Energy

🏭 Goldman Sachs will no longer fund new coal projects

Goldman Sachs announces that it will no longer fund new coal projects. They will also not fund any extraction projects in the Arctic.

🏭 Goldman Sachs will no longer fund new coal projects

Goldman Sachs writes:

"We will decline any financings that directly support the development of new coal-fired power generation unless it has carbon capture and storage or equivalent carbon emissions reduction technology ("CCS"). This applies globally in both developed and developing economies."

They will also decline to support new coal mines.

The main argument is that banks are funding the climate crisis every time they loan money to fossil fuel companies.

They have so far funded $37 billion of clean energy with a previous goal of $40 billion until 2022. Now they increase the goal to $150 billion to the year 2025.

It's excellent that Goldman Sachs does this, and that they take a bigger responsibility for the environment. But of course, it's not just that. This also shows that investments in coal are less profitable, and investments in clean energy more profitable.

That is precisely what needs to happen to fix the problem with climate change.

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