Reduce, recycle & reuse is the new mantra for financial services sector

The financial services sector is going green in a steady manner. With an eye on preserving energy, companies have started easing the carbon footprint in their offices. The year 2009 witnessed initiatives including application of renewable energy technologies, moving to paper-less operations and recognition of environmental standards.

“Green initiatives are basically concerned with the 3Rs and an A, i.e. reducing, recycling and reusing and shifting to alternatives in various aspects of the service sector,” says Supriya Gulati, an environmental educator. “Presently, it includes using alternative sources of energy and resources with lesser impacts on environment and only big businesses and corporates are practicing it.”

Companies such as HSBC India, Max New York Life and Standard Chartered Bank have been the vanguards ensuring the green movement chugs on. These companies are sending mailers and SMSes to their customers asking them to shift to e-statements and e-receipts. India Inc would benefit from these initiatives in the long run with not just input costs coming down but also an enhanced brand value. “This, however, requires a strong initiative from the top management and effective training programmes,” feels Gulati.

Environmentalists say, although all these initiatives involve a shift in the culture of the financial service sector, they won’t be so effective if there is no change in the attitude of people towards considering environment in all their decisions and actions.