The Goldman Sachs Group plans to invest $150 billion (£97bn) in clean energy by 2025.

It is part of the financial giant’s updated ‘Environmental Policy Framework’.

It is an expansion of the $40 billion (£26bn) target set in 2012.

The company also aims to be the first US investment bank to be carbon neutral across its operations and business travel by 2015. By 2020 the firm has targeted $2 billion (£1.3bn) in green operational investments and seeks to source 100% renewable power for its global electricity needs.

Goldman Sachs will also launch of a ‘Clean Energy Access Initiative’.

Lloyd Blankfein, Goldman Sachs Chairman, said: “Over the past 10 years, we have built on our commitment to harness market-based solutions to help support a healthy environment and address the problem of climate change.

“We will continue to work towards deploying innovative financial mechanisms through an expanded investor base focused on environmental opportunities.”