4 November 2015 2015 01:36 AM GMT

Goldman Sachs Earmarks US$150 Billion for Renewables Investment

Goldman Sachs will expand its clean energy target to in financings and investments to $150 billion by 2025 as part of its updated Environmental Policy Framework.

First established in November 2005, the new framework codifies the roadmap for continued environmental progress across each of Goldman Sachs’ businesses. The updated framework includes expanded targets and key initiatives that will guide Goldman Sachs’ ongoing contributions to a sustainable future.

“Over the past 10 years, we have built on our commitment to harness market-based solutions to help support a healthy environment and address the problem of climate change,” said Lloyd Blankfein, Goldman Sachs Chairman and Chief Executive Officer. “We will continue to work towards deploying innovative financial mechanisms through an expanded investor base focused on environmental opportunities.”

According to the Environmental Policy Framework, by 2025, Goldman Sachs will target US$150 billion in clean energy financing and investments, expanding the existing $40 billion target set in 2012. By 2015, the firm will be the first US investment bank to be carbon neutral across its operations and business travel. By 2020, it will target US$2 billion in green operational investments and seek to source 100 percent renewable power for its global electricity needs.

Goldman Sachs will target the deployment of clean energy solutions to underserved markets to facilitate more equitable and affordable access through the launch of a Clean Energy Access Initiative. The Goldman Sachs Center for Environmental Markets will invest $10 million in grants through partnerships that will demonstrate the potential of innovative financial mechanisms to unlock capital for environmental solutions.

The framework also includes initiatives to facilitate capital for water, climate risk solutions and other environmental opportunities, and to develop innovative applications for green bonds, as well as our approach to environmental and social risk management. In addition, Goldman Sachs Asset Management will expand its Environmental, Social and Governance (ESG) and impact investing capabilities.

“Environmental issues have become increasingly relevant to our clients and our investors, and have become core to our business,” said Kyung-Ah Park, Head of Goldman Sachs Environmental Markets. “We are leveraging the talents of our people and the breadth of our businesses to facilitate the transition to a low-carbon future and promote sustainable economic growth.”

Since 2006, Goldman Sachs has invested and financed US$65 billion in clean energy around the world, structured over US$14 billion in weather-related catastrophe bonds and invested US$3.3 billion in green operational investments with over 50% of its global office portfolio now green building certified.

July 28th 2019
Corporate Sourcing of Renewables Growing, Taking Place in 75 Countries

Companies in 75 countries actively sourced 465 terawatt hours (TWh) of renewable energy in 2017, an amount close to the overall electricity demand of France, according to the report from the International Renewable Energy Agency (IRENA). With the continued decline in the costs of renewables, the report suggests, corporate demand will continue to increase as companies seek to reduce electricity bills, hedge against future price spikes and address sustainability concerns.

July 27th 2019
Arsenal Unveil Battery Storage System: First Of Its Kind At A UK Football Club

Arsenal Football Club has unveiled a battery storage system (BSS) to store enough energy to run the 60,000 seater Emirates Stadium from kick-off to full time. It follows a unique collaboration with Pivot Power to install a 2MW/2.5MWh lithium ion BSS, with funds managed by Downing LLP. The project, the first of its kind in the UK, will also save club money as it works to support low-carbon plans. The BSS allows Arsenal to avoid peak power prices, buying electricity when it is cheap and storing it for use when prices are high. Typically, energy can cost three times more at peak times than overnight. The installation maintains Arsenal as the leader in sustainability in sport following its commitment to clean energy with Octopus Energy in 2016.

July 29th 2019
Battery Boom: Wind And Solar Can Generate Half Of Worldwide Electricity By 2050

Coal is to shrink to just 11% of global electricity generation by mid-century, from 38% now, as costs shift heavily in favour of wind, solar and batteries. Wind and solar are set to surge to almost “50 by 50” – 50% of world generation by 2050 due to reductions in cost. “Cheap battery storage means that it becomes increasingly possible to finesse the delivery of electricity from wind and solar so that these technologies can help meet demand even when the wind isn’t blowing and the sun isn’t shining. The result will be renewables eating up more and more of the existing market for coal, gas and nuclear.”

January 26th 2017
Largest Offshore Wind Farm In US Gets Go Ahead: New York Makes Bold Commitment

The vote comes two weeks after Governor Cuomo announced an unprecedented commitment to developing up to 2.4GW of offshore wind by 2030 in his regional State of the State address on Long Island. This target, which is enough power generation for 1.25 million homes, is the largest commitment to offshore wind energy in U.S. history, bringing this valuable resource to New Yorkers on a scale unmatched in the United States. The 90 Megawatt Offshore Wind Farm, 30 Miles Off the Coast of Long Island Will Create Jobs and Power 50,000 Long Island Homes with clean, resilient and affordable Energy.

November 16th 2018
India: Improved Monsoon Winds Help Power Producers in 2018 

After a prolonged period of decline, wind speeds in India during the 2018 monsoon season were significantly higher than normal; and up to 20% higher than long-term averages in some regions. These higher wind speeds benefit wind farm production; welcome news for wind energy operators and investors, who have faced several years of lower-than-normal wind energy production during the monsoon period. These increased wind speeds can thus counter recent patterns of decline contributing to an increase in investor confidence with a data-driven approach.

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