Banks shift billions and billions into clean energy

By Barbara Grady, GreenBiz. 

Follow the money, the advice goes, because the trail indicates where the future is headed.

The largest U.S. finance and banking companies lately are putting big money into renewable energy lending and investments — as highlighted by a Goldman Sachs announcement last week that it aims to triple its allocations to clean energy finance to $150 billion over the next 10 years. 

That’s a lot of money. But the investment bank has company in Citi, which announced earlier this year a clean energy finance target of $100 billion in the next decade, and Bank of America, which plans to invest $125 billion over a decade "in low carbon business" — not to mention overseas banks that surveys find are even more active in this sector.