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Goldman Sachs Won’t Stop Financing Fossil Fuel Firms, Solomon Says

  • David Solomon said transition to green fuel should be balanced
  • CEO spoke at U.K. summit focused on sustainable investing
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WATCH: Goldman Sachs CEO David Solomon discusses the firm’s commitment to the U.K., putting a price on carbon, and the bank’s 5-year growth plan in China. (Source: Bloomberg)

Goldman Sachs Group Inc.’s David Solomon said the Wall Street firm wouldn’t abruptly stop working with fossil fuel companies, stressing the need for a balanced transition to green energy that avoids higher energy prices.

While the bank wants to be “in business with people that are investing in their transition,” Solomon said Goldman will continue to do business with fossil fuel companies as part of that process.