CLIMATE TRANSITION Partnerships & Commercial Initiatives in India China’s Path to Net Zero India is the world’s third-largest energy consuming country, China has pledged to achieve net zero carbon by 2060. driven by rising incomes and improving standards of living. China’s commitment represents nearly half of global Energy use has doubled since 2000, with 80% of demand emissions and two-thirds of the global emissions from still being met by coal, oil, and solid biomass¹. countries that have pledged to net zero. Reducing carbon emissions could transform China’s economy and critically India’s clean energy transition could demonstrate to the advance global net zero goals. world that robust economic expansion can be compatible with emission reduction and achievement of other Through our Carbonomics — China Net Zero: The Clean development goals. As new industrial sectors emerge and Tech Revolution report, we modeled the country’s potential clean energy jobs grow, the country will need to ensure path to net zero by sector and technology, laying out $16 that no one is left behind, including regions that are heavily trillion of clean-tech infrastructure investments by 2060 that dependent on coal today. could create 40 million net-new jobs and drive large-scale 1—International Energy Agency: “India Energy Outlook 2021: World economic growth. Energy Outlook Special Report,” February 2021. Climate Innovation and Development Fund The Green Finance Working Group The Climate Innovation and Development Fund Goldman Sachs, together with the China-based will tackle investment opportunities with direct, International Finance Forum (IFF), launched a measurable, and positive climate-related outcomes Green Finance Working Group in December 2021. in the most carbon-intensive areas across India, Co-chaired by John Waldron, President and Chief including sustainable transport. Operating Officer of Goldman Sachs, and Zhu Xian, Vice President and Secretary-General of the IFF, the group will facilitate dialogue on climate action among senior executives from global corporations and researchers from leading institutions to push forward a solutions-focused dialogue on how best to leverage green finance and capital markets as key tools to mitigate climate change and transition to a low-carbon economy. Climate Finance Leadership Initiative (CFLI) The CFLI is an industry-led initiative to unlock private capital to help finance the low-carbon transition in emerging markets. CLFI has piloted a Goldman Sachs Asia Pacific Sustainability program to strengthen the enabling environment for Conference 2021 the climate transition in India and accelerate private Goldman Sachs hosted an inaugural Asia Pacific capital to drive this transition. We are a founding Sustainability Conference last year to help advance member of this pilot, and through collaboration regional dialogue on this key area of focus. with the government of India, the multilateral community, and local stakeholders, CFLI India will Singapore Green Finance Center (SGFC) seek to accelerate financing for opportunities in We continue our support and partnership with the enabling infrastructure for renewables; water and SGFC, Singapore’s first research institute dedicated waste infrastructure for a circular economy; scaling to green finance and talent development for Asia. The electric mobility and charging infrastructure; and only US bank among SGFC’s founding members, we innovations for decarbonizing difficult-to-abate now serve on the Advisory Board, contributing our Sustainability Report 2021 Climate Transition | Meeting the Net Zero Challenge in Asia insights to help guide strategic direction. 4040 sectors, including hydrogen.