• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
  FEATURED
Biden Approves $8B Oil Extraction Plan in Ecologically Sensitive Alaska March 14, 2023
U.S. Solar Developers Scramble after Silicon Valley Bank Collapse March 14, 2023
$30.9B Price Tag Makes Trans Mountain Pipeline a ‘Catastrophic Boondoggle’ March 14, 2023
UN Buys Tanker, But Funding Gap Could Scuttle Plan to Salvage Oil from ‘Floating Time Bomb’ March 9, 2023
Biden Cuts Fossil Subsidies, But Oil and Gas Still Lines Up for Billions March 9, 2023
Next
Prev

Goldman Sachs Bans New Investment in Coal Mines, Arctic Oil and Gas

December 18, 2019
Reading time: 2 minutes

Greg Goebel/Wikimedia Commons

Greg Goebel/Wikimedia Commons

32
SHARES
 

Influential U.S. banking giant Goldman Sachs announced this week that it is tightening up its fossil fuel investment policies, promising to “decline financing that directly supports new thermal coal mines and upstream Arctic oil exploration and development,” Bloomberg reports.

As well, “over the next 10 years, Goldman Sachs will target US$750 billion of financing, investing, and advisory activity to nine areas that focus on climate transition and inclusive growth,” wrote CEO David Solomon. Bloomberg says those categories include clean energy and transport, sustainable food and agriculture, and education.

  • The climate news you need. Subscribe now to our engaging new weekly digest.
  • You’ll receive exclusive, never-before-seen-content, distilled and delivered to your inbox every weekend.
  • The Weekender: Succinct, solutions-focused, and designed with the discerning reader in mind.
Subscribe

“Goldman’s new policy also included pledges to decline financing projects of new coal-fired power plants in developing nations—a commitment that previously only applied to the U.S. and developed countries—unless they have carbon capture and storage or equivalent emissions reduction technology,” the news agency adds. Goldman will “engage with thermal coal mining companies on their plans to diversify away from the fossil fuel, and phase out financing for any that don’t have such strategies ‘within a reasonable time frame’.”

The announcement makes Goldman “now the strongest among the big six U.S. banks,” but still places it behind European lenders like Credit Agricole SA and BNP Paribas SA, the Rainforest Action Network and the U.S. Sierra Club said in a joint statement. The ban on financing new Arctic oil projects marks “a crucial first step, among U.S. banks, on ending financing expansion of oil and gas.”

“The Trump administration may not care about ignoring the will of the American people or trampling Indigenous rights, but a growing number of major financial institutions are making it clear that they do,” added Sierra Club spokesperson Ben Cushing. “Goldman Sachs is right to recognize that destroying the Arctic [National Wildlife] Refuge would be bad business. We hope other American banks will follow their lead.”



in Arctic & Antarctica, Climate Action / "Blockadia", Coal, Community Climate Finance, Ending Emissions, Oil & Gas

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

U.S. Bureau of Land Management/flickr
Oil & Gas

Biden Approves $8B Oil Extraction Plan in Ecologically Sensitive Alaska

March 14, 2023
64
David Dodge, Green Energy Futures/flickr
Community Climate Finance

U.S. Solar Developers Scramble after Silicon Valley Bank Collapse

March 14, 2023
97
EcoAnalytics
Media, Messaging, & Public Opinion

Canadians Want Strong Emissions Cap Regulations, Not More Missed Targets

March 14, 2023
71

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

Behrat/Wikimedia Commons

Hawaii Firm Turns Home Water Heaters into Grid Batteries

March 14, 2023
295
U.S. National Transportation Safety Board/flickr

$30.9B Price Tag Makes Trans Mountain Pipeline a ‘Catastrophic Boondoggle’

March 14, 2023
138
David Dodge, Green Energy Futures/flickr

U.S. Solar Developers Scramble after Silicon Valley Bank Collapse

March 14, 2023
97
EcoAnalytics

Canadians Want Strong Emissions Cap Regulations, Not More Missed Targets

March 14, 2023
71
Rebecca Bollwitt/flickr

Fossils Stay ‘Oily’, Gibsons Sues Big Oil, U.S. Clean Energy Booms, EU Pushes Fossil Phaseout, and Fukushima Disaster was ‘No Accident’

March 14, 2023
70
U.S. Bureau of Land Management/flickr

Biden Approves $8B Oil Extraction Plan in Ecologically Sensitive Alaska

March 14, 2023
64

Recent Posts

Raysonho/wikimedia commons

Purolator Pledges $1B to Electrify Last-Mile Delivery

March 14, 2023
47
United Nations

UN Buys Tanker, But Funding Gap Could Scuttle Plan to Salvage Oil from ‘Floating Time Bomb’

March 10, 2023
89
Gage Skidmore/Wikimedia Commons

Biden Cuts Fossil Subsidies, But Oil and Gas Still Lines Up for Billions

March 10, 2023
171
jasonwoodhead23/flickr

First Nation Scorches Imperial Oil, Alberta Regulator Over Toxic Leak

March 8, 2023
364
MarcusObal/wikimedia commons

No Climate Risk Targets for Banks, New Guides for Green Finance as 2 Federal Agencies Issue New Rules

March 8, 2023
234
FMSC/Flickr

Millions Face Food Insecurity as Horn of Africa Braces for Worst Drought Ever

March 8, 2023
241
Next Post
COP25/Twitter

COP 25 Becomes First to Use ‘F Words’ to Call Out Fossil Fuels

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}