Goldman Sachs Nearly Quadruples Clean Energy Investment Target To $150 Billion
Global investment banking giant Goldman Sachs has announced it will nearly quadruple its clean energy target to $150 billion by 2025.
In 2012, Goldman Sachs targeted a clean energy target to invest $40 billion by 2025, and over that time the company has made giant strides to fulfill the letter and intent of its target, investing and financing $65 billion since 2006 in clean energy around the world, structuring over $14 billion in weather-related catastrophe bonds, and investing $3.3 billion in green operational investments.
This week, the investment behemoth announced that it would expand that target to $150 billion, and include clean energy financing and investments.
“Over the past 10 years, we have built on our commitment to harness market-based solutions to help support a healthy environment and address the problem of climate change,” said Lloyd Blankfein, Goldman Sachs Chairman and Chief Executive Officer. “We will continue to work towards deploying innovative financial mechanisms through an expanded investor base focused on environmental opportunities.”
Goldman Sachs’ newly updated Environmental Policy Framework includes several key initiatives as well, including a target to become the first US investment bank to be carbon neutral across its operations and business travel by the end of this year. That will expand to a firm target of $2 billion in green operational investments by 2020, and targeting 100% renewable power for all its global electricity needs.
The investment firm is also intending to target the deployment of clean energy solutions to underserved markets through the launch of a Clean Energy Access Initiative. On top of that, the Goldman Sachs Center for Environmental Markets will also invest $10 million in grants through partnerships intended to demonstrate the potential of “innovative financial mechanisms to unlock capital for environmental solutions.”
“Environmental issues have become increasingly relevant to our clients and our investors, and have become core to our business,” said Kyung-Ah Park, Head of Goldman Sachs Environmental Markets. “We are leveraging the talents of our people and the breadth of our businesses to facilitate the transition to a low-carbon future and promote sustainable economic growth.”
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