Ethical Performance
inside intelligence for responsible business


Goldman Sachs joins fray

February 2006

US-based investment bank Goldman Sachs has moved to improve its social and environmental performance by agreeing to report publicly on the greenhouse gas emissions of power plants that it finances.

The bank has said it will also lobby publicly for a US national policy to limit the emissions, and that it will ‘take the lead in identifying investment opportunities in renewable energy’ at plants in which it has an interest.

The bank, which has large financial stakes in US fossil fuel-fired power plants, is the country’s latest financial services company – after Bank of America, Citigroup and JPMorgan Chase – to adopt social and environmental policies in the face of strong campaigning by the Rainforest Action Network pressure group, which has targeted the sector over the past year. San Francisco-based Wells Fargo, the fourth largest US bank, is the next big name on the activist group’s hit list, but has so far resisted taking significant action.

Citigroup last month said it would make the biggest cut in greenhouse gas emissions of any US bank – ten per cent by 2011.

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