Goldman Sachs GS SUSTAIN: ESG of the Future Table of Contents PM Summary 3 Putting corporate emissions in context: Highly concentrated but minority of total emissions 9 Implications for overall corporate emissions: Flattish through 2025 vs. 2020 12 Corporate emissions vs. Consumer emissions: Where could initial impact be the greatest? 16 Green Capex mosaic provides opportunities to reduce corporate emissions and consumer emissions 23 Why emissions could begin to impact stock performance in select sectors 27 Emissions intensity projected paths through 2025 by sector vs. Carbonomics Net Zero carbon models 32 Methodologies to forecast GHG emissions 50 Disclosure Appendix 51 The following is a redacted version of a report originally published May 2, 2022. All company references in this note are for illustrative purposes only and should not be interpreted as investment recommendations