49 Sustainability Report 2021 Inclusive Growth | Executive Summary INCLUSIVE GROWTH Executive Summary We recognize that growth that is not inclusive is not sustainable. In Inclusive Growth , we explore the challenges of creating a more inclusive, equitable society through our work across the firm. As with the complexity of a transition to a low-carbon economy, advancing inclusive growth cannot be solved by a single policy or single financial institution. Our approach combines experience, learnings from listening to the needs of diverse communities, expertise in activating different organizational capabilities, and partnerships across the financial system to drive solutions that improve affordability, access, and quality of life. Inclusive Growth consists of six sections: 1. The Introduction demonstrates the economic and social imperative for inclusive growth, supported by key insights from Goldman Sachs’ proprietary research. 2. Our History outlines leading initiatives the firm has launched to advance inclusive growth, such as 10,000 Small Businesses and 10,000 Women , and investments led by our Urban Investment Group. Within this section, One Million Black Women highlights how all of the lessons learned throughout our history of investing in underserved communities have culminated in our latest signature inclusive growth initiative, which focuses on increasing opportunity at key moments in Black women’s lives. 3. Defining and Executing on Our Strategy illustrates the ways we are leveraging the breadth of our business and commercial capabilities to help expand access, lower costs, and improve outcomes. 4. Leveraging Partnerships to Close Gaps examines how we partner with and provide grant funding to world-class community organizations to amplify our own impact and build long-term relationships with communities. 5. Driving Change Across Our Firm focuses on how we promote diversity and inclusivity within Goldman Sachs and highlights programs launched by and for our own people. 6. What to Expect Next gives a sense of the work to come, including the ways in which we continue to take a holistic, interconnected approach to our work on climate transition and inclusive growth.