99% of CEOs from large companies agree that sustainability issues are some of the most important to the future success of their businesses. 59% of these CEOs are already working to deploy low-carbon and renewable energy across their operations, and 44% see a net-zero future for their company in the next 10 years!
Q1 2022 hedge fund letters, conferences and more
Many executives want to advance their sustainability efforts, but they don’t know what steps to take to start the process. Even though many companies don’t know where to start, they do believe that sustainability can drive powerful business transformations. Out of these executives who aren’t sure where to start, 78% of them cite that technology is critical for their future sustainability efforts.
Sustainability Of The Financial Services Industry
One of the best technologies to be more eco-friendly is the cloud. Cloud computing minimizes energy consumption because it virtualizes many of the tasks that physical machines complete. These machines release high carbon emissions, and lead to higher waste in landfills. Switching to cloud computing takes away the need for these physical machines and can lead to significantly less carbon emission overall.
In fact, if more companies switch to the cloud, it can reduce global emissions by 59 million metric tons of CO2 per year! This represents a nearly 6% reduction in total IT emissions which is equal to taking 22 million cars off the road! From 2021 to 2024, continued adoption of cloud computing could prevent up to a billion metric tons of CO2 emissions!
It is important to take steps to reduce carbon emissions because they occur from many aspects of life. Aside from driving and other obvious sources of carbon emissions, did you know that the way we make financial choices can also increase our carbon footprint?
Around the world, billions of financial transactions happen every single day! With almost 400 billion purchases, 1 billion credit card transactions, and over 300,000 new credit originations, each of these transactions have associated carbon footprints occurring behind the scenes.
Sustainability is becoming a very important topic among financial industry consumers because of these carbon emissions. 1 in 3 people say they would pay more for sustainable solutions, and 60% of consumers said they are more likely to purchase sustainable services! With such an increase in consumer demand, it is expected that more companies will begin migrating to cloud computing. Learn more about how the cloud can help reduce our carbon footprint in the infographic below:
Infographic source: Equifax
