A new report by investment bank Goldman Sachs shows the impact of its clean energy funding since 2012, when it set a target to finance and invest $40 billion in clean energy globally over the following decade.

In its Clean Energy Impact Report, the bank says it achieved this initial goal just over four years later, deploying more than $40 billion to 89 projects and companies across 29 countries.

Goldman Sachs says the finance has helped to facilitate 31 gigawatts of new renewable electricity generation – enough to power up to 5.5 million U.S. homes – and will help to avoid greenhouse gas emissions equivalent to taking 16 million cars off the road.

In November 2015 the bank increased its finance and investment target for clean energy to $150 billion by 2025, expanding its ambitions and underscoring its commitment to mobilizing capital to scale up clean energy and foster sustainable economic development.

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