KEY POINTS
  • Goldman Sachs said it's planning to spend $750 billion on sustainable finance-related projects over the next decade.
  • The firm also said that it will restrict financing to all new oil production and exploration projects in the Arctic, and that it would impose stricter lending requirements for coal companies.
  • "There is not only an urgent need to act, but also a powerful business and investing case to do so," Goldman Sachs CEO David Solomon wrote in an opinion piece published Sunday in the Financial Times.

Goldman Sachs is overhauling its environmental policies, which includes pledging to spend $750 billion on sustainable finance projects over the next decade, as well as implementing stricter lending policies for fossil fuel companies, the company said over the weekend.

The $750 billion will focus on financing, investing and advisory activity related to nine key themes within climate transition and inclusive growth finance, which includes things like sustainable transport, accessible and affordable education and food production.