[Asia Economy Reporter Yujin Cho] The American investment bank Morgan Stanley is expanding its investments in companies actively transitioning to low carbon.
On the 13th (local time), Morgan Stanley announced that it will invest approximately $750 billion (about 843 trillion KRW) in low-carbon solutions by 2030. As part of this effort, it plans to increase the issuance of green bonds supporting clean technology and renewable energy, and to expand investment activities in related companies.
This move follows the recent wave of low-carbon transitions on Wall Street. Last week, Bank of America pledged to become a leading financial institution in green finance and announced plans to invest a total of $1 trillion in supporting a sustainable economy by 2030.
Wells Fargo, a major U.S. bank, also plans to invest $500 billion in renewable energy projects such as wind and solar power by 2030.
Jonathan Weiss, CEO of Wells Fargo Corporate Investment, said in a recent interview with CNN Business, “The transition to a low-carbon economy is an imminent reality,” adding, “We are preparing financing methods for companies seeking to transition to renewable energy and promote low-carbon policies.”
Citigroup also announced plans to achieve carbon neutrality by 2050, similar to Wells Fargo. Morgan Stanley has also announced plans to reduce carbon emissions to zero by 2050 but did not specify concrete achievement targets.
Foreign media have evaluated that as market interest in so-called 'ESG' investments?focusing on environmental, social responsibility, and governance attributes?increases day by day, the financial investment industry's pace of transition to a low-carbon economy is also accelerating.
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