40 Sustainability Report 2021 Climate Transition | Meeting the Net Zero Challenge in Asia 40 Partnerships & Commercial Initiatives in India India is the world’s third-largest energy consuming country, driven by rising incomes and improving standards of living. Energy use has doubled since 2000, with 80% of demand still being met by coal, oil, and solid biomass¹. India’s clean energy transition could demonstrate to the world that robust economic expansion can be compatible with emission reduction and achievement of other development goals. As new industrial sectors emerge and clean energy jobs grow, the country will need to ensure that no one is left behind, including regions that are heavily dependent on coal today. 1—International Energy Agency: “ India Energy Outlook 2021: World Energy Outlook Special Report ,” February 2021. Climate Innovation and Development Fund The Climate Innovation and Development Fund will tackle investment opportunities with direct, measurable, and positive climate-related outcomes in the most carbon-intensive areas across India, including sustainable transport. Climate Finance Leadership Initiative (CFLI) The CFLI is an industry-led initiative to unlock private capital to help finance the low-carbon transition in emerging markets. CLFI has piloted a program to strengthen the enabling environment for the climate transition in India and accelerate private capital to drive this transition. We are a founding member of this pilot, and through collaboration with the government of India, the multilateral community, and local stakeholders, CFLI India will seek to accelerate financing for opportunities in enabling infrastructure for renewables; water and waste infrastructure for a circular economy; scaling electric mobility and charging infrastructure; and innovations for decarbonizing difficult-to-abate sectors, including hydrogen. China’s Path to Net Zero China has pledged to achieve net zero carbon by 2060. China’s commitment represents nearly half of global emissions and two-thirds of the global emissions from countries that have pledged to net zero. Reducing carbon emissions could transform China’s economy and critically advance global net zero goals. Through our Carbonomics — China Net Zero: The Clean Tech Revolution report, we modeled the country’s potential path to net zero by sector and technology, laying out $16 trillion of clean-tech infrastructure investments by 2060 that could create 40 million net-new jobs and drive large-scale economic growth. CLIMATE TRANSITION The Green Finance Working Group Goldman Sachs, together with the China-based International Finance Forum (IFF), launched a Green Finance Working Group in December 2021. Co-chaired by John Waldron, President and Chief Operating Officer of Goldman Sachs, and Zhu Xian, Vice President and Secretary-General of the IFF, the group will facilitate dialogue on climate action among senior executives from global corporations and researchers from leading institutions to push forward a solutions-focused dialogue on how best to leverage green finance and capital markets as key tools to mitigate climate change and transition to a low-carbon economy. Goldman Sachs Asia Pacific Sustainability Conference 2021 Goldman Sachs hosted an inaugural Asia Pacific Sustainability Conference last year to help advance regional dialogue on this key area of focus. Singapore Green Finance Center (SGFC) We continue our support and partnership with the SGFC , Singapore’s first research institute dedicated to green finance and talent development for Asia. The only US bank among SGFC’s founding members, we now serve on the Advisory Board, contributing our insights to help guide strategic direction.