Goldman Sachs Group Inc. Chairman and CEO David Solomon said the company has expanded its operational carbon commitment to include its supply chain, targeting net-zero carbon emissions by 2030.

In 2020, the company developed a framework to prioritize climate transition and inclusive growth, targeting $750 billion in financing, investing and advisory activity to nine areas focused on these priorities.

In the past year, Goldman Sachs exceeded a fifth of its goal by reaching $156 billion of its total, including $93 billion dedicated to climate transition. The bank said it will set interim business-related climate targets by the end of 2021.

After it announced its 10-year target, Goldman Sachs established Sustainable Finance Group, a team that will coordinate sustainability efforts across the company. It then launched sustainability councils within all of its businesses and in February, issued its first-ever sustainability bond.

The company developed new financing tools, incorporated a low-carbon tilt into its active quantitative equity funds and is preparing to include carbon accounting of client portfolios to its investing application, Marquee.

Goldman Sachs also joined the United Nations' Principles for Responsible Banking to ensure its strategy is in accordance with the goals of the Paris Agreement, which aims to achieve net-zero emissions by 2050. As part of this commitment, Goldman Sachs will conduct an impact analysis of its activities and enhance emissions disclosures. It will also use this forum to collaborate with industry peers and also set interim business-related climate targets by the end of 2021.

Other efforts of the firm include building one of the largest commercial and industrial solar businesses through its Renewable Power Group and investing in India's renewable energy independent power producer ReNew Power.

Citigroup Inc. also recently announced its commitment to net-zero greenhouse gas emissions by 2050, while Bank of America Corp. in early February outlined initial steps for the same target before 2050.

Morgan Stanley and JPMorgan Chase & Co. announced their new commitments in September 2020 and October 2020, respectively.