By Matt Scuffham

NEW YORK (Reuters) – Goldman Sachs Group Inc (NYSE 🙂 stated it will collaborate with clients in three fields to decrease carbon emissions significantly by 2030. The company also revealed details of its climate mitigation strategy in a new report that was released Thursday.

According to the bank, it will initially concentrate on oil and natural gas, power, and automobile manufacturing. It aims to decrease emissions in high-emission industries by 2030. It stated that it will help clients in oil and gas reduce their emissions by 17-22% and power by 48-65%, and autos and trucks by 49-54%, starting with 2019 levels.

Goldman indicated that it would be open to carbon credits once it has verified their high quality for achieving those goals.

Other banks including JPMorgan Chase & Co (NYSE:) and Morgan Stanley (NYSE:) Have set similar goals.

These targets show how banks put increasing pressure on their clients to lower emissions, as there is growing pressure worldwide to stop financing industries like coal that are harmful to the environment.

David Solomon, chief executive of Solomon Financial Services stated that as a financial institution the greatest role it can play is in driving decarbonization within the real economy and in partnership with clients.

According to the bank, it announced in March that it will align its financing activities so as to reach a net-zero target for 2050. Thursday’s report identified a set of initial targets for 2030. They were “focused upon sectors where we see opportunities to proactively engage clients, deploy capital and invest into new commercial solutions.”

According to the bank, these companies will need “massive support via capital and strategic advisory in order to achieve net zero goals.”

Solomon explained that global research by the bank showed $56 trillion needed for green infrastructure investments to get to a net-zero economy in 2050.

Goldman Sachs has been making efforts to adapt its lending to the global effort to reduce emissions. It joined the UN-backed Net Zero Banking Alliance in October.

Climate-focused investors have called on U.S. major banks to immediately reduce their funding of fossil fuel development. This is in response to the fact that existing commitments to curb global emission are inadequate.

Reuters published earlier this week that HSBC expected its clients have a plan for exiting fossil fuels by the year 2023.

The need to keep global warming below 1.5 degrees Celsius has been stressed by world leaders. According to the 2015 Paris Agreement, countries are required to keep global temperature increases to 1.5° Celsius below preindustrial levels.