CLIMATE TRANSITION Executive Summary At Goldman Sachs, we are investing resources, capital, and expertise to support the decarbonization of our economy. Solving this complex challenge will require the contributions of many businesses, organizations, governments, and individuals. We belong to a greater ecosystem of efforts, and we must all work together to drive real and meaningful shifts. We take an integrated approach to prioritizing climate We begin Climate Transition by detailing Our Work With transition and inclusive growth across our business — in Clients across three key priority areas: our work with clients, through our partnerships, and as a firm. In our efforts to effectively mitigate climate risk • Driving Transition focuses on how we support our clients and to help accelerate the climate transition required on their decarbonization goals across all sectors and at to meet the goals of the Paris Agreement, we need to every stage of their journeys. actively engage clients, investors, advocacy groups, and multi-stakeholder organizations working to address the • Accelerating Innovation outlines how we partner with pressing issue of climate change. In executing this holistic companies who are developing innovative solutions that engagement strategy, we have identified gaps that need to help to accelerate transition in critical sectors of the be addressed to accelerate the transition to a low-carbon economy. economy, and we have channeled our resources toward • Mobilizing Capital explains how we use our research, closing them. knowledge, and expertise to drive capital and launch In this Climate Transition section, we describe how we commercial products that support clients and investors continue to deliver on our client, partner, and firmwide achieving their climate alignment and net zero goals. initiatives to enable and accelerate the global climate In Closing the Gap Through Partnerships, we address our transition — bearing in mind that our work is far from done. collaborations with other organizations and describe how we’re jointly navigating massive and complex challenges posed by the climate transition — challenges that no institution can solve alone. Lastly, Driving Sustainability in Our Own Business outlines how we are making steady, incremental progress against our net zero and ESG-related goals for our operations and supply chain. Sustainability Report 2021 Climate Transition | Executive Summary 16