Goldman Sachs GS SUSTAIN: ESG of the Future Exhibit 19: Driven by pressure from multiple angles, we expect ESG investors to become increasingly forward-looking Source: Goldman Sachs Global Investment Research A shift towards looking at ESG Improvers is likely to lead to some increased interest in companies that are aggressively decarbonizing... Recent meetings with investors suggested largely broad support for our thesis encompassing key themes from our From Aspiration to Action 2022 outlook report of Green Capex, Greenablers, ESG Improvers, EU Taxonomy Beneficiaries and Inclusive Growth. While we remain positive on Clean Energy stocks and related Green Capex, we have highlighted that we see opportunities to own stocks more broadly across the supply chain vs. todays highly concentrated overweight positions in solar/wind/water stocks. Investor feedback — including from ESG investors in Europe — was largely supportive of this thesis, partly a function of concerns regarding returns/commoditization in solar/wind and partly because of perceived more attractive valuations and returns in other sectors. Investors in our discussions recognized the critical role that Greenablers such as Copper/Aluminum, Electricity transmission, Cybersecurity and Semiconductors play, the need for high-emitting sectors to decarbonize and the need for technologies like Carbon Capture and biofuels to be deployed.