Date: Wed, December 18 2019
Author: Elizabeth Dilts Marshall
Goldman Sachs Group Inc drew plans on Monday to input money and advice toward projects that battle climate change or aid the financially disadvantaged and executives are indeed, supporting it. They agree that it is a righteous gesture to do so and that it would even generate income.
The Wall Street bank established a soaring target of $750 billion (585 billion pounds). The figure constitutes of loans, underwriting, advisory services and investments related to projects Goldman expects involvement with by 2030.
The bank reported, it reflects the total size of loans, deals and other arrangements Goldman expects to perform as a bank or intermediary with companies and projects with emphasis on renewable energy, sustainable transportation, affordable education, several other areas and also implemented a formal ban on financing certain drilling and coal activities.
The efforts come as pressure compelled by activists and some investors has ratcheted up globally on banks' activities financing fossil fuels or other sectors that have come into the political crosshairs, like gun makers.
Banks are faced with extensive scrutiny over their role in increasing economic inequality by catering to wealthy customers while shunning patrons requiring access to financial services with aims to improve their lives.
During a call with reporters, Goldman executives refused to reveal specifics about the $750 billion target with regards to the revenue or even the bank’s own exposure. They said it will be dependent on market forces, making it hard to predict.
Goldman catered almost exclusively to the elite until it was obliged to re-evaluate their business chain reaction during the 2007-2009 financial crisis. During past few years, the management decided to launch a retail bank and attempts to spruce up Goldman’s image amongst Main Street consumers was observed. Goldman's efforts, such as 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.
There is "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 on DAY announcing the goal. Also, a recent example cited on Monday's call is a bond offering Goldman handled for Italian electricity company Enel earlier this year. Enel raised $1.5 billion, linking the debt to its commitment to increase its renewable energy base by 25% before 2022.
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