JP Morgan Treasury Services, sponsor of Treasury & Risk’s first annual ‘Going Green’ survey, found that approximately 80% of the more than 200 finance executives surveyed say green strategies or sustainability efforts have saved or are expected to save their company money. Approximately 79% of these executives expected to see increased efficiencies if they were to shift to a completely green treasury operation. Certain green strategies are quite popular, including converting paper-based treasury processes to electronic transactions, which was cited by 71% of participants.
While the ‘Going Green’ survey identifies several successes in establishing corporate green strategies, businesses still have a ways to go. Only 31% say their company has assessed its carbon footprint. In addition, only 37% say their company’s environmental strategy is integrated in its business plan, and a mere 20% have factored climate change into business sustainability plans. Less than half say their company has formal environmental policies or sustainability programmes.
“Migrating to electronic treasury processes can have a measurable impact on a corporation’s carbon footprint as large treasury operations can easily generate 5.5 tonnes of paper each year – the equivalent of 143 trees and 106 tons of greenhouse gasses,” said Susan Webb, managing director, JP Morgan Treasury Services. “We sponsored this survey to highlight the benefits of establishing a completely green treasury and help bring greater focus to what role finance executives can take in improving corporate sustainability efforts.”
JP Morgan Treasury Services began its own ‘Go Green’ campaign in 2007. Since then, the bank has helped treasury clients eliminate more than 101 million paper documents and save three million pounds of paper annually. In addition, JP Morgan clients report that the bank’s web-enabled image technology has helped improve efficiency within their own treasury operations. For example, clients have decreased the amount of time needed to identify and resolve exceptions; manually enter data into accounts receivables or payables systems; manage, store and retrieve paper documents from on and off-site storage facilities; and research and respond to internal and external requests.
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