Morgan Stanley aims to support $750 billion in low-carbon investments by 2030 By Reuters

(Reuters) -Morgan Stanley said on Tuesday it would seek to encourage an additional $750 billion worth of spending on low-carbon solutions by 2030 under a scheme which two years ago targeted $250 billion in investment.

As part of the commitment, the bank said it would escalate activities such as green-bond financing and financing companies that support clean technology and renewable energy.

The announcement follows that of Bank of America (NYSE:BAC), which expanded its commitment to green finance last week. The second largest U.S. bank said it would mobilise $1 trillion to help its push for a more sustainable economy by 2030, up from the $300 billion announced earlier.

As investor interest surges in environmental, social and governance (ESG) issues, a fleet of companies have taken steps to improve their performance on this front.

Larry Fink, chief executive officer of BlackRock Inc (NYSE:BLK), the world’s largest asset manager, has also called for more disclosure requirements from private companies.

Morgan Stanley (NYSE:MS) said it had deployed around $80 billion under the low-carbon initiative, since it was announced in 2018.

In September, the bank had committed to reaching net-zero financed emissions by 2050.