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At the American Energy Security Summit held in Oklahoma City, Solomon voiced his belief that financial backing for traditional energy firms will continue for a considerable period. His views mirror those of other Wall Street executives who resist escalating demands from environmental advocates to halt their financial support of fossil fuel companies. This resistance has sparked disruptions at banking events and protests outside corporate offices.
In 2020, Solomon highlighted that the majority of the world’s energy was still derived from fossil fuels, leading to an increase in emissions. He recognized the need to shift towards more sustainable energy sources gradually but warned that such a transition would take a significant amount of time.
Earlier this year, a group of shareholders approached the six largest US banks, including Goldman Sachs, requesting them to slowly withdraw their funding from oil and gas exploration and development activities. However, these proposals have yet to yield any substantial results.
During a visit to his alma mater, Hamilton College, Solomon further expressed his stance on traditional energy. Some students later anonymously voiced their dissatisfaction with Solomon’s views in a letter to the college newspaper. They argued that he had criticized the fossil-fuel divestment movement and suggested they needed to understand how the world “really worked” by visiting countries like China, India, and Cambodia. A spokesperson for Goldman Sachs clarified that Solomon did not mean to offend the students.
The CEO underscored the importance of supporting traditional energy sources, particularly considering current geopolitical events. He cautioned that without reliable and reasonably priced energy, societal functioning could be at risk.
Solomon concluded his remarks by acknowledging the complexity of transitioning to more sustainable energy sources. However, he stressed the critical need for ample support during this transformative journey.
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