Financial service Finastra is aiming to reduce the carbon footprint of its technological solutions by partnering with forestry company EcoTree.
The collaboration looks to preserve tree planting and maintain sustainable forest management. This in turn provides an opportunity for Finastra customers to remove their carbon footprint which is associated with some technology solutions. This is all a part of a future where Finastra and financial institutions are moving towards a net-zero carbon emissions futUre.
“This is an exciting and highly collaborative initiative to reduce the environmental impacts that the financial services sector as a whole contributes to climate change,” stated Jay Mukhey, Senior Director, ESG at Finastra.
“Given our large global customer base, removing the digital carbon footprint both for our customers and for our business through our 10-year commitment to EcoTree’s sustainable forestry management initiative is a significant step. We are delighted to announce this news around Earth Day, which this year is focused on investing in our planet – a fitting call to action that aligns so closely with the environmental value we endeavour to create through our ESG strategy and green partnerships.”
Finastra has stated they aim to become a carbon neutral company by 2030. Research showed last year carried out by the WWF, that the financial sector of the UK’s biggest banks, if combined and treated as a country, would be the 9th largest country in the world responsible for global carbon emissions.
Customers of Finastra can opt into this new service by being allocated a tree from Finastra’s Forest to remove emissions which are associated with implementation of Finastra’s software.
Additionally, this is accelerated by the nature-based carbon removal program of EcoTree. The firm is seeking to achieve this by producing a carbon reduction system that isolates carbon from the atmosphere. In turn, this affords EcoTree the opportunity to grow trees as a physical asset which also helps preserve and protect the environment.
“Finastra has a strong ESG framework, a commitment to helping the financial services industry do better for the environment and a clear dedication to becoming carbon neutral itself. We are proud to work with them and their customers on this journey,” added Thomas Canguilhem, International CEO at EcoTree.
“This move will reduce the environmental impact of vital technological solutions and stands out from traditional offsetting programs as we focus on eliminating carbon from the atmosphere for good. It is encouraging to see companies taking accountability for their footprints and building partnerships that have the potential to help save our planet and humanity from the devastating impact of climate change.”