Investment bank Morgan Stanley is promising to set aside US$250 billion in investment capital over the next 12 years for low-carbon financing, including renewable energy and cleantech projects and sustainable bonds.
“It’s the largest financial commitment to funding low-carbon assets by one of Wall Street’s big banks, and adds to the $84 billion Morgan Stanley spent in cleantech and renewable transactions since 2006,” the Houston Chronicle writes.
“This announcement reflects Morgan Stanley’s continued commitment to enabling private sector capital to find attractive opportunities in the growing market for low-carbon solutions,” said Chief Sustainability Officer and Chief Marketing Officer Audrey Choi.
Morgan Stanley is “uniquely positioned to drive the development of low-carbon solutions in partnership with our clients,” added Jeff Holzschuh, the company’s Chair of Institutional Securities. “This target sets the bar for our businesses to drive impact in the growing markets for low-carbon technologies.”
The Chronicle says the announcement pushes the green financing available from U.S. banks above the $1 trillion mark. Wells Fargo and JP Morgan Chase & Co. have each put up $200 billion, while Bank of America, Citigroup, and Goldman Sachs have committed to a combined $375 billion by 2025.