BANKS DODGY DEALS CAMPAIGNS
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2023-03-17 00:00:00
Briefing: The role of financial institutions in decarbonising the steel sector
2023-03-09 00:00:00
Dutch bank ING supports controversial pipeline to import gas from authoritarian Azerbaijan
2023-02-23 00:00:00
Financial institutions need to address steelmaking’s coal addiction
2023-02-07 00:00:00
What COP15 means for banks: meeting the Global Biodiversity Framework requires protecting Indigenous rights and divesting from harmful industries
2023-03-28 13:43:00
French bank Société Générale withdraws from Rio Grande LNG
2023-03-20 08:50:41
Who dares to finance Eni and Exxon’s dangerous Rovuma gas plans in Mozambique?
2023-03-14 14:59:00
New ING policy could spark bank shift away from financing oil and gas infrastructure
2023-02-24 13:46:14
Pego power station conversion plans halted
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate
Banks and Human Rights
Banks and Nature
Banks and Pandemics
Our projects
Tracking the NZBA
Banks and Putin's war in Ukraine
Tracking the Equator Principles
Tracking the PRBs
Banks and steel
Find a Better Bank
Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances History BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Donate Mailing list Facebook Twitter Login
Home › BankTrack news ›
BankTrack News

Goldman Sachs latest major bank to issue ‘Net Zero by 2050’ climate goal without key details to get there

This means that Wells Fargo is now the only major U.S. bank that has not made a similar commitment
2021-03-04
By: BankTrack, Rainforest Action Network & Sierra Club
Contact:

RAN: Laurel Sutherlin

Sierra Club: Liz Doherty

BankTrack: Maaike Beenes

Goldman Sachs' head office in New York. Photo: Z4dude via Wikimedia Commons (CC BY SA 3.0)
2021-03-04
By: BankTrack, Rainforest Action Network & Sierra Club
Contact:

RAN: Laurel Sutherlin

Sierra Club: Liz Doherty

BankTrack: Maaike Beenes

On 4 March, Goldman Sachs announced a new commitment to align its financing activities with a pathway to net-zero greenhouse gas emissions by 2050 and committed to set interim climate targets by the end of this year. Goldman Sachs also indicated it would begin measuring and disclosing its financed emissions, though the announcement lacked further details on the bank’s methodology for doing so and its near-term steps for cutting emissions.

Today’s announcement makes Goldman Sachs the fourth major U.S. bank — following Morgan Stanley, Bank of America, and Citi — to make an explicit commitment to achieve net zero financed emissions by 2050. JPMorgan Chase also previously pledged to align its financing with the goals of the Paris Agreement. Notably, this means that Wells Fargo is now the only major U.S. bank that has not made a similar commitment.

Last year, a coalition of more than 60 climate and human rights organisations around the world issued a set of Principles for Paris-Aligned Financial Institutions that details what true climate leadership from banks and other financial institutions would look like to meet the Paris Agreement’s goal of limiting global warming to 1.5°C.

In response, Sierra Club financial advocacy campaign manager Ben Cushing released the following statement:

“Commitments to achieve net zero financed emissions by 2050 have become the new minimum standard for climate action on Wall Street. While it’s good to see Goldman Sachs headed in the right direction, the firm must recognize that mitigating its role in the climate crisis and aligning with the goals of the Paris Agreement demands stronger immediate action. Goldman Sachs and other banks should take steps now to meet these goals by not financing further fossil fuel expansion and setting a timeline for phasing out fossil fuel financing overall.”

Jason Opeña Disterhoft, Senior Climate and Energy Campaigner with Rainforest Action Network, said:

“Goldman Sachs becomes the latest major U.S. bank to admit to its responsibility to zero out emissions by midcentury and reinforce a long-term sell-by date for the fossil fuel industry. Goldman’s interim targets must match the UN IPCC’s finding that global emissions must be halved by 2030 to keep warming under 1.5°C. These targets must also include commitments to stop supporting expansion of fossil fuels.

“With skepticism about the ‘net’ in ‘net zero’ growing, Goldman’s participation in the Taskforce on Scaling Voluntary Carbon Markets means that it will face particular scrutiny to disavow offset schemes like huge tree plantations on Indigenous lands that violate rights and simply serve as excuses to continue fossil fuel business as usual.

“Wells Fargo is now in the spotlight as the major U.S. bank with by far the worst fossil fuel policies, as well as lacking any overall long-term commitment.” 

Maaike Beenes, climate campaigner at BankTrack, said: "Goldman Sachs' announcement is a first small step for the bank. Having poured US$ 83,754 million into fossil fuel companies between 2016 and 2019, it is crucial that the actual implementation of their commitment is taken seriously and that they will start phasing out financing for fossil fuels immediately."

Banks

Goldman Sachs

United States
Active
Sections
Banks Policies Dodgy Deals Campaigns
Our campaigns
Banks and Climate Banks and Human Rights Banks and Nature Banks and Pandemics
Our projects
Tracking the NZBA Banks and Putin's war in Ukraine Tracking the Equator Principles Tracking the PRBs Banks and steel Find a Better Bank Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances History BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Vismarkt 15
6511 VJ Nijmegen
The Netherlands
Tel: +31 24 324 9220
Contact@banktrack.org
Donate Mailing list Facebook Twitter
©2022 BankTrack
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted