Reducing Carbon Emissions in the Financial Industry

On any given day in 2022, there will be more than one billion credit card transactions, about 370 billion purchases, and 319 thousand new credit organizations. Each of these financial exchanges generally comes along with some carbon emission, making the finance industry a major contributor to global carbon emissions. 

As the world is moving toward “net zero”, it’s important for the financial industry to be on board with making the necessary changes to reduce the pollution caused by every day operations. One of the most effective ways this can be achieved is by transferring services to the cloud. 

In 2022, about 85% of the global population is making changes to reduce their individual carbon footprints. This includes 1 in 3 people who would be willing to pay a little more for more sustainable services. Reduction of carbon emissions is also a burgeoning topic within the financial industry. 
Fifty-two percent of banks are recognizing that environmental issues within the industry are going to require action within the next five years. A big part of the solution is for financial services to move to the cloud, which could reduce carbon emissions by at least 629 million metric tons within the next 2 years.

How the Cloud Can Help Reduce Carbon Emissions for the Financial Services Industry