Goldman Sachs plans to invest $750 billion in projects to combat climate change

Goldman Sachs Group Inc (GS.N) decided to provide funds for the initiatives to battle climate change. The American multinational investment bank will be investing $750 billion in the financing advisory services, for climate change programs and to contribute to the initiatives that will provide economic opportunities to the under-privileged people over the next decade.

Goldman considers several policy changes

Goldman considered several policy changes after the conclusion of the UN climate change summit in Madrid which failed to take necessary steps into combat global warming. In the recent changes, Goldman also updated the environmental policy, according to which it will support the new initiatives that will drill for oil in the Arctic or the projects which are focused on creating new thermal coal plants. David Solomon, Goldman Sachs Chief Executive announced to the international media that the banks can use this as an opportunity for powerful business and investing cases and help fighting climate change and at the same time address the gap created due to lack of opportunities. 

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Goldman also said that after the commitment of investing $750 billion, it will not give away any amount of revenue and will further impose a ban on investing funds for the drilling and coal activities. One of the executives of Goldman Sachs informed the international media, that the bank has not engaged in any such activities in the past. The bank has a rigorous environmental policy that takes into consideration the impact on endangered species and indigenous populations. According to the bank, the $750 billion investment will be used to advertise the steps taken by the company in the reduction of carbon emissions and progress towards sustainable development. 

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Earlier this year, Goldman collaborated with Enel which is an Italian electricity company in order to gather $1.5 billion with the help of offering bonds that linked the investments to Enel’s objective to grow the renewable energy base by 25 per cent before 2022. 

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