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Loading...Goldman Sachs Announces $40B In Clean Energy Investments
If there are any lingering doubts that solar, wind, hydro, and biofuels, represent the future of the energy industry, this should dispel them: the infamous Goldman Sachs plans to invest $40 billion in these and other clean energy sources over the next 10 years.
Given the bank’s scandalous history of risky lending, fraud, and government manipulation, it’s hard to believe that the decision comes from a sudden sense of altruism toward the planet or guilt over the oil and gas industry’s exploitative practices. Instead, it’s a move driven purely by the quest for profit, or what Goldman Sachs calls an “emerging opportunity we think will be quite large.”
This should serve as a wake up call to those in both government and private industry who claim that alternative energy will never be as practical and affordable as fossil fuels. Goldman executives are confident that demand for alternative energy sources will grow with global energy demand, and as big manufacturing countries, including China and Brazil, set more aggressive targets for reducing emissions. According to Reuters, the bank plans to finance deals with clients’ money and, to a lesser extent, its own funds.
Still, at an average of $4 billion a year over 10 years, the bank’s newest round of clean energy investments will be about $800 million less than it helped finance in 2011. Some have claimed that Goldman Sach’s latest announcement is nothing more than a publicity stunt meant to draw attention away from the negative press experienced recently. Most notably, a former employee wrote a scathing opinion piece in the New York Times in March accusing Goldman of ripping off its clients on a regular basis.
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Read more: banks, clean energy, fraud, goldman sachs, investment, renewable energy
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Thanks for the post.
Yep......On my dime once again....Just wondering when I'll see my profit check go direct deposit?
Yea right.
in average that would be $4 billion per year. I really want to see their project pipelines, if any.
I certainly hope that Goldman Sachs is right about the future profitability of sustainable energy. On the other hand, with their history of backing long shots, I would wait for the chickens to hatch before counting them.
thanks
Glad to read this!!
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Of course there is money to be made in clean energy...it's a no brainer...even the folks at GS get it.
this could be a good thing, if everybody could afford what they produce, unlike the car industry which most people can't afford to buy their cars because we don't make enough to buy them and if the government holds them in control to protect the consumers from their greed
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