Energy
0

Major US Banks Say Will Run on 100% Clean Energy

The statements are another sign that the business community holds different views from US President Donald Trump on climate.The statements are another sign that the business community holds different views from US President Donald Trump on climate.

Morgan Stanley and Citigroup Inc. announced they will get all of their energy from renewables in a few years, another show of corporate support for climate action running counter to US President Donald Trump’s view on the issue.

The New York-based banks are aiming for their operations to be carbon-neutral, Morgan Stanley by 2022 and Citi by the end of the decade, according to separate statements from the companies. Both plan to buy power from clean energy projects, Bloomberg reported.

“Morgan Stanley has been committed for over a decade to reducing our greenhouse gas emissions through strategic energy efficiency in our buildings and adding new renewable energy capacity to the grid from on-site power generation at our own properties,” said Vice Chairman Tom Nides. The statements are another sign that business has different views from Trump on climate after the president vowed to pull the US out of the 2015 Paris Agreement involving almost 200 nations in a pledge to cut pollution. That promise requires cutting fossil-fuel emissions and boosting the use of clean forms of energy such as wind and solar power.

“We’re committed to using renewable power sources for our global operations while continuing to provide financing for our clients’ renewable energy and energy efficiency projects around the world,” said Citi CEO Michael Corbat.

Both banks also are joining RE100, an initiative that brings together over 100 large companies that are working towards only running on clean energy. Other members include HSBC Holdings Plc, Bank of America Corp and Swiss Re AG.

.

 

Add new comment

Read our comment policy before posting your viewpoints

Financialtribune.com