Banking on less paper wastage

Using e-statements can also reduce expenses for firms
Letter from Alan Allan, Today Online 10 Apr 08;

There is an urgent need for each of us to play a part in helping to fight global climate change and the public banking sector can lead the way.

Lately, I learnt that OCBC does not provide options for consumers to receive electronic statements.

Not only that, the monthly paper statements are sent together with brochures for some of the bank's other products.

On top of that, there is usually an extra sheet with just the account holder's name printed on it and a few lines about some promotion. What a waste of paper.

The design format of the statement ought to be changed too. There could be less space between the lines and unnecessary information could be deleted.

Is it necessary to have four lines of information for each Nets payment made?

If one million people in Singapore has an account with a bank, that means at least one million sheets of paper go to waste each month, or 12 million sheets of paper per year.

Paper, a precious commodity, is the biggest source of waste going into landfills, and is also the most common form of waste.

Recycling still means energy is needed to reprocess materials and this in turn generates more carbon dioxide, a greenhouse gas.

Using less paper means saving energy, water, trees and the chemicals needed in the manufacturing process.

Trees are important because they prevent soil erosion and pollution.

They also absorb carbon dioxide from the air and turn it into oxygen.

Some people subscribe to the "cut one and plant two" practice, but it is not the same as a young tree does not perform as well as an old, mature tree.

Anyone can tell the difference between the shade of an old, mature tree and a young one.

Reducing paper usage will also cut down the expenses of a company like OCBC, not to mention its big part in reducing global warming.