Morgan Stanley hits 70% of $1T ESG funding goal

Morgan Stanley hits 70% of $1T ESG funding goal
Firm's funding went toward areas including clean energy, carbon removal and social housing.
AUG 04, 2023
By  Bloomberg

Morgan Stanley said it’s more than two-thirds of the way toward achieving its target to finance $1 trillion of low-carbon and sustainability investments by the end of the decade.

The Wall Street firm said in an ESG report this week that it has allocated $700 billion of financing, with more than $550 billion of that directed to green activities. The bank said numerous groups contributed to the program, including its securitized products, commodities and wealth management divisions. The funds went to areas including clean energy, carbon removal and social housing.

Pledges to funnel huge sums of money into clean energy and sustainable activities are seen by many of the major banks as a natural accompaniment to their commitments to cut emissions. Still, while the amounts are substantial, critics say they aren’t enough to wean the world off fossil fuels and address other sustainability goals.

Earlier this year, Goldman Sachs Group Inc. said it was more than halfway toward meeting its goal of putting $750 billion toward sustainable finance by 2030. Meanwhile, Citigroup Inc. said it’s achieved almost $350 billion of its goal of putting $1 trillion toward sustainable finance by the end of the decade. 

Save money, boost income using these year-round tax strategies

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.