David Solomon, chief executive of Goldman Sachs, recently wrote an editorial in the Financial Times in which he laid out the premise behind a $750 billon plan for a decade of investing, financing, and advisory activity that will exclusively cover nine climate-critical areas such as renewable energy, sustainable agriculture, and carbon reductions.
With this move, Goldman Sachs becomes the first major U.S. bank to prohibit financing for Arctic oil drilling and the first to establish explicit limits on financing for the oil and gas sector.
Solomon and Goldman Sachs believe that transportation, the largest carbon-emitting sector of the world economy, must absolutely be a priority, while also mentioning affordable education and retraining investments, and investments in sustainable agriculture—the details of which he didn’t mention in his short piece.
Important in their investing blueprint is a focus on climate goals that have definable and measurable metrics. This will allow Goldman Sachs partners to accurately track environmental progress of such pathways as well as the financial growth potential and measurable returns, which Solomon insists must be a primary focus.
“…capital must be deployed to those opportunities that have the greatest potential for success, and we must generate strong returns on invested capital to serve those saving for retirement,” writes Solomon in the FT. This is because retirement is a vitally important source of investment capital, and is one of the most reliable metrics for economic strength.
An excerpt from
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