Friday, June 3, 2011

Bank of America Vows to Reduce GHG Emissions by 15 Percent

Repost from Triple Pundit

The 2008 global financial crisis may have killed off some banks, but others have emerged even stronger. Whatever you may think about the banking industry, one fact is clear: the sector is a huge consumer of energy, from data centers to the lighting of a firm’s offices across the globe and of course, employee travel. From Tokyo to Frankfurt, banks are huge energy hogs and leave a long trail of emissions.

Read more.. Bank of America also takes a Walmart-like approach towards its suppliers and seeks to find resource efficiency throughout its supply chain. Two years ago the company invited over 100 suppliers to an event for a global supply chain conference, where they were encouraged to participate in CDP’s emissions reporting program. If Bank of America commits resources to its suppliers and allow them to become more efficient, look for BofA to achieve metrics that will far exceed the 2015 emission reduction goals.

Finally, Bank of America does more beyond its operations. Since 2007, the company has undertaken a 10-year US$20 billion initiative to address climate change issues by targeted investment, loans, and philanthropic activities. So while the banking sector should still be scrutinized for its business practices, Bank of America deserves credit for tackling the issues that other organizations overlook.

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