Morgan Stanley Achieves 70% of US$1T ESG Goal
Morgan Stanley has made remarkable progress in advancing its commitment to finance sustainable and low-carbon investments, nearing the two-thirds mark of its ambitious target to reach US$1 trillion by the end of this decade.
According to the bank's recent Environmental, Social, and Governance (ESG) report, it has already allocated a substantial sum of US$700 billion in financing, with more than US$550 billion dedicated to green initiatives.
This considerable amount has been directed towards various areas, including clean energy, carbon removal, and social housing, and has involved multiple divisions within the bank, such as securitised products, commodities, and wealth management.
Major banks like Morgan Stanley, Goldman Sachs Group Inc., and Citigroup Inc. have recognised the importance of directing significant financial resources into clean energy and sustainable projects as part of their efforts to combat climate change and reduce emissions.
While the pledged amounts are substantial and commendable, critics argue that they may not be sufficient to fully transition the global economy away from fossil fuels and adequately address all sustainability objectives.
However, the financial sector's increased focus on sustainable finance signals a growing awareness and commitment to playing a pivotal role in fostering a greener and more sustainable future.
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