Reducing Carbon Emissions Using Cloud Technology

Tuesday, 31 May 2022, 5:41 am
Press Release: Hugh Grant

We have all heard considerable claims when it comes to net zero commitments on behalf of countries and corporations alike as part of Environmental, Social, and Governance (ESG) initiatives. Many of them, however, appear to be too good to be true, as they often represent dates far into the future. It is commendable when we see larger corporations take this responsibility seriously, and to a tangible level that can be measured in the near future. Currently, such environmentally friendly practices are unfolding in the financial services industry.

While you might not have thought about it, there is a tremendous amount of computing power necessary to power all of the world’s financial transactions. Behind every credit check, credit, and debit transaction, there must be considerations as to the carbon footprint that they are responsible for. This is an important area of focus when one considers that financial transactions occur billions of times worldwide each day, which equate to a large amount of environmental impact and carbon emissions.

Sustainability has recently become one of the most important topics for consumers of the financial services industry and beyond. Reports can confirm that roughly 85% of people globally have shifted their purchasing behavior toward sustainability over the past 5 years. Furthermore, 60% of customers are more likely to purchase sustainable services, so there is ample opportunity to reach one’s customers by listening to their concerns about sustainability. Banks are heeding the call - 52% of banks see environmental concerns as an emerging risk over the next 5 years. Many of these financial industry giants have indeed turned to cloud technology to alleviate that stress to offset carbon emissions. From 2021 to 2024, transitioning to cloud computing is believed to save at least 629 million metric tons of CO2.

Something promising in the world of the C-suite of these large financial companies is that they are acutely aware of the issues, and seek to make changes to the industry for the better. In a recent survey, more than 99% of CEOs of these large companies are in agreement that sustainability issues are very important to the future growth of their businesses. A total of 59% of these executives had indicated that they already were deploying low-carbon and renewable energy technologies across their array of operations. 86% of executives believe that they are making a difference when it comes to advancing sustainability within their companies.

Lastly, 44% of these executives surveyed had seen a net-zero future for the future of their companies within the next 10 years. This hope rings true for not only a significant impact from large industries reducing their carbon footprint, but rather a sustainable note of confidence that such large companies are taking these issues seriously enough to have goals that are to be met in the near future.

Cloud computing and other sustainable methods can benefit the environment and reduce greenhouse gasses in many ways, including helping to enable a circular economy which prevents technology byproducts and unnecessary waste. Google Cloud is a leader in sustainable practices, as it works to optimize carbon emission while working towards an ultimate goal of 24/7 carbon-free energy by 2030. Fortunately, this type of progress is being made quickly; Five Google data centers currently operate with 90% carbon-free emissions, and in 2020 across all data centers, Google achieved 67% round-the-clock carbon free energy. Committing to net-zero emissions has become a nearly universal goal for many companies big and small, and many are investing in a cleaner and safer future for consumers and citizens everywhere. The future's looking bright when we see change at the horizon.

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