Global financial services firm Morgan Stanley has committed to provide $250bn in low-carbon financing by 2030.

As governments, organisations and companies worldwide are moving towards a low-carbon economy, Morgan Stanley believes that low-carbon financing would benefit the company and the environment.

Morgan Stanley chief sustainability officer and chief marketing officer Audrey Choi said: “This announcement reflects Morgan Stanley’s continued commitment to enabling private sector capital to find attractive opportunities in the growing market for low-carbon solutions.”

Since 2006, the company has invested more than $84bn in transactions that support clean-tech and renewable energy.

“We believe this target sets the bar for our businesses to drive impact in the growing markets for low-carbon technologies.”

Morgan Stanley further explained that the governments and other entities have to invest nearly $90tn in infrastructure between 2015 and 2030 in order to achieve goals outlined by the Global Commission on Economy and Climate.

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Institutional Securities chairman Jeff Holzschuh said: “Our firm’s businesses are uniquely positioned to drive the development of low-carbon solutions in partnership with our clients.

“Building on our experience in the space, we believe this target sets the bar for our businesses to drive impact in the growing markets for low-carbon technologies.”

With the announcement of its new commitment, Morgan Stanley expects to create capital for renewable energy development and sustainable bonds that will allow companies and municipalities to make progress in their sustainability goals, clean-technologies and resilient infrastructure.

Last September, the financial firm issued a commitment to source 100% of its global energy needs from renewable energy by 2022.