Financial giant to invest $150 billion in clean energy

Financial giant Goldman Sachs has announced that it is planning on investing $150 billion in projects such as solar farms, wind farms and upgrading buildings so they are more energy efficient. The target for Goldman Sachs is to invest this money by 2025, which follows their previous target of investing $40 billion into clean energy by 2012.

This announcement comes as a current US government initiative is about to run out in 2016. The initiative offers businesses a 30% tax credit to install solar panels or a wind turbines, however, this will be replaced by a similar initiative that will only offer 10%. If this 10% credit was to expire it is believed that Goldman Sachs would look at more projects overseas in markets such as China.

Goldman Sachs is also planning on becoming carbon neutral across its operations and will become the first investment bank in the world to do so. They will also source 100% of their electricity needs from renewable sources.

As well as investing in clean energy in the US, the firm has also announced that it will be investing in the developing world in projects such as home solar panels and the creation of a carbon economy. Solar panels in African countries can help villages without power have a better standard of life.