INCLUSIVE GROWTH What to Expect Next Our commitment to driving inclusive growth can be Importantly, climate change has continued to successful only if we prioritize longevity, and we see disproportionately impact low-income and marginalized continuous growth and evolution ahead for our key communities, and we must prepare for the economic initiatives. and structural changes that will be required to ensure an inclusive transition. We believe thoughtful public policy, in Through One Million Black Women, we will strive to be addition to capital, will play a vital role in addressing the continuously responsive to the challenges, needs, solutions, disproportionate impacts that these groups face. and desires we uncovered through listening sessions, our partner organizations, and our advisory council. A listening- At Goldman Sachs, the imperative of an inclusive transition 昀椀rst approach remains critical as we continue to evaluate sits at the crux of our core sustainability priorities: areas in which capital and investment can make the biggest climate transition and inclusive growth. By connecting di昀昀erence. However, we also understand the imperative of our experience as a 昀椀nancial institution with the insights translating our learnings into action — we continue to focus gained through our work with clients and partners and our on implementation and look for opportunities to partner with ongoing engagement with the public sector and the broader our clients to deepen our impact together. community, we believe we can drive capital toward solutions that will help communities not only adapt but also take ownership to drive the transition to a low-carbon economy. Our approach to supporting an inclusive transition will continue to evolve as we address the growing and dynamic needs of our clients, markets, and communities. INCLUSIVE TRANSITION • Climate resilience: lower-income and marginalized communities who are more prepared and INCLUSIVE INCLUSIVE CLIMATE protected from the impact of climate change GROWTH TRANSITION TRANSITION • Workforce development and job training: accessible re-skilling to meet new market demands • Energy access for all groups Sustainability Report 2021 Inclusive Growth | What to Expect Next 85