NEW YORK : Goldman Sachs Group Inc (GS.N) said on Monday it will provide $750 billion (£584.57 billion) in financing, advisory services and investments for green projects and companies, as well as those that foster economic opportunities for under-served people over the next decade.
The bank sees “a powerful business and investing case” for working with companies that are taking steps to address climate change and inclusive growth, Goldman Sachs Chief Executive David Solomon wrote in an editorial in the Financial Times announcing the goal.
Goldman’s moves, which also included ruling out any new loans for Arctic drilling or thermal coal mines, came just as the United Nations concludes a conference that failed to ramp up efforts to combat global warming. (reut.rs/2YPhjry)
The $750 billion figure is essentially the dollar amount that Goldman estimates it can generate in providing banking services and investment to companies and projects that are focused on renewable energy, sustainable transportation, affordable education and several other areas.
On a call with reporters, Goldman executives said those banking services would include dealmaking, private equity-type investing and providing loans, but they declined to break down the top line figure because it is dependent on market forces, they said.
One example of work the bank believes it can replicate to meet this goal is a bond offering Goldman handled for Italian electricity company Enel earlier this year. Enel raised $1.5 billion through a bond offering that linked the investments to its commitment to increase its renewable energy base by 25% before 2022.
Source : reuters
