Morgan Stanley, one of the biggest banks in the US, has announced steps towards its commitment to reaching net-zero financed emissions by 2050, setting sector-specific interim targets for reductions.
The New York-based lender said it will focus on reduction targets related to its business activities starting with the most emissions-intensive sectors in its corporate lending portfolio – car manufacturing, energy and power – and will gradually add more over time.
This will drive the consideration of climate impact in its financing decisions and guide its engagement with clients in these industries. The bank has committed to reducing emissions in these sectors by 35 per cent, 29 per cent and 58 per cent, respectively, it said in a detailed methodology.
“The recent report from the Intergovernmental Panel on Climate Change makes clear the urgency of addressing greenhouse gas emissions, and that near-term reductions are necessary if the world is to limit global temperature rise to 1.5°C. Morgan Stanley’s interim net-zero targets set us on that path towards a more sustainable and prosperous future,” Audrey Choi, chief sustainability officer of Morgan Stanley, said in a statement.
“Morgan Stanley is committed to working with our clients to accelerate sustainable efforts by offering leading products, solutions and insights to facilitate their low carbon transition plans.”
The establishment of the Paris Agreement on climate change in 2015 made banks realise the importance of building on their commitments to more sustainable operations. Morgan Stanley became the first major US-headquartered financial services firm to commit to net-zero financed emissions by 2050.
Since then, all of America's six biggest banks – JPMorgan Chase, Bank of America, Morgan Stanley, Citigroup, Goldman Sachs and Wells Fargo – have made commitments towards this goal.
The UN Conference on Trade and Development estimated that the value of sustainability-themed investment products hit $3.2 trillion in 2020 – up over 80 per cent from the previous year. This indicates that the capital market is increasingly aligning itself with sustainable development outcomes, including the UN's sustainable development goals.
These products include sustainable funds ($1.7tn), green bonds ($1tn), social bonds ($212 billion), and mixed-sustainability bonds ($218bn).
Morgan Stanley is committed to working with our clients to accelerate sustainable efforts by offering leading products, solutions and insights to facilitate their low carbon transition plans
Audrey Choi,
chief sustainability officer of Morgan Stanley
Morgan Stanley's announcement is part of its commitment to finance $1tn towards the SDGs, including $750bn of financing to drive the climate transition.
“With our net-zero commitment as our 'north star', we are in the process of embedding climate considerations across our risk management and business activities. This approach supports our objective to manage our business for the long term while mitigating risk, focusing on innovation and enhancing shareholder value,” the bank said in its methodology.
Morgan Stanley surpassed expectations in the third quarter, reporting net revenues of $14.8bn and net income of $3.7bn, both up more than 25 per cent year-over-year. Its investment banking unit flourished, boosted by mergers and initial public offering activity.
The five pillars of Islam
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The five pillars of Islam
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UAE currency: the story behind the money in your pockets
The years Ramadan fell in May
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
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Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
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- All aspects of post-production.
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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