Goldman Hits 80% of Sustainable Finance Target Even as DEI Cut
Goldman Sachs Group Inc. said it’s more than 80% of the way to meeting its 2030 goal of putting $750 billion toward supporting the transition to a low-carbon economy, and to advancing what it calls “inclusive growth.”
The Wall Street bank announced its progress in its annual 10K filing on Thursday. In the same document, Goldman removed diversity targets it had previously stated, a move that’s in line with steps taken by several of its US peers. The bank said it can advance sustainability by partnering with its clients, developing new sustainability-linked financing solutions, offering strategic advice or co-investing in energy companies.
The update comes as Wall Street banks struggle to adapt to the Trump administration’s attacks on diversity, equity and inclusion (DEI) policies and on net zero commitments. Goldman was the first Wall Street bank to quit the Net-Zero Banking Alliance back in December, but said at the time it would still help clients transition to a low-carbon economy.
The bank’s $750 billion sustainable finance target, which was set at the end of 2019 and runs through the end of the decade, covers financing, investing and advisory activity. That means fees from mergers and acquisitions as well as advisory for initial public offerings are included, along with loans and bonds. The funds will be allocated to companies in areas such as clean energy, low-carbon transport and sustainable food and agriculture, it said.
Even as climate finance is deeply challenged in the US under the Trump administration, the energy transition continues to attract record sums. According to BloombergNEF, global investment in the energy transition surpassed $2 trillion for the first time in 2024.
Source: bloomberg.com
