per year, and an institution’s IT electricity consumption can be responsible for up to 65 percent of the total, according to Bank Technology News.

Some financial institutions have taken steps to do their part in combating greenhouse gas emissions, especially through the Carbon Disclosure Project’s Climate Leadership Index, of which HSBC, Credit Suisse, UBS, Westpac Banking, ANZ Banking, ABN Amro Holding, Barclays, Citigroup, Fortis, HBOS, and ING are members.

In October 2003, Swiss Re announced plans to become greenhouse gas neutral over a 10-year period. In December 2004, HSBC promised that it would be the world’s first major bank to go carbon neutral by buying carbon credits and reducing its own CO2 footprint. In April 2005, JPMorgan Chase announced a carbon emissions reduction program. Morgan Stanley has earmarked $3 billion for investing in carbon trading while Climate Change Capital, a specialist bank, raised $1 billion last month to invest in the sector.

It is estimated that a moderate size server in a data center of a large financial services organization has about the same annual carbon footprint as a gas-guzzling family SUV getting 15 miles-to-the-gallon.

Join the Discussion

Today's News

Recycle To Save Energy–The Sooner The Better

Recycle To Save Energy–The Sooner The Better

Recycling rates in the U.S. are low and getting lower. The U.S., by far the world's biggest consumer of aluminum ... continue »

Using Green IT To Get Out Of The Red And Into The Black
Measuring, Managing, Saving: Making Energy Efficiency Visible
Lean And Clean With Green Purchasing
‘Recyclable’ Is So Last-Century
Environmental Initiatives Top Of Mind For Financial Services Execs

Environmental Initiatives Top Of Mind For Financial Services Execs

Nearly three-quarters (73 percent) of financial institution executives say they plan to build new or undergo a major remodel of an existing ...

click to view full size chart »

Consumers Want Brands To Solve Climate Crisis
Belief In Global Warming Slips
U.S. Lags Behind On Green Consumption And Behavior
Restaurants Explore Sustainability With ‘Conserve’ Initiative

Restaurants Explore Sustainability With ‘Conserve’ Initiative

This promotional video features restaurateurs discussing sustainable solutions and Conserve, the environmental initiative of the National Restaurant Association....

click to view video »

Polar Bears On Thin Ice, Listed As ‘Threatened’
HP Exec On Product Takeback
Sony, Mohawk Bring Greener Products To Market
The Bottom Line

Marketing

Consumers Reward Good Corporate Behavior - Unless There’s A Big Sale

Green Meetings Don’t Have To Cost More Green

Green Marketing Campaigns Not Sticking

Emissions

Mars Snackfood Unwraps Landfill Gas Project

Honeywell, Airbus, JetBlue, IAE Developing Aviation Biofuel

EnerNOC Buys Offsets To Remain Carbon Neutral

Hi-Tech

EPS Developing Energy Use Monitoring System

Dell To Increase PC Energy Efficiency 25% By 2010

HP Exec On Product Takeback

Efficiency

Restaurants Explore Sustainability With ‘Conserve’ Initiative

ASHRAE Best Design Practices Could Cut Warehouse Energy Use 30%

Environmental Initiatives Top Of Mind For Financial Services Execs

Manufacturing

Dupont, Genencor Invest $140M In Cellulosic Ethanol Joint Venture

Smart Papers Installing Honeywell Biomass Co-Gen Plant

Ford Racks Up Another Environmental First

Carbon Offsets/RECs

Voluntary Carbon Market Tripled In 2007, Hit $331M

Enel Buys $232 Million Of Carbon Credits From China’s Wuhan Steel

RGGI Cap And Trade To Go Online Sept. 10

CSR Reports

Starbucks Plans Renewable Energy Buy, Green Building Standards

Brazilian, Indian Companies Dominate GRI Reporting Awards

CSR: Chevron To Invest $2.5B in Alternative, Renewable Energy Tech

Major Players

Recycle To Save Energy–The Sooner The Better

With $100M, Duke Energy Joins Rooftop Solar Movement

Sony, Mohawk Bring Greener Products To Market

See All Topics »