Executive INCLUSIVE GROWTH Summary We recognize that growth that is not inclusive is not sustainable. In Inclusive Growth, we explore the challenges of creating a more inclusive, equitable society through our work across the firm. As with the complexity of a transition to a low-carbon economy, advancing inclusive growth cannot be solved by a single policy or single financial institution. Our approach combines experience, learnings from listening to the needs of diverse communities, expertise in activating different organizational capabilities, and partnerships across the financial system to drive solutions that improve affordability, access, and quality of life. Inclusive Growth consists of six sections: 1. The Introduction demonstrates the economic and social 4. Leveraging Partnerships to Close Gaps examines imperative for inclusive growth, supported by key insights how we partner with and provide grant funding to from Goldman Sachs’ proprietary research. world-class community organizations to amplify our own impact and build long-term relationships with 2. Our History outlines leading initiatives the firm has communities. launched to advance inclusive growth, such as 10,000 Small Businesses and 10,000 Women, and investments 5. Driving Change Across Our Firm focuses on how led by our Urban Investment Group. Within this section, we promote diversity and inclusivity within Goldman One Million Black Women highlights how all of the lessons Sachs and highlights programs launched by and for learned throughout our history of investing in underserved our own people. communities have culminated in our latest signature inclusive growth initiative, which focuses on increasing 6. What to Expect Next gives a sense of the work to opportunity at key moments in Black women’s lives. come, including the ways in which we continue to take a holistic, interconnected approach to our work 3. Defining and Executing on Our Strategy illustrates on climate transition and inclusive growth. the ways we are leveraging the breadth of our business and commercial capabilities to help expand access, lower costs, and improve outcomes. Sustainability Report 2021 Inclusive Growth | Executive Summary 49