Sustainability is becoming one of the most critical topics for financial industry consumers. Roughly 85% of people globally have shifted their purchasing behavior toward sustainable practices in the past five years. And there is no sign of this growth slowing down anytime soon. According to a 2022 survey by Google Cloud, 86% of executives say they are making a difference in advancing sustainability. There is no question that sustainability measures have the power to influence the success of a business.
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Equifax, a global data, analytics, and technology company, they are just beginning their journey to help drive more sustainable practices in the industry and beyond. Equifax aims to reach net-zero greenhouse gas (GHG) emissions by 2040. Equifax plans to significantly reduce the footprint of its on-site technology and data centers and leverage the enhanced energy efficiency of its cloud service providers.
They have invested more than 1.5 billion dollars into cloud transformation, which will aid in embedding security throughout the enterprise and is a crucial factor in achieving sustainability goals. If other companies, big and small, commit to renewable measures and practices as Equifax has done, we could prevent up to 1 billion metric tons of CO2 emissions from 2021 to 2024.
The cloud can enable a circular economy which prevents technology byproducts. The cloud can reduce the harmful effects of decommissioned servers, networking equipment, and racks in the landfill. A cloud powered by green electricity can lead to dramatic reductions in carbon emissions. These are just some of the benefits of cloud computing on the environment.
There are no clouds in the forecast when cloud computing is implemented despite the name. The effects of utilizing the cloud are good. Learn how the cloud can help the banking and financial services industries reduce their environmental footprint in the infographic below.
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