M&T Bank's Sustainable practices and analysis Term Paper

M&T Bank's Sustainable practices and analysis - Term Paper Example (M&T Bank : Facts & Figures) With the growing awareness about the importance of sustainable growth, more than 150 financial institutions across the planet have signed the United Nations Environment Programme (UNEP) symbolizing their commitment towards sustainable development. According to Ebenezer Olufowose, Executive Director, Access Bank plc, sustainable business practices signify a balanced composition of â€Å"balancing economic growth, social development and environmental protection to ensure future generations are not compromised by actions taken today.† (Osae-Brown) Along with its primary business, M&T Bank has been highly active in initiating commendable sustainable practices. With the sustainable business practices for a better environment, social development and economic escalation mainstreamed into its primary business, M&T Bank portrays a comprehensive as well as a positive picture in its business sustainability report. Healthier Environment The US government in 19 80 initiated Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) under which banks can directly be held responsible for the environmental contamination proven on their part and to pay penalties to compensate for the loss to the environment. (Bouma et al 24) The Act, in the last three decades, has led to a rising concern amongst US banks regarding their existing environmental procedures and M&T Bank has quite followed the ongoing trend. M&T Bank has been awarded with two prizes for the two new innovatively designed branches which are known to use ‘green’ technology and reduce the consumption of natural resources which deplete the environmental healthiness. M&T’s newly constructed branch’s structure in Chambersburg, Pa primarily constitutes, apart from florescent lamps, LED’s and ceramic metal halide lights in the lobby, a large number of energy-reducing elements including a colonnade with a canopy which provides shelter to t he customers when they enter the branch and also protects the branch from direct sunlight. The branch also encourages its employees as well as the visiting customers to use fuel efficient vehicles as reserved parking areas are provided for these vehicles whereas racks are also available for bicycles. The glass walls provide for lesser dependence on artificial lighting and the routine work can be carried out by utilizing the natural light. The unique structure of the branch in Chambersburg is not the first of its kind. Similarly structured branch has also been constructed in West Seneca, NY earlier. The distinctive branch design depicts a serious intention of M&T’s management to try and improve its environmental contributions and its plans towards going ‘greener’ and more efficient in the future. Apart from the efficient design, M&T has implemented many changes including double side printing, paper recycling program, carpooling services, greater use of audio/video conferencing and, more importantly, installation of more efficient high-tech equipment which has reduced its carbon dioxide emission levels pretty sharply. Another measure taken in this respect is the setting up of a senior level advisory committee which evaluates the feasibility of environment-friendly alternatives available and helps the executives, operation managers and employees, at large, to contribute towards stepping