Goldman Sachs Group Inc outlined plans on Monday to put money and advice towards projects that fight climate change or help financially disadvantaged people, with executives arguing it is not only the right thing to do but can also generate income.
The Wall Street bank set a lofty-sounding target of $750bn. The figure is a mix of loans, underwriting, advisory services and investments related to projects Goldman expects to be involved with by 2030.
It reflects the total size of loans, deals and other arrangements Goldman expects to perform as a bank or intermediary with companies and projects focused on renewable energy, sustainable transportation, affordable education and several other areas, the bank said.
Goldman also implemented a formal ban on financing certain drilling and coal-related activities.
The moves come as pressure from activists and some investors has ratcheted up globally on banks’ activities financing fossil fuels or other sectors that have come into the political crosshairs, such as gun makers.
Banks have also faced more scrutiny over their role in increasing economic inequality by catering to wealthy customers while shunning people who need access to financial services to better their lives.
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