Affordable housing As Google grows—whether it’s in our hometown of Mountain View, in San Francisco, or in our future developments in San José and Sunnyvale—we’re investing in developing housing that meets the needs of these communities. In 2021, we allocated net proceeds from our Sustainability Bond to loans supporting two new affordable housing projects—Block 15 and BRIDGE Housing. This brings our cumulative total allocation to $83 million in contractual commitments to a total of 21 affordable housing projects. We expect our allocation will catalyze the development of approximately 3,050 affordable units. Commitment to racial equity Our racial equity work is an important part of our company-wide commitment to diversity, equity, and inclusion. In 2021, we allocated net proceeds from our Sustainability Bond to nine new projects that advance economic opportunity for the Black community, including investment in Black-led capital firms, start-ups, and organizations supporting Black entrepreneurs and investment firms, as well as other projects that previously received an allocation. This brings our cumulative total allocation to $148 million across 15 racial equity initiatives. These efforts include contributions to organizations supporting Black business owners such as Opportunity Finance Network (OFN), and support for Black creators and artists through the #YouTubeBlack Voices Fund. We expect that our OFN capital commitment will result in approximately 3,700 loans closed to SMBs focused on the Black community. Support for small businesses and COVID-19 crisis response Small businesses are the backbone of the global economy and at the core of many of Google’s tools, services, and products. So when the COVID-19 pandemic hit in 2020, we announced a $200 million investment fund as part of our $800+ million commitment to support SMBs, health organizations, governments, and health workers on the frontlines. In 2021, we allocated net proceeds from our Sustainability Bond to four new projects that finance loans to small businesses, including long-term partnerships with lending institutions such as Kiva, the European Investment Fund, the Small Industries Development Bank of India, and the Ogen Group. This brings our cumulative total allocation to $185 million in contractual commitments that finance loans to small businesses. We expect our capital commitment will result in approximately 46,950 loans closed to SMBs. Alphabet Sustainability Bond Impact Report 2022 Featured projects and impact 14