Goldman Sachs

HQ: US

NZBA withdrawn 2024

Fossil-fuel financing committed in 2024

$28.5B

NZBA pledge vs reality

Pledge signedPledged
2021
NZBA withdrawalChange
Withdrawn in 2024
Fossil-fuel share of energy financing (2024)Ratio today
6%

Joined NZBA 2021. Was the first major US bank to withdraw — 6 December 2024 — kicking off the wave that swept through Wall Street in Q1 2025. Fossil financing rose from $22.6B (2021) to $28.5B (2024), +26.1% over the pledge period; +50.26% from 2023 to 2024 alone. Cumulative 2021-2024: $87.2B.

View loan breakdown (6 items)

Loan breakdown

  • Oil and gas company financing (2024)

    Oil & gas
    $17.1B
    Medium — ~60% of $28.5B per BOCC 2024 Goldman mix.

  • LNG financing (2024)

    LNG
    $5.1B
    Medium — ~18% of 2024 book.

  • Pipelines and midstream (2024)

    Pipeline
    $2.9B
    Medium

  • Coal mining and coal power (2024)

    Coal
    $0.6B
    Medium — ~2% of 2024 fossil book.

  • Fracking and unconventional oil and gas (2024)

    Other
    $1.7B
    Medium — Goldman has been historically prominent in shale financing.

  • Tar sands and other expansion segments (2024)

    Other
    $1.1B
    Medium

Fossil Fool

Foolishness score6

Show derivation
  1. First major US bank to withdraw from NZBA (Dec 2024)Value: 1Weight: 0.3[3]
  2. +50.26% one-year financing jump 2023 to 2024Value: 0.5Weight: 0.25[1]
  3. +26.1% fossil financing growth over pledge periodValue: 0.26Weight: 0.25[1]
  4. Cumulative 2021-2024 fossil financing $87.2BValue: 0.7Weight: 0.2[1]

Formula: Goldman scores on being the first US major to break ranks plus a steep one-year acceleration during a withdrawal year.

Weights version: v1.0

Deep dive: revision history & methodology

Revision history

  1. 1FossilFoolish editorial

    Initial publication. Source: BOCC 2025 league table; Reuters NZBA exit coverage 6 Dec 2024.

Edited by: FossilFoolish editorial

Last reviewed:

Source: Banking on Climate Chaos 2025 (BOCC Coalition).

Sources

  1. Banking on Climate Chaos 2025: League Table — Rainforest Action Network et al. (accessed 03 May 2026)
  2. Banking on Climate Chaos 2025: Methodology Overview (p.56-57) — Rainforest Action Network et al. (accessed 03 May 2026)
  3. Goldman Sachs Exits Net Zero Banking Alliance — ESG Today (accessed 05 May 2026)
  4. JPMorgan Leaves Net Zero Banking Group, Completing Departure of Major U.S. Banks — ESG Today (accessed 05 May 2026)
  5. Goldman Sachs Investor Relations — The Goldman Sachs Group, Inc. (accessed 05 May 2026)