Goldman Sachs - Smart Energy Decisions

Commercial, Energy Efficiency, GHG Emissions, Finance, Sourcing Renewables  -  April 21, 2020

Goldman Sachs meets 98% of RE goal, cuts energy use 12%

Goldman Sachs announced that they have met 98% of their electricity needs with renewable energy as of the end of 2019, cut energy use by 12% ahead of their 2020 goal of 10% and intend to source 80% of their renewable energy from long-term PPAs and on-site projects by 2025.

The investment bank released their 2019 Sustainability Report on April 21, which also outlines past successes, like achieving carbon neutrality and expanding their green bond market in 2015 and this year committing to $750 billion in sustainable financing by 2030. They previously set a goal of reaching 100% renewable energy by 2020, which they plan on achieving this year.

Goldman Sachs also achieved LEED Gold or equivalent green-building certifications at 63% of buildings by the end of 2019, with a goal of 70% in 2020. They also dedicated $1.7 billion in their budget for investing in green buildings and technologies.

In the report, Goldman Sachs also outlines their 2025 goals. In addition to sourcing 80% of renewable energy from long-term sources, they intend to improve energy efficiency by 20% and certify 100% of new buildings and renovations as “green buildings”.

Goldman Sachs has completed $88 billion in clean energy financings and investments since 2012 and $59 billion in green bonds since 2014. In 2019, they helped underwrite PepsiCo’s first-ever green bond at $1 billion that went toward renewable energy, water replenishment and investments in sustainable product packaging. 

The investment banking institution also detailed a project implemented by the GSAM Renewable Power Group that includes the operation of 1 gigawatt of renewable energy capacity. The group more recently partnered with SunPower to construct New York City’s largest solar project at JFK airport in a project that is expected to reduce the airport’s greenhouse gas emissions by approximately 7,000 tons annually.

Goldman Sachs is a signatory of RE100, EV100 and EP100 in an effort to incorporate clean energy throughout their operations.

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