State Street recognizes how critically important it is to protect the world’s natural resources and to help reduce the threat of climate change. This is why we’re committed to being a leader in environmental sustainability, both in the way we carry out our operations and in the products and services we offer. More to the point, we acknowledge, measure and take responsibility for our direct and indirect impact on the environment. Not only does conducting our business in this manner align our long-term success with the earth’s ecological well-being, but it creates enduring benefits for our shareholders, clients, employees and the communities in which we live and work. We have established guiding principles, policies and strategic objectives for the company regarding our commitment to environmental sustainability. Read more in our Corporate Environmental Sustainability Strategy Statement and Policy Statement.
Managing Our Direct Environmental Impact
As a financial services company, we have minimal direct impact on the environment. Where we do, we look creatively at all of the ways we can minimize negative impacts and maximize the positive ones. As an example, we conserve energy, dispose of waste responsibly, and reduce pollutants and other byproducts our activities may generate. Our primary area of direct impact is the employee travel necessary for day-to-day operations.
Making a Difference throughout the World
Wherever there is an opportunity to lessen our environmental impact, we pursue it. Examples include our investment activities and raising awareness of environmental sustainability in the workplace.
Behind much of our work in the environment is State Street’s Environmental Sustainability Committee, which comprises executives with from around the company. The Committee develops, deploys, maintains and reports on our environmental program.
The implementation of our Environmental Management System (EMS) in our offices around the world is one of our biggest accomplishments. Built to capture and report environmental data on our worldwide operations, the EMS makes it easier to establish goals and track our progress on our environmental impact, specifically the amount of waste we produce, paper we recycle and energy we use.
Since its launch in 2005, we’ve met our goal for reducing fossil fuels burned and greenhouse gas emissions by 2010 in Massachusetts by 5 percent, as well as our goal for increasing our paper recycling over the same period by 5 percent. We also reduced our greenhouse gas emissions in the state by 20 percent as a result of renewable energy initiative.
In the United Kingdom and Ireland, the designs for our new facilities at London’s Canary Wharf and Dublin’s Sir John Rogerson Quay received "excellent" and “very good” ratings from the Building Research Establishment Environmental Assessment Method (BREEAM) — the British benchmark for assessing a building's environmental performance.
Given our clients’ increasing interest in sustainability issues, we also introduced a number of investment management products to meet their requirements. As an example, we launched the US Community Investing Index strategy — the industry’s first — as an option for clients seeking a passively managed, cost-effective solution that aligns with their interests.
Standing Out from Our Peers
As a result of our environmental work, State Street ranked in Newsweek as a top 10 “green company” — out of 500 of America’s publicly traded companies. Equally important, we reached No. 1 on the same list in the financial services industry category for green score, green policies and performance score, and reputation survey score.