Towards a lower carbon footprint in the financial sector

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Brian Wallace

Founder @NowSourcing. Contributor @ Hackernoon, Advisor @GoogleSmallBiz, Podcaster, infographics

If the past few years have taught us anything, it’s to be grateful for what we have and take care of the things and people that matter most to us. COVID has drawn our attention to the need to reset our priorities and take stock of what is truly worthy of our time, effort, and affection.

In 2022, we can be thankful that the pandemic appears to be largely behind us, even as it has altered us and changed our view of the world permanently. We have seen firsthand the fragility of our own existence. Now that COVID is no longer such a threat, this fact of our fragility is no less true and there are still things that threaten our entire global population.

Of course, one of the most pressing issues for many years has been climate change and the need for a major shift towards sustainability. Just like COVID, this issue affects every individual and every industry, including finance.

Over the past 5 years, 85% of consumers have changed their buying habits towards more sustainable businesses and a lower carbon footprint for themselves. However, many of us may not consider that even the act of such purchases can contribute to CO2 emissions.

In fact, there are billions of purchases and credit card transactions every day. These, along with thousands of new credit organizations, each cause carbon emissions and are a big part of the problem for the environment.

Fortunately, the majority of financial industry executives are taking note of this problem and considering it a priority to be addressed over the next few years. They are aware that consumers want clean options in all their business transactions and they are aware of their responsibility to take significant steps towards net zero within their organizations.

One of the most important efforts these companies can make is to move their operations to the cloud. Cloud computing has the potential to save more than 629 million metric tons of CO2 within three years. It is a sustainable option for the financial sector and can benefit financial organizations as well as the consumers they serve.

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