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Morgan Stanley (NYSE: MS) today announced a new goal to achieve carbon neutrality for global operations by 2022. Underpinning this goal is a long-standing commitment to reducing energy consumption, improving energy efficiency and procuring renewable energy. As part of this goal, Morgan Stanley will source 100 percent of its global energy needs from renewable energy. Since 2006, the Firm has reduced greenhouse gas emissions by 36 percent and has achieved its two previous emissions reductions goals ahead of schedule.

Ahead of the UN 2015 Paris Climate Conference (COP21), Morgan Stanley and Wells Fargo became the latest major banks to pledge to eliminate their support for the coal industry in support of reducing carbon pollution associated with the industry. Morgan Stanley said that it "recognizes that climate change poses significant risks to the global economy and that reducing carbon emissions is critical to our success in addressing the challenges presented by a changing climate."

Morgan Stanley said it plans to pour $250 billion into low-carbon financing over the next 12 years, funding renewable energy and clean tech ventures and underwriting so-called sustainable bonds, which are debt for environmental projects.

JP Morgan Chase, Bank of America, Wells Fargo, Citibank, Goldman Sachs and Morgan Stanley call for a strong global climate deal, recognizing cost of carbon