The 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.
Retailers, Developers and Eco-Business Leaders...learn about green retail trends, consumer buying habits and sustainable business practices. Register NOW to Attend!
The 2008 Green Leaders Survey collects sustainability program insights from business and civic leaders. Learn from peers what works and what doesn't. Take survey>>
Recycling rates in the U.S. are low and getting lower. The U.S., by far the world's biggest consumer of aluminum ... continue »
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 »
This promotional video features restaurateurs discussing sustainable solutions and Conserve, the environmental initiative of the National Restaurant Association....
Join the Discussion