Technology organizations are beginning to implement “green” initiatives to mitigate their impact on the planet. However, according to a recent study conducted by PricewaterhouseCoopers (PwC), altruism is just one of many motivating factors behind the green movement. The strongest driver is economic.

Forty per cent of technology executives surveyed say that the green movement creates significant market opportunities for their companies, as evidenced by a noticeable increase in customer demand for more environmentally friendly products and services. A further 60% say that energy savings is one of the most important factors in their company’s environmental decision-making process.

“The growing demand for more sustainable products and services could translate into one of the biggest new markets in recent memory,” says Bruce McIntyre, leader of PwC’s sustainable business solutions practice in Canada.

“While the European model may not be ideal for our marketplace, our Canadian technology companies should be more proactive and seize this opportunity to drive growth while ensuring their green initiatives are in line with their business strategy,” McIntyre says.

According to the survey, 61% of executives feel it is very important (29%) or important (32%) that their companies take steps to reduce their environmental impact. This shift towards green products, services and business operations is having a direct impact on the level of collaboration and innovation found throughout the entire organization, including marketing, human resources, research & development processes, manufacturing, and supply chains.

As organizations continue to evaluate their own business practices, they are paying closer attention to the actions of their partners and suppliers as well. According to the survey, one in five technology executives (18%) claim their companies practice environmentally preferred purchasing, where organizations select products and services that have a lesser effect on the environment than competitive products and services. The study suggests that this figure will rise to over half (53%) within the next two years.

Globally, technology organizations are also taking steps to safeguard themselves from future stringent government legislation and regulations by proactively imposing their own green-oriented controls. Twenty per cent of survey respondents say their companies maintain a formal and widely distributed environmental policy. The study suggests this figure will increase significantly over the next two years, jumping to 48%.

The quantitative findings presented in the PwC “Technology Executive Connections: Going Green: Sustainable Growth Strategies,” report are based on a survey conducted by the Economist Intelligence Unit (EIU) in September 2007. The survey garnered 148 responses from senior executives based in five principal regions: 28% Asia; 31% Europe; 35% North America; 5% the Middle East and Africa and 1% Latin America.

In addition to a full copy of the report, a podcast, featuring PwC professionals, including Bruce McIntyre, leader of PwC’s sustainable business solutions practice in Canada, discussing sustainability issues can be accessed www.pwc.com/techconnect.