Major U.S. Investment Bank Joins European Peers with Net Zero Commitment

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Morgan Stanley has pledged to net zero emissions in its loan portfolio by 2050, a move that brings America’s banking sector closer to European flagships and further complicates the outlook for fossil fuel issuers looking for a loan .

With $ 20.12 billion in liabilities to energy and utility companies, the investment banking giant represents only a small fraction of the fossil fuel lending that America’s six largest banks make today. – see our graph of the week for the breakdown. However, its commitment represents the banking sector’s latest step in pulling out of the heaviest users of fossil fuels.

“Fossil fuels have no future,” said CB Bhattacharya, professor of sustainability and ethics at the University of Pittsburgh. “Even the banks, which are always slow to adjust to these things, woke up and realized it was now or never.”

Graph of the week

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