Banks Developing Environmental Conscience
We recently learned of several efforts that show banks are paying attention to the call for protecting the world's environment and using sustainable construction methods. Two such efforts are:
Building 'Green' Branches
PNC Bank could teach other companies a thing or two about building green after committing to an effort to ensure its new branches meet U.S. Green Building Council standards. The bank says it not only improved customer and employee satisfaction through its efforts (employee retention improved 50 percent in one branch), but also saved money and time.
The branches were built or are being built using energy-saving or natural materials such as window walls with layers that isolate against extreme temperatures; masonry walls that are built off-site for less construction waste; countertops made of recycled paper and sustainable wood; cabinetry made from the byproduct of wheat processing; recycled carpet and other floor and wall coverings; and solar panels.
While the bank points to customer and employee satisfaction as main benefits of its green building efforts, it also has figures on savings. For example, the bank reduced energy use by 7 percent by using daylight as part of the lighting and decreased wastewater by 50 percent and water usage by 40 percent by using water collected from the roof for toilet flushing. The bank says construction costs were the same as those of a traditional branch and construction time was cut four to five weeks, resulting in a 75 percent reduction in waste.
PNC already has 10 green branches in place and plans to build 90 more branches with even more rigorous standards.
Helping to Stop Illegal Logging
Forest protection advocates, human rights activists and socially responsible investors recently commended Citigroup for its stance on endangered forest destruction, illegal logging, and related human rights' abuses.
The banking company announced a progressive new set of environmental policies and announced that one of its customers - a logging company in Papua New Guinea - must comply with those policies. The logging company has a history of well-documented human rights abuses including treating employees like slaves and forcing them to live in appalling logging camps and illegal logging activities that threaten rainforests.
Citigroup announced that the logger must get third-party certification from an independent, credible environmental organization. The company's environmental policies, which were announced last year, include initiatives addressing endangered ecosystems, illegal logging, ecologically sustainable development and climate changes.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 4, 5/05
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