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Goldman Sachs Says It Plans to Reduce Financed Emissions

  • Lenders are being pressed to change their business model
  • Shareholder group files climate resolution with six lenders
A Marathon Petroleum Refinery Ahead Of Earnings Figures
Photographer: Luke Sharrett/Bloomberg
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Goldman Sachs Group Inc. plans to reduce the carbon footprint of its fossil-fuel clients by a fifth, and slash emissions in other key customer groups as it acts on a pledge to make its business climate neutral by mid-century.

By 2030, the Wall Street firm intends to have lowered the financed emissions of oil and gas companies by up to 22%, compared with a 2019 baseline, it said Thursday. For auto-manufacturing clients, the goal is as much as a 54% reduction, and for power-sector customers it’s up to 65%.