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Goldman Sachs announces US$40 billion clean energy investment plan

Goldman Sachs Group Inc. revealed plans to channel investments worth US$40 billion into renewable energy projects over the next decade. The investment bank said that demand for alternative energy sources will continue to grow as global energy demand increases, and as more aggressive targets for reducing emissions are set by big manufacturing countries like China and Brazil. The bank plans to finance deals using its clients’ money, and to some extent, its own funds. The bank has already actively invested in clean technology companies in 2011, and co-invested more than US$500 million in similar projects. Goldman’s new US$40 billion target will include investments and financing for projects involving alternative energy sources including: solar, wind, hydro, biofuels, biomass conversion, energy efficiency, energy storage, green transportation, efficient materials, as well as LED lighting and transmission. Along with its new target, Goldman Sachs also pledged to reduce its carbon footprint to zero by 2020. (May 23, 2012)