Green efforts by U.S. financial
institutions are increasing at the same time sustainable actions are
growing as a market force, according to new research.
"The Sustainable Enterprise: How FSIs Are Restructuring in a
Changing Environment," a new report by research and advisory firm
TowerGroup, looks at what financial service institutes have done to be
greener, what spurred those actions, and what companies need to
consider when making environmentally-friendly or socially-responsible
changes.
The report, authored by TowerGroup analyst Inci Kaya, finds that
customer and employee demand is pushing the businesses studied to offer
products and services that are eco-friendly.
Some measures already put in place include constructing green
buildings, using renewable energy and taking steps such as cutting out
paper statements and offering increased online access.
Initiatives in place or planned range from big to small, and affect both the companies and their customers.
New Resource Bank has received LEED gold certification and offers
solar home equity financing. Citi has pledged $50 billion toward green
investments and Bank of America plans to invest $20 billion against
global warming, each over the next 10 years. JP Morgan Chase opened a
LEED-certified branch and offer credit cards that steer proceeds to
environmental charities. And World Bank offsets 100 percent of its
power through buying renewable energy certificates.