Goldman Sachs Says It Will Work With Customers To Reduce Carbon Emissions By 2030

Goldman Sachs Group Inc said it would work with its clients in three areas to substantially reduce carbon emissions by 2030, revealing new details about its approach to counteracting the climate change in a report released Thursday.

The bank said it would initially focus on oil and gas, energy and car manufacturing, with the goal of reducing emissions in those sectors by 2030.

Building on 2019 benchmark levels, it said it would help oil and gas clients to reduce emissions between 17% and 22%, those of energy between 48% and 65% and those of vehicles between 49% and 54%.

Goldman said it would consider using carbon credits when it can verify that they are of high quality to achieve those goals.

Other banks, like JPMorgan Chase & Co Y Morgan Stanley they have set similar goals.

The targets are a sign of how banks are increasing pressure on customers to cut emissions, as the sector is under increasing pressure to cut funding for environmentally damaging industries like coal. .

“As a financial institution, we believe that the most significant role we can play in the transition global climate is to drive decarbonization in the real economy in collaboration with our customers, “said the president David Solomon in the report.

Leave a Comment