16 Sustainability Report 2021 Climate Transition | Executive Summary We take an integrated approach to prioritizing climate transition and inclusive growth across our business — in our work with clients, through our partnerships, and as a firm. In our efforts to effectively mitigate climate risk and to help accelerate the climate transition required to meet the goals of the Paris Agreement, we need to actively engage clients, investors, advocacy groups, and multi-stakeholder organizations working to address the pressing issue of climate change. In executing this holistic engagement strategy, we have identified gaps that need to be addressed to accelerate the transition to a low-carbon economy, and we have channeled our resources toward closing them. In this Climate Transition section, we describe how we continue to deliver on our client, partner, and firmwide initiatives to enable and accelerate the global climate transition — bearing in mind that our work is far from done. At Goldman Sachs, we are investing resources, capital, and expertise to support the decarbonization of our economy. Solving this complex challenge will require the contributions of many businesses, organizations, governments, and individuals. We belong to a greater ecosystem of efforts, and we must all work together to drive real and meaningful shifts. Executive Summary CLIMATE TRANSITION We begin Climate Transition by detailing Our Work With Clients across three key priority areas: • Driving Transition focuses on how we support our clients on their decarbonization goals across all sectors and at every stage of their journeys. • Accelerating Innovation outlines how we partner with companies who are developing innovative solutions that help to accelerate transition in critical sectors of the economy. • Mobilizing Capital explains how we use our research, knowledge, and expertise to drive capital and launch commercial products that support clients and investors achieving their climate alignment and net zero goals. In Closing the Gap Through Partnerships, we address our collaborations with other organizations and describe how we’re jointly navigating massive and complex challenges posed by the climate transition — challenges that no institution can solve alone. Lastly, Driving Sustainability in Our Own Business outlines how we are making steady, incremental progress against our net zero and ESG-related goals for our operations and supply chain.