CLIMATE TRANSITION OUR PURPOSE Our approach to climate is grounded in the areas where we, as a financial institution, can drive the most material impact: ACHIEVING OUR PURPOSE What We Do: Our Work With Clients How We Do It: Our Firm How We Address Gaps: Our Partnerships, Engagement, and Impact As a financial institution, we believe the most perspectives from our holistic engagement strategy meaningful role we can play in the global climate with clients, civil society, and the public sector. By transition is to drive decarbonization in the real leveraging our experience managing sustainability and economy, in partnership with our clients. We see climate transition for our own operations, we can better significant opportunities to further mobilize the full support clients throughout their journeys. Through breadth of our franchise to support this effort. In 2005, these efforts, we’ve developed a differentiated view Goldman Sachs was one of the first major banks to of the market and can identify potential gaps — all acknowledge the scale and urgency of climate change with the aim to drive climate solutions for clients and with our Environmental Policy Framework. Since then, investors through strategic advice, innovative financing we have accelerated our efforts to integrate climate- tools, partnership on investment, and other commercial focused efforts across our business. In early 2021, we products and capabilities. made a long-term commitment to align our business with a net zero by 2050 pathway, and we shared We also recognize that clients in different industries our roadmap for progress in December, including and regions will face different paths in their an initial set of sectoral goals for 2030. As part of decarbonization journeys. We are committed to this commitment, we have developed a dynamic supporting our clients — particularly those in emerging model to engage our clients throughout their climate economies that face a more challenging transition — transition. We leverage the breadth of resources and and tailoring sustainability and climate solutions for capabilities across our business as well as insights and each client’s unique circumstance. 3,000 2.5% al b o l g 2,500 2.0% th i w t sten 2,000 si n 1.5% co bn) ath 1,500 p US$ r ( fo 1.0% ts 2050 1,000 by vestemo n zer i 0.5% re net 500 ctu frastru - 0.0% n i 202120222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047204820492050 al u n Power generation Power networks Energy storage (batteries) n A EV and FCEV charging stations Biorefineries Industry (incl. CCUS) Hydrogen plants Building upgrades/retrofits DACCS 18 as a % of global GDP - RHS