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Cloud Computing Brings Sustainability to the Financial Industry

The past two years have been trying for all of us and have drawn our attention to a single prominent point of just trying to stay alive and healthy. However, as the pandemic comes to a close and we’re able to return our attention fully to some of the former pressing issues, we find that the threat of extinction of our entire planet is still looming large.

Consumers Have Shifted Their Purchasing Habits

Now that our immediate survival is not at stake we can once again focus on the bigger picture of that threat of climate change. Within the past 5 years, 85% of consumers have shifted their purchasing habits to consciously purchase items that are themselves environmentally friendly, as well as purchasing from companies who are operating sustainably.

Not only are consumers making these kinds of purchases, but many are willing to pay a little extra money to do so. Executives are taking note and 86% say they are changing their companies to be more sustainable. Seventy-four percent also believe that increased sustainability in their businesses and products can drive business transformation.

Currently, the top five industries that are producing the most waste are energy (naturally), transport, agriculture, fashion, and food retail. However, within each and every one of these industries there is finance.

Finance Powers Everything

Without the ability to buy, sell, and trade, there would be no other industry. Energy, transport, agriculture, fashion, and food industries would not be able to function.

Every single day there are about 369 billion purchases made, over 1 billion credit card transactions, and over 319 thousand new credit organizations. Each of these transactions potentially has a carbon footprint. Although the emissions from the finance industry aren’t listed in the top five, considering that it is the backbone of every other industry, it could be contrived that the finance industry is the largest pollutant in the world.

Moving To the Cloud Reduces C02

It’s not all bad news, however. There are changes to be made within finance, which could significantly reduce the amount of CO2 emissions from the industry. Many processes and operations within the finance industry are antiquated and need an update regardless, and one of the most modern and most sustainable options is to transfer operations to the cloud.

Between the years of 2021 and 2024, transitioning to cloud computing is set to reduce CO2 emissions by 629 million metric tons. In one year, transferring to the cloud saves an emissions amount equal to removing 22 million cars from the roads.

In Conclusion

Cloud computing can help the finance industry to stay relevant, thriving, and sustainable.

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

Brian Wallace is the Founder and President of NowSourcing, an industry leading content marketing agency that makes the world's ideas simple, visual, and influential. Brian has been named a Google Small Business Advisor for 2016-present and joined the SXSW Advisory Board in 2019-present.

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