Morgan Stanley Announces New Goal of Carbon Neutrality for Global Operations by 2022
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
NEW YORK, September 20, 2017 /3BL Media/ - 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.