Goldman Sachs to Spend $750 Billion on Climate Transition Projects and Curb Fossil Fuel Lending
Tuesday, December 17, 2019
By Pippa Stevens
Goldman Sachs is overhauling its environmental policies, which includes pledging to spend $750 billion on sustainable finance projects over the next decade, as well as implementing stricter lending policies for fossil fuel companies, the company said over the weekend.
The $750 billion will focus on financing, investing and advisory activity related to nine key themes within climate transition and inclusive growth finance, which includes things like sustainable transport, accessible and affordable education and food production.
“There is not only an urgent need to act, but also a powerful business and investing case to do so,” Goldman Sachs CEO David Solomon wrote in an opinion piece published Sunday in the Financial Times. “Focusing on these specific goals gives us a set of metrics — such as the amount of carbon reduction and the number of people served — that we can track over time both for the companies and for ourselves,” he added.
Photo courtesy of Min An.