Goldman Sachs Curbs New Lending on Coal and Arctic Oil
- Pledges to avoid financing for coal mines, Arctic exploration
- Targets $750 billion for sustainable finance growth areas
Photographer: Patrick Pleul/AFP via Getty Images
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Goldman Sachs Group Inc. has tightened its policy on fossil fuel financing in a move welcomed by environmental groups, just as global talks on climate change faltered in Madrid over the weekend.
The Wall Street firm’s recently updated environmental policy framework includes pledges to decline financing that directly supports new thermal coal mines and upstream Arctic oil exploration and development. The company is targeting $750 billion for “climate transition and inclusive growth finance” over the next decade, according to its website.