Morgan Stanley Announces New Goal of Carbon Neutrality for Global Operations by 2022
September 20 2017 - 11:01AM
Business Wire
The Firm commits to sourcing 100 percent of its
global energy needs from renewable energy by 2022 while continuing
efforts to reduce overall energy usage
Morgan Stanley (NYSE:MS) today announced a new goal to achieve
carbon neutrality for global operations by 2022. Underpinning this
goal is a long-standing commitment to reducing energy consumption,
improving energy efficiency and procuring renewable energy. As part
of this goal, Morgan Stanley will source 100 percent of its global
energy needs from renewable energy. Since 2006, the Firm has
reduced greenhouse gas emissions by 36 percent and has achieved its
two previous emissions reductions goals ahead of schedule.
“Morgan Stanley has been committed for over a decade to reducing
our greenhouse gas emissions through strategic energy efficiency in
our buildings and adding new renewable energy capacity to the grid
from on-site power generation at our own properties,” said Tom
Nides, Vice Chairman of Morgan Stanley.
Renewable energy continues to be a centerpiece to Morgan
Stanley’s commitment to sustainability. With the Firm’s commitment
to procure 100 percent renewable energy, Morgan Stanley is joining
RE100, an initiative led by the Climate Group and CDP uniting more
than 100 companies committed to working to increase demand for –
and delivery of – renewable energy. Examples of Morgan Stanley’s
existing on-site renewable energy include:
- At the end of 2013, Morgan Stanley
completed installation on and began operating a 720 kW solar
installation at its facility in Purchase, NY. In fiscal year 2016,
the Firm generated and consumed 1.17M kWh from this
installation.
- Morgan Stanley installed a solid oxide
fuel cell at its Purchase, NY facility to reduce reliance on the
regional power grid. It produces 2M kWh of electricity annually and
provides 200 kW of continuous backup power in the event of a grid
outage. In 2016, a 750 kW fuel cell system was also installed in
Morgan Stanley’s headquarters in Times Square, NY, demonstrating
that clean energy can be deployed at scale in dense urban
areas.
- In 2016, several subsidiaries in Europe
- UK, Switzerland, Luxembourg, and Germany - contracted with their
electricity suppliers to secure 100 percent renewable electricity
backed by Guarantees of Origin.
- In 2018, Morgan Stanley will be
bringing online an 1800 kW solar array at a data center site in
Somerset, NJ.
According to Audrey Choi, Chief Sustainability Officer of Morgan
Stanley, “The Firm’s commitment today complements our efforts to
leverage our core competency as an investment bank to accelerate
renewable energy adoption and advance a low-carbon future for
Morgan Stanley and our clients across the globe.”
Since 2006, Morgan Stanley has mobilized over $75 billion in
capital toward clean tech and renewable energy businesses. In the
last calendar year, Morgan Stanley facilitated more than $6 billion
in green bond issuances.
As part of this announcement, the Firm has updated its energy
reduction targets and will continue to report on them annually.
Morgan Stanley aims to achieve a 20 percent reduction in energy
usage by 2022 from a 2012 baseline, on an absolute basis. The goal
to become carbon neutral covers Scope 1 and 2 emissions and Scope 3
business travel, as defined by the GHG Protocol. To achieve carbon
neutrality, the Firm will consider on-site power generation, power
purchase agreements, renewable energy credits and carbon offsets as
part of its strategy.
Morgan Stanley (NYSE:MS) is a leading global financial services
firm providing investment banking, securities, wealth management
and investment management services. With offices in more than 42
countries, the Firm's employees serve clients worldwide including
corporations, governments, institutions and individuals. For
more information about Morgan Stanley, please visit
www.morganstanley.com.
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Media Relations:Morgan StanleySarah Higgins, 212-296-3648
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