Our Strategic INTRODUCTION Framework At Goldman Sachs, we have identified two imperatives through which we can make the most material impact as a firm: climate transition and inclusive growth. We continue to view these two themes as key drivers of risk and opportunity for our firm and our clients. To accelerate the To advance climate transition inclusive growth We are expanding the scale and speed of We’re actively listening to, amplifying, and partnering our impact. We look to mobilize capital, with people, communities, and organizations to accelerate innovation, and fuel the improve accessibility, affordability, and outcomes transition to a low-carbon economy at both to help drive more inclusive, sustainable growth. a client and systemic level, grounded in the We’re continuing to accelerate our work in this space insights we gain through partnerships and through signature initiatives, including One Million our flagship research initiatives, such as GS Black Women, 10,000 Small Businesses, and 10,000 SUSTAIN and Carbonomics. Women. We acknowledge that long-term outcomes will be the true test of our impact in helping to build a more diverse, equitable, and inclusive economy. We also remain focused on the growing impacts of climate change on sustainable, inclusive economic What We’ve Learned growth. We remain steadfast in our belief that growth Synergies between climate transition and inclusive growth: that is not inclusive is not sustainable, and we remain • Complex, large-scale challenges require interconnected, committed to supporting an inclusive transition. Our dynamic, and scalable solutions. work here is just beginning, and we will continue to • Working with clients, partners, and our people amplifies our impact. report on our areas of focus and impact in this space. Sustainability Report 2021 Introduction 8