“Goldman Sachs’s updated policy shows that U.S. banks can draw red lines on oil and gas.'
Goldman Sachs has announced the strongest fossil-fuel finance restrictions of any major U.S. bank, a move conditionally embraced by advocacy groups such as the Sierra Club.
Advocates, including Sierra Club and the Rainforest Action Network, who are calling for a more-aggressive response to man-made climate change, emphasized that U.S. banks still lag behind global competitors who have slowed the spigot of finance to the Arctic and other fossil fuel concentrations. “We welcome this announcement as an important step in what we hope will be stronger action by Goldman Sachs and other U.S. banks to limit funding of fossil fuel projects and companies,” said Danielle Fugere, president of As You Sow, which advocates for social corporate responsibility, largely on behalf of shareholders.
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