Goldman Sachs shareholders call for bank to release net zero transition plan

The resolution is reportedly supported by 30% of shareholders.

A resolution filed by shareholders of Goldman Sachs is calling for the banks to provide an actionable climate transition plan on how it plans to achieve its 2030 net zero greenhouse gas emission reduction goals.

The resolution is reportedly supported by 30% of shareholders, said As You Sow, which represents the shareholders.

“Although Goldman has committed to aligning key sectors of its financing portfolio with net-zero targets, its plan for achieving those goals is unclear,” said Danielle Fugere, president of As You Sow. 

Fugere said that Goldman Sachs must “put a plan in place that drives decision-making from the top down, starting with governance, and ending with banker decision-making on new financing.”

Fugere added that reliance on clients or outside events is insufficient.

ALSO READ: Banks lagging behind net zero energy goals

“By operationalizing and translating net zero commitments into clearly disclosed and actionable strategies, Goldman Sachs can assure investors and the public that it has a path forward to meet its 2030 goals,” the statement said.

Goldman Sachs has set 2030 reduction targets for its highest emitting portfolio sectors, including oil and gas, power, and auto-manufacturing. 

The bank is also a  member of the Net-Zero Banking Alliance, whose signatories have committed to aligning its lending and investment portfolios with the Paris Agreement’s net zero by 2050 goal.

Putting forth a transition plan will demonstrate to investors that these commitments are being made in good faith, As You Sow said.

“We look forward to continued progress from banking institutions such as Goldman Sachs whose actions are inextricably tied to global net-zero targets and future climate action,” said Andrew Behar, CEO of As You Sow.