Morgan Stanley has reached 70% of its $1 trillion ESG funding target
Morgan Stanley said it is more than two-thirds of the way to its goal of financing $1 trillion in low-carbon and sustainable investments by the end of the decade.
In an ESG report released this week, the Wall Street Business stated that it had dedicated $700 billion in finance, with more than $550 billion earmarked for green initiatives. The bank stated that various groups, including its securitized products, commodities, and wealth management departments, participated in the programme. The money was allocated to projects such as clean energy, carbon removal, and social housing.
Many of the largest banks regard pledges to invest large quantities of money in clean energy and sustainable operations as a natural complement to their efforts to reduce emissions. While the quantities are significant, critics argue that they are insufficient to wean the globe off of fossil fuels and achieve other ecological goals.
Goldman Sachs Group Inc. announced earlier this year that it was more than halfway to fulfilling its objective of investing $750 billion in sustainable finance by 2030. Meanwhile, Citigroup Inc. announced that it has nearly $350 billion towards its target of putting $1 trillion into sustainable finance by the end of the decade.