32 Sustainability Report 2021 Climate Transition | Accelerating Innovation Waste and Materials We believe that advancements in waste and material management will promote sustainable production and consumption, support increased resource efficiency, and drive commercial success. Oikos When Goldman Sachs acquired a majority stake in Oikos — Germany’s second-largest provider of high-quality prefabricated homes — in May 2021, we embarked on a journey toward further accelerating the decarbonization of the housing industry. While traditional brick and mortar homes can cause significant environmental cost and GHG emissions during production, Oikos’ homes are made from environmentally friendly materials with the goal of resulting in lower emissions. Oikos also has a strong sustainability focus along its entire value chain. We helped the company identify numerous initiatives that fully align with the goals in the Paris Agreement — including phasing out diesel-powered production vehicles, investing in new heating systems, installing solar photovoltaic systems on its plants, and extending the environmental commitment along the supply chain through purchasing FSC/PEFC-certified timber from responsibly managed forests. TemperPack Goldman Sachs Asset Management invested in TemperPack, a leading manufacturer of sustainable thermal insulation for cold chain packaging. The new funding will expand TemperPack’s capacity for protective materials technologies, grow its geographic footprint, and extend its customer reach — helping to keep plastic waste out of the environment and reduce carbon emissions. Oikos is accelerating decarbonization in the housing industry with approximately 99% lower CO 2/sqm emissions over traditional houses and approximately 80%–90% environmental cost advantage. CLIMATE TRANSITION Sustainable Food and Agriculture Food and agricultural production drives a significant portion of global emissions today and it is critical to shift to more sustainable global production practices. Our work increases value across the full supply chain — from agricultural production through storage, processing, and distribution — and improves environmental quality control to enable more sustainable outcomes, from farm to table. Miyoko’s Miyoko’s Creamery Inc. is a leading plant milk creamery with artisanal, fermented plant-based butter and cheeses that are loved by chefs, foodies, and consumers. Miyoko’s is a market leader within alternative dairy and has an established presence in the natural retail channel, with efforts underway to expand into conventional (Target, Publix, Walmart), club (Costco), and food service. The company’s mission is to reduce the planetary impact of the human diet through a shift to plant-based foods, which have a significantly lower carbon footprint and require less water relative to animal protein. With their products, the company is also dedicated to reducing the number of animals inhumanely used in our global food system. To support their goals, Goldman Sachs Asset Management invested $12.5 million into Miyoko’s in July 2021 as part of the company’s $40 million Series C financing. Nature’s Fynd Nature’s Fynd, a food technology company, has developed a new protein that is highly nutritious and contains 51% protein by dry mass and all 20 amino acids used by the human body. The protein’s structure is versatile, which allows it to be manufactured into different form factors across meat and dairy. Nature’s Fynd’s protein production is more resource- efficient than that of other proteins, such as soy and pea isolates, with a lower cost at scale, enabling it to produce the protein with a fraction of the land (99% less) and water (99% less) that meat production requires.