Despite the low direct carbon footprint of the financial services industry overall, some of the key drivers include datacenter and process redundancies, dated technology infrastructure, undifferentiated energy sourcing, paper-based communication and documentation, and a general lack of awareness throughout the organization.
Goals and Objectives
Reduce direct carbon emissions, compensate for emissions, move to renewable energy, eliminate paper, and reduce redundancies.
Carbon tracking, cloud, data analytics, and digitalization
Use Case Summary
The direct carbon footprint of financial institutions is 700 times lower than their loan portfolio. Nonetheless, banks will need to drive green enterprise initiatives. These include cloud migration, modernization of existing data and application infrastructures, green office/branch/vehicle fleet initiatives, circular economies (e.g., card printing), reduced paper, and carbon compensation.