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Investment giant Goldman Sachs will invest US$150 billion in renewables by 2025, it has said.

The company has updated its Environmental Policy Framework, which in 2012, set this figure at US$40 billion. The investments will cover co-investments and financing in solar, wind, sustainable hydro, energy storage energy efficiency and LED lighting among others.

“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,” said Lloyd Blankfein, Goldman Sachs chairman and CEO.

It has also established the Clean Energy Access Initiative to target renewable energy investment in “underserved markets”.

The company underwrote the first solar securitisation in 2013 with a project in Japan and is planning another US$1 billion of securitisations in the country covering solar and other renewables.