Goldman Sachs Group Inc said on Monday it will provide $750 billion in financing...
FILE PHOTO: The ticker symbol and logo for Goldman Sachs is displayed on a screen on the floor at the New York Stock Exchange in New York, U.S., December 18, 2018. REUTERS/Brendan McDermid
The bank also updated its internal environmental policy framework to rule out providing financing to any new projects that will drill for oil in the Arctic or that create new thermal coal plants or new thermal coal mines. Goldman Sachs Chief Executive David Solomon announced the plans in an editorial in the Financial Times, where he wrote that there is “a powerful business and investing case” for the bank to take steps to address climate change and the growing worldwide opportunity gap.
A Goldman Sachs executive said on a call with reporters that the bank has not financed any projects like those in recent memory. The bank has a rigorous due-diligence process that takes into consideration, among other things, impacts on endangered species and indigenous populations, the executive said.
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