In a great move to counter the effects of climate change, Wall Street firm Goldman Sachs announced a whopping $750 billion towards environmental causes by 2030. The funds will be used on nine areas of sustainable development in climate transition and inclusive growth finance.
Climate transition would include five areas – Clean energy, sustainable transport, sustainable food and agriculture, waste and materials, and ecosystem services – whereas inclusive growth will include four areas – accessible and innovative healthcare, financial inclusion, accessible and affordable education, and communities.
Goldman Sachs is one of the world’s leading investment and financial services organization.
Today, sustainable finance is no longer on the sidelines, but increasingly core to a company’s business. That’s why we are targeting $750 billion in sustainable finance by 2030. Learn more: https://t.co/XlpfbBIz8l #GSsustainability pic.twitter.com/mofnazNxdN
— Goldman Sachs (@GoldmanSachs) December 16, 2019
The amount will be utilized towards financing, advisory services, and investments for projects to combat climate change. It will also be deployed to in advising and investing in organizations to reduce their carbon footprint and become more environmentally sustainable.
The bank, headquartered in New York City, also made significant changes to its internal environmental policy, as part of which finance would not be provided to any new initiatives that will explore or drill for oil in the Arctic, or those that support new thermal coal mines or coal plants.
These announcements came in the wake of a disappointing end to the climate talks in Madrid, in which delegates from over 200 nations across the world diluted the issues that they had agreed upon in the previous years and failed to buttress efforts to tackle climate change.0