Greed is green

16 December 2019 By Antony Currie Follow @AntonyMCurrie

The Wall Street firm is targeting $750 bln of sustainable finance over the next decade, even as politicians dither. It’s a fluffy goal. Yet it shows the hard-nosed Goldman sees money to be made from sustainable investment. Its long-term-greedy mantra fits climate change neatly.

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Goldman Sachs on Dec. 15 said it is targeting $750 billion of “financing, investing and advisory activity” in nine areas of climate transition and inclusive growth by 2030.

These include clean energy; sustainable transport; food and agriculture; waste and materials; ecosystem services; accessible and innovative healthcare; financial inclusion; accessible and affordable education; and communities.

The United Nations COP25 climate summit ended on Dec. 15, with the almost 200 countries in attendance only agreeing on the “urgent need” to close the gap between existing emissions pledges and goals of the 2015 Paris climate accord.

On Nov. 26, nonprofit shareholder-advocacy group As You Sow filed a resolution calling on Goldman Sachs to issue a report detailing “whether, how, and when it will begin measuring and disclosing the greenhouse gas footprint of is lending activities.” As You Sow also filed resolutions with Bank of America, JPMorgan, Morgan Stanley and Wells Fargo.

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