Introduction CLIMATE TRANSITION Accelerating Climate Transition As climate change continues to impact global economies, businesses, and communities across the world, accelerating the transition to a low- carbon economy is more important than ever. Meeting this challenge will require nothing less than transformative changes across our economy. Goldman Sachs Global Investment Research group estimates that $56 trillion in incremental infrastructure investment is needed to achieve net zero carbon emissions by 2050. Our research estimates that half of the decarbonization required is reliant on access to clean power generation and that the decarbonization of transport, buildings, and industry will require a complex ecosystem of low-carbon technologies, including energy storage and carbon capture alongside the supply of clean power. There is also a significant challenge in that in many parts of the world, inexpensive, reliable, and clean energy is not available at scale. In addition to thoughtful public policy that considers the current dynamics of the energy system, we believe that capital markets and innovation will play a critical role in driving a just and orderly global transition — by both supporting these sectors in transition and investing in the necessary technologies and solutions that may not be available at scale today. We acknowledge that achieving decarbonization in the real economy cannot succeed without a global, united effort, which includes supportive public policy and technological advancement. Sustainability Report 2021 Climate Transition | Introduction 17