M&A Investment bankers cannot afford to hurt the environment
By Nick July 17, 2008
A recent Reuter’s piece highlights how M&A (mergers and acquisitions) investment bankers are hurting the environment with all their business. From the countless flights to the tons paper used in deals, M&A I-Bankers aren’t in the most eco friendly / conscious business, so with the recent credit and economic meltdown, the environment is getting a bit of a breather from less M&A activity happening.
Reuters has come up with a bunch of statistics to show how evil these investment bankers have been the past year:
- Emitted 98,000 tons of Carbon in European flights (equivalent to 8,000 regular people)
- Used 10,000 trees worth of paper
This comes to total 110 million pounds (GBP), which is $220 million. Also, for one average M&A deal, one European banker has five [shorter] international flights and uses 20,000 pages of paper.
While business is hot, bankers have ignored this issue, but with the credit mess worldwide, Investment banks are noticing these extravagent costs and are looking at conducting more deals online through virtual conferences. While essentially being just as effective, using VDRs (virtual data rooms) is becoming much more common because of the cost and time savings.
So this ugly economy’s ability to show investment banks they are human too (Lehman, Goldman) is indirectly greening up the industry through their use of Virtual data rooms. Sweet.
While it’s easy to get angry at investment banks, we must remember they are vital in private green business funding, development, and growth through their ability to raise capital fast for green firms.
Topics: Eco News |
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