Goldman Criticized for `Half-Measures' on Cutting Coal Support
- Bank promises to be `selective' in backing mines, power plants
- Citigroup, Bank of America pledged to cut exposure outright
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Goldman Sachs Group Inc. pledged to be “selective" in financing coal-industry projects as part of its response to climate change, a stance that underwhelmed environmentalists who want Wall Street to stop backing the most polluting fossil fuel.
In a policy statement published Monday, the New York-based investment bank said it would weigh environmental impacts before financing coal-fired power plants or mining ventures around the world. Still, Goldman said the fuel remains a key source of affordable power for developing countries.