Morgan Stanley Announces 2030 Targets for Net-Zero Financed Emissions Commitment
- 2030 targets announcement follows Morgan Stanley’s commitment
to net-zero financed emissions by 2050, the first among large U.S.
- Progress builds on Firm’s leadership in the Partnership for
Carbon Accounting Financials (PCAF) and the Net-Zero Banking
Morgan Stanley (NYSE: MS) today announced new steps towards its
commitment to reach net-zero financed emissions by 2050. Building
on its commitment to finance $1tn towards the Sustainable
Development Goals, including $750MM of financing to drive the
climate transition, Morgan Stanley has set 2030 interim targets for
three sectors: Auto Manufacturing, Energy and Power.
In September 2020, Morgan Stanley became the first major
U.S.-headquartered financial services firm to commit to net-zero
financed emissions by 2050. The release of the Firm’s first interim
targets represents an important milestone in support of its 2050
Audrey Choi, Morgan Stanley’s Chief Sustainability Officer said
“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°Celsius. Morgan
Stanley’s interim net-zero targets set us on that path toward a
more sustainable and prosperous future.”
Morgan Stanley’s 2030 Interim Targets
For each sector, Morgan Stanley is taking an approach that
examines its financed emissions relative to client financing
commitments. This will help the Firm align the relative carbon
emissions footprint of its lending portfolios with science-based
sector pathways to reach net-zero by 2050.
Each sector target covers Scope 1, Scope 2 and Scope 3 emissions
and all greenhouse gases and is inclusive of the corporate lending
portfolio. The targets are:
- Auto Manufacturing: -35%
- Energy: -29%
- Power: -58%
Full details on the Firm’s targets can be found here, including
a detailed methodology that describes our multi-step process for
setting our targets.
Morgan Stanley’s Approach to Net-Zero
Morgan Stanley has taken a proactive approach to leading the
development of methodologies necessary to set and track progress
against credible net-zero targets. The Firm will leverage this work
across the three-part Measure, Manage and Report framework for
- Measure: Utilize the carbon
accounting methodology of the Partnership for Carbon Accounting
Financials (PCAF) to measure baseline emissions and track progress
towards 2030 interim targets
- Morgan Stanley was the first large U.S. financial firm to join
PCAF and, is the only large U.S. financial Firm to sit on PCAF’s
- Manage: Set ambitious, credible
targets using the Net-Zero Banking Alliance (NZBA) methodology to
help manage emissions.
- Morgan Stanley is a founding member of NZBA and was elected to
its Steering Group.
- Report: Transparently disclose
progress to shareholders and other stakeholders utilizing the
Taskforce for Climate-related Finance Disclosure’s four-part
- Morgan Stanley was among the first supporters of the TCFD’s
recommendations and published its first report in 2020.
Morgan Stanley recognizes that the approach to net-zero will
need to be an iterative process as data, methodologies, and climate
science evolve and will update it over time to reflect these
dynamics. To that end, Morgan Stanley will continue its work to
develop additional financed and facilitated emissions accounting
methodologies through its leadership position in the Partnership
for Carbon Accounting Financials ("PCAF”). Morgan Stanley will
report progress towards its 2030 interim targets annually in its
Taskforce for Climate-related Financial Disclosures (“TCFD”)
reports. The first set of financed emissions data is expected to be
released in the 2022 report.
“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. Today’s announcement builds upon the Firm’s decade plus
leadership in sustainable investing”, says Choi.
To learn more about the 2030 targets, please see here.
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 41
countries, the Firm's employees serve clients worldwide including
corporations, governments, institutions and individuals. For more
information about Morgan Stanley, please visit
Certain statements herein, including expectations related to
financed emissions targets and the achievement thereof, may be
“forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are based on management’s current expectations and
are subject to uncertainty and changes in circumstances. These
statements are not guarantees of future results or occurrences.
Actual results and financial conditions may differ materially from
those included in these statements due to a variety of factors,
including, among others, global socio-demographic and economic
trends, energy prices, technological innovations, climate-related
conditions and weather events, counterparty and client financial
health, insurance applicability, legislative and regulatory
changes, and other unforeseen events or conditions, and the
precautionary statements included in this report and those
contained in Morgan Stanley’s periodic filings with the Securities
and Exchange Commission under the Securities Exchange Act of 1934.
Any forward-looking statements made by or on behalf of Morgan
Stanley speak only as to the date they are made, and Morgan Stanley
does not undertake to update forward-looking statements to reflect
the impact of circumstances or events that arise after the date the
forward-looking statements were made. You should, however, consult
further disclosures Morgan Stanley may make in future filings of
its annual reports on Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8-K and any amendments thereto or in future
press releases or other public statements.
USE OF THIRD-PARTY INFORMATION
In addition, the methodology used to establish financed emission
targets and track future progress against such targets utilize
emissions information and estimates that have been derived from
publicly available information released by third-party sources,
which Morgan Stanley believes to be reasonable, although Morgan
Stanley has only been able to complete limited validation.
Additionally, in the absence of counter-party specific emissions
data, some financed emissions will be estimated using emissions and
activity factors provided by third-party sources. Certain
third-party information, such as Scope 3 emissions and emissions
factors, may change over time as methodologies evolve and are
refined. These and other factors could cause results to differ
materially from those expressed in the estimates and beliefs made
by third parties and by Morgan Stanley.
© 2021 Morgan Stanley & Co. LLC and Morgan Stanley Smith
Barney LLC. Members SIPC. CRC 3864584 11/2021
version on businesswire.com: https://www.businesswire.com/news/home/20211103005845/en/
Media: Katherine Stueber,
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