Governance Our framework for selecting projects and executing investment decisions is rigorous and multilayered in nature, reflecting the scale and importance of executing on our sustainable finance commitment. As a baseline, all projects and assets under consideration for financing must meet the standards set by our existing environmental and social risk management procedures, including the Goldman Sachs Environmental Policy Framework , which provides guidance on financing in certain environmentally and socially sensitive sectors. The firm's broader risk management covers broader risk factors such as potential legal, regulatory, and governance risks. The Sustainable Asset Working Group consists of cross- divisional stakeholders from the Sustainable Finance Group, Investor Relations, Corporate Treasury, Legal, Controllers, Compliance, and relevant business teams. The group reviews and confirms eligible projects and assets for funding with proceeds from Green, Social, or Sustainability issuance. 114 Sustainability Report 2021 Sustainability Issuance Report | Sustainability Issuance Framework Proceeds from Goldman Sachs’ Green, Social, or Sustainability issuances will be prioritized to finance new projects or assets that meet the criteria of the respective type of issuance and will aim to allocate all proceeds within two years following the issuance. Additionally, loans and investments that qualify under the relevant criteria made up to one year prior to the issuance are also eligible for refinancing with its proceeds. For further information on eligibility and exclusion criteria for our Green, Social, and Sustainability Issuances, please refer to our Framework.