Goldman Sachs announced Monday that it plans to invest $750 billion over the next decade toward fighting climate change.
The bank committed to working with their clients as they navigate sustainability by funding “sustainable growth themes” for climate transition and inclusive growth finance for underprivileged people, according to a press release.
The billions of dollars will go to five areas of sustainable development to assist companies in climate transition, including clean energy, sustainable transport, food and agriculture, waste and materials, and economic systems.
Within the inclusive growth realm, the money will fund efforts to obtain accessible and innovative health care, reach financial inclusion, obtain accessible and affordable education, and improve communities.
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
Goldman Sachs CEO David Solomon unveiled the plan in a Financial Times editorial in which he said he wants the bank to play a role in combating climate change.
“There is not only an urgent need to act, but also a powerful business and investing case to do so,” he wrote. “That gives me hope for what we can achieve and conviction that financial institutions can play a critical role.”
The bank’s release of the plan followed a two-week United Nations conference centered on climate talks that ended Sunday.