Ernst & Young has conducted a study on the issue of reducing taxes through environmental and sustainability programs--cutting carbon can lead to lower taxes in some instances. The study results were published in an article in Environmental Finance, which asked company represenataives if they were aware of incentives for "green" investment.
Federal, state, and local tax credits, deductions, and grants may be available for energy efficiency and other investmetns. For example, Section 179D of the US Tax Code provides for up to $1.80 per square foot for energy efficiency installations in existing or new buildings. Tax credits are available for some renewable and alternative energy installations at company properties.
Utilitity incentives may also be available.
Don't forget to check on these incentives when engaging in or planning sustainability programs for your company.