INSIGHT September/October 2008

CORPORATE FINANCE Follow the Leaders The biggies are taking leaps and bounds towards the Green Zone. By Carolyn Tang M KPMG ore and more, global corporate leaders are leveraging their resources and influence to positively impact the environment. Through the use of alternative energy sources, widespread recycling programs and other green-oriented initiatives, the following big name firms, among many others, are leading by example. “Climate change is now widely regarded as one of the most serious challenges the world faces. It has reached a tipping point in global awareness and demands a global response.” Timothy P. Flynn, Chairman, KPMG International Furthermore, KPMG expects to reduce its office-related energy consumption by 5 percent by using green building standards on all new office construction, including the use of energy-conserving technology. “As global citizens, KPMG member firms have responsibilities to do what we can to improve our impact on the environment,” says Piller. “And we expect that by working together to raise awareness, apply our collective knowledge and put our ideas into action for improving the environmental performance of our business and promoting change in our communities, KPMG will set the standard for thought leadership and measurable results that will motivate all global firms.” KPMG recently announced a three-tiered global approach to help to address the challenges of climate change. The principal ambition of the financial firm’s “Global Green Initiative” is a 25-percent reduction of its carbon footprint by reducing waste and consumption of non-renewable resources. It hopes to achieve this through energy-efficient building and alternatives to business travel, and by working with its business partners and selected not-for-profit organizations to identify verifiable and credible environmental programs. “[O]ur core values call for us to care for the communities where we live and work,” says Bruce Piller, KPMG LLP’s Chicago managing partner. The Chicago KPMG office recently completed an expansion of its work space area, in which it used recycled furnishings as opposed to new acquisitions. “The calculated sustainability benefits of this furnishing decision include energy conservation equal to powering 4.6 homes for a year, disposal cost avoidance and conservation of landfill space,” says Piller. Additionally, the firm is increasing its use of recycled paper, leveraging digital-scanning technologies, and reducing its use of bottled water and disposable beverage containers, which is expected to result in a 10-percent decrease in waste volume. 12 THE GREEN ISSUE - PLEASE RECYCLE Goldman Sachs “We take seriously our responsibility for environmental stewardship, and believe that as a leading global financial institution we should play a constructive role in helping to address the challenges facing the environment.” Goldman Sachs Environmental Policy Framework In November 2005, Goldman Sachs announced an ambitious environmental policy framework, which outlined the firm’s philosophy that capital markets “can and should play an important role in addressing today’s environmental challenges.” The framework touches upon key topics such as climate change, ecosystem degradation and other critical environmental issues, and then defines how the firm intends to leverage its resources to find effective marketbased solutions to address those issues. “Goldman Sachs believes that a healthy environment is necessary for the well-being of society, our people and our business, and is the foundation for a sustainable and strong economy,” says Michael DuVally, spokesman for Goldman Sachs. According to DuVally, the key to the framework’s success is that it begins with a focus on minimizing operational impact. “Accordingly, we will make efforts to ensure that our facilities and business prac-

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