47 Sustainability Report 2021 Climate Transition | Looking Ahead In addition to supporting the health of communities and the planet, nature and biodiversity have significant economic value and are important to driving sustainable growth: • According to the World Economic Forum, more than half of the world’s GDP, $44 trillion of economic value generation, is highly or moderately dependent on nature. • The World Economic Forum also reports that, together, the three largest sectors that are highly dependent on nature generate close to $8 trillion of gross value added (GVA): construction ($4 trillion), agriculture ($2.5 trillion), and food and beverages ($1.4 trillion) 1. For these reasons, Goldman Sachs remains committed to the global effort to protect the world’s forests and oceans and seeks to act responsibly when financing or investing in companies or projects in sectors that have potential impact on nature and biodiversity across both terrestrial and marine ecosystems. Goldman Sachs has a long history of protecting nature and biodiversity, from our conservation efforts establishing the Karukinka preserve in Tierra del Fuego to our recent work with the Conservation Fund. We recognize the importance of critical natural habitats that have high biodiversity value and include areas that are under legal or proposed government protection. We have established related environmental and social risk guidelines as part of our firmwide transactional due diligence process, and we have committed to forgo financing any projects or initiating loans where proceeds would significantly convert or degrade a critical natural habitat. Goldman Sachs is also a member of the forum for the Taskforce on Nature-related Financial Disclosures (TNFD), a new market-led initiative that aims to develop a risk management and disclosure framework for organizations to report and act on evolving nature-related risks and help shift global financial flows toward nature-positive outcomes. Building on the momentum of the Taskforce on Climate- Related Financial Disclosures (TCFD) framework, we believe that quality, reliable information on biodiversity and nature- related impacts, facilitated by better disclosure, will allow corporations and financial institutions to better understand and measure nature-related impacts and ultimately incorporate nature-related risks and opportunities into strategic planning and risk management. 1—World Economic Forum: “ Nature Risk Rising: Why the Crisis Engulfing Nature Matters for Business and the Economy ,” January 2020. CLIMATE TRANSITION