Sustainable cost management through energy efficiency - Derek Moriarty
Positioning for a new financial landscape
According to Deloitte Ireland financial services partner Derek Moriarty: “The green agenda provides opportunities for cost reduction, as well as demonstrating good corporate values.”
Financial services companies featured strongly in the recently announced Green Awards, which recognise organisations for their commitment to developing sustainable business practices. AIB, Irish Life and Permanent, State Street and Ulster Bank were shortlisted in the awards and Citi Group were the overall winners.
This is evidence that, in these cash strapped times, financial services companies are increasingly focusing on energy efficiency as a way to reduce costs and be more environmentally conscious. This is something we at Deloitte are seeing globally. Our report - Sustainable cost management through energy efficiency - highlights some of the strategies that global organisations are undertaking.
For example, HSBC ran a pilot of upgrading old heating and cooling equipment within 69 branches of its network, which resulted in savings of £3.6 million per year. As a result, they now intend to replace equipment in 800 locations across the UK. Bank of America is deploying a centralised energy system instead of using standard building controls across its 3,300 bank locations and expects to save up to 50% on energy costs.
We believe this trend is set to continue. Find out more on Sustainable cost management through energy efficiency.