Goldman Sachs to spend $750 billion on climate transition projects and curb fossil fuel lending

Goldman Sachs, a major American multinational investment bank and financial services company, 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 $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.

CEO David Solomon said, “Companies no longer have the luxury of treating climate-related initiatives as a “peripheral issue,” and that financial institutions must support those driving change.”

Goldman said that going forward, it will not finance any project that “directly supports new upstream Arctic oil exploration or development,” or any new coal-fired power generation project unless it also includes carbon capture or other emission cutting technologies.

The bank said that it will work with mining companies to help them diversify and cut emissions, and that a company’s progress on these fronts will be a “key consideration” when evaluating future financing.

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