The bank previously invested more than $ 91 billion in fossil fuels
Morgan Stanley, one of the largest US banks, will begin tracking the impact of loans and investments issued on carbon footprints – the aggregation of all greenhouse gas emissions generated directly and indirectly by an individual, organization, event, or product.
Morgan Stanley has joined the Global Partnership for Carbon Accounting (PCAF), which is developing a standardized method for tracking carbon emissions. It is the first major US financial institution to be involved in such an eco-initiative.
PCAF was founded in the Netherlands in 2015 and now has 66 official members around the world, representing more than $ 5.3 trillion in assets.
In addition, the bank became a member of the PCAF Supervisory Board, along with other parent companies including American Native Bank, Dutch banks Triados, BN AMRO and ASN Bank, as well as the Global Alliance for Banking on Values.
Morgan Stanley will now “provide information and expertise” to help PCAF develop and measure the global carbon footprint standard and disclose its own environmental impact.
As reported by foreign media outlets, this is a significant event for PCAF and Morgan Stanley themselves, with over $ 91 billion invested in fossil fuels from 2016 to 2019.
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