CLIMATE TRANSITION Decarbonization Offering THE DECARBONIZATION JOURNEY We’ve leaned into helping clients accelerate their climate-related strategies and objectives. In doing so, Goldman Sachs is developing a new and unique Step 1: Measure and Plan cross-firm Decarbonization offering to cover a full suite Understand current climate positioning, performance, and forward- of tools, delivered through our holistic, differentiated looking trajectory; set targets and develop plans to achieve them OneGS model. Our aim is a client solution that leverages • We leverage our insight as investors to provide an outside-in view on commercial capabilities and capital solutions across their climate positioning and stated or prospective targets. the firm, including Net Zero Advisory, M&A, Financing, • We identify ways to accelerate their journey with M&A and strategic investment solutions. Renewable and Alternative Fuels and Energy, Carbon Capture and Sequestration, Commercialization Strategy, and Carbon Offsets. Recognizing that different geographies, industries, and even clients within each industry are at distinct stages of their decarbonization Step 2: Reduce journey, we strive to customize solutions so they’re most relevant to our clients’ unique path to developing Reduce Scope 1 emissions (direct emissions from sources owned by the company); Reduce Scope 2 emissions or improve operational efficiency project solutions and net zero emissions. • We leverage and develop green finance for operational investments. • We raise capital and develop solutions for decarbonization and climate transition projects, including greenfield projects as well as brownfield/transition projects. As part of a new Step 3: Replace cross-firm initiative, we Replace traditionally consumed power with renewable clean power • As an active player in power and energy certificate markets, Goldman Sachs supports our clients with power risk management and spoke with over 150 financing solutions. • Our Renewable Power Group provides investment structures for on- site solar and energy storage facilities so clients can make the switch corporate clients across to renewable power. 12 industry groups on the entire spectrum of decarbonization Step 4: Offset solutions in 2021. “Offset” and neutralize unavoidable or residual emissions • We support our clients with supply, offtake, and financing solutions in the Voluntary Carbon Markets. • We also develop financial solutions for companies investing in or providing offsets, including nature-based carbon offset project platforms focused on localized social benefits and developing blue- green local economies. Sustainability Report 2021 Climate Transition | Driving Transition 23