Morgan Stanley commits to sourcing 100% of its global energy needs from renewable energy by 2022.
The commitment to run on renewable energy, follows a 36% reduction in the firm’s greenhouse gas emissions since 2006. To become carbon neutral, Morgan Stanley is looking to reduce energy usage by 20% by 2022, from a 2012 baseline. The goal to become carbon neutral aligns with the GHG Protocol Corporate Standard for emissions. 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 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.
Here are some examples of what Morgan Stanley has done so far on-site to increase its renewable energy use:
- 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 1.17 million 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 two million 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, demonstrating that clean energy can be deployed at scale in dense urban areas.
- In 2016, several subsidiaries in Europe—the UK, Switzerland, Luxembourg, and Germany—contracted with their electricity suppliers to secure 100% renewable electricity, backed by Guarantees of Origin.
- In 2018, Morgan Stanley will be bringing online an 1,800 kW solar array at a data center site in Somerset, NJ.
“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,” says Audrey Choi, Chief Sustainability Officer and Chief Marketing Officer of Morgan Stanley.