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1、Navigating ComplexityA Client-Centric Approach toSustainabilityGoldman Sachs 2022 Sustainability ReportHow we balance short-term needs with long-term ambitions.How we help address challenges,close gaps and unlock opportunities to advance climate transition and drive inclusive growth.Its how we manag

2、e risk and create value for our clients,our firm,our shareholders and other stakeholders,moving forward.In helping our clients navigate complexity,wefocus on the how.Cover:John Eleoterio and Cindy Quan of Goldman Sachs Sustainable Banking Group,a team delivering bespoke analytics,commercialization a

3、nd capitalization solutions for clients focused on energy transition and on advancing their decarbonization goals andsustainability profiles.Below:Emelda Mwamanga,CEO of the East Africa Bang Media House and Goldman Sachs 10,000 Women(10KW)Fellow.Founded to advance the economic empowerment of women,1

4、0KW is the firms global initiative that provides women entrepreneurs around the world with business education,accessto capital,mentoring and networking.Page 2:A wind farm in Ninh Thuan Province,Vietnam.In partnership with Bloomberg Philanthropies and the Asian Development Bank,Goldman Sachs launched

5、 the Climate Innovation&Development Fund in 2021 to support sustainable low-carbon economic development with a focus on South andSoutheast Asia.Goldman Sachs 2022 Sustainability Report1 Contents3 Letter to Shareholders5 Our Sustainable Finance Strategy5 Key Milestones6 Driving Long-Term Value14

6、Opportunities with Our Clients and Partners15 Supporting the Gray-to-Green Transition25 Leveraging Our Expertise to Create Economic Opportunity37 Mobilizing Private Capital for Innovation45 Building Platforms to Scale53 Advancing Emerging Opportunities Circularity and Biodiversity61 Developing Tools

7、 and Solutions to Drive Better Decision-Making and Outcomes67 Driving Sustainability in Our Operations and Supply Chain75 Governance80 Key Metrics and Indicators81 Environmental Indicators 86 SASB Index85 Recognition92 Sustainability Issuance Report 20222 Goldman Sachs 2022 Sustainability ReportThe

8、macro environment of 2022 laid bare the challenges of navigating the climate transition.Energy prices rose suddenly when Russia launched its invasion of Ukraine,and though prices later fell toward their pre-war levels,the lesson was clear:Low investment in energy infrastructure has left regions like

9、 Western Europe vulnerable to supply shocks.The war has focused the attention of governments and businesses alike on the need to balance short-term energy demands with long-term sustainability goals.At the same time,an increase in inflation triggering a tightening of monetary policy has made busines

10、s leaders more cautious in general.The economic outlook is still unclear,and in such a complicated environment,our clients are facing new questions about how to achieve their sustainability goals.But thats no reason to change course.At Goldman Sachs,weve long believed the transition to a more sustai

11、nable economy would be a decades-long effort;to advance that transition,more risk capital must be invested in developing new,clean technologies,especially for the highest-emitting sectors;and in solving such a complex problem lies enormous opportunity for our clients.For example,our Carbonomics rese

12、arch team estimates that,to provide affordable energy while also pursuing decarbonization,the energy industry will need$1trillion more in annual capital expenditures through 2026,compared to what it spent during the final years of the past decade.And weve continued to help our clients capitalize on

13、that opportunity.For example,in the area of climate transition,we advised Chevron on its acquisition of a renewable fuels producer and helped the lithium-ion battery-cell manufacturer KORE Power secure financing to build a gigafactory in Phoenix,Arizona.We also have a long history of advancing inclu

14、sive growth.This year,we marked the 15th anniversary of our 10,000Women program,which has reached more than 200,000 women from over 150 countries.And our global finance facility,created in a remarkable partnership with the International Finance Corporation,has reached more than 164,000 women entrepr

15、eneurs and contributed to an over$4.5billion increase in the volume of loans on-lent by financial institutions to women-owned businesses.Fellow Shareholders:Letter to Shareholders3 Goldman Sachs 2022 Sustainability ReportBuilding on what weve learned from 10,000 Women,weve continued to expand our en

16、trepreneurship initiative 10,000 Small Businesses.In 2022,we committed to providing more than half the financing for New York Citys new$75million small business loan fund.And,through our One Million Black Women initiative,weve committed more than$2.1billion of investment capital and more than$23mill

17、ion ingrant capital to 137 organizations as of March 31,2023.In just three years,weve achieved approximately 55%of our 10-year,$750billion sustainable finance target,and the reason clients turn to us is our data-driven,pragmatic approach.Weve heard time and again that one of the biggest challenges o

18、ur clients face is finding decision-useful data to measure their progress on their sustainability goals,and thats why were helping develop an open-source platform for climate data and analytical tools to help investors assess climate risk.We also offer our clients a Carbon Portfolio Analytics tool t

19、o help investors measure and manage their carbon emissions exposure across equities and credit portfolios.Where our people also excel is innovation.We continue to develop new commercial expertise and capabilities,ranging from sustainability-linked bonds to our nature-based solutions investment progr

20、am designed with Apple and Conservation International.In every case,we take a One Goldman Sachs approach,where we listen to our clients,assess their needs and then use the full range of our resources to help.We apply the same metrics-driven mindset to how we manage our firms resources.Weve long beli

21、eved you cant improve what you dont measure,and in this years report,youll learn more about the progress weve made on our 2025 operational goals and our 2030 Sustainable Finance Commitment.Because no one company can build a sustainable economy on its own,were also working with the public sector to a

22、ddress market gaps.To advance climate transition,for instance,we need a combination of thoughtful public policy,private sector engagement and capital market solutions.And,as of November 2022,our blended finance facility,the Climate Innovation and Development Fund,which we launched with Bloomberg Phi

23、lanthropies&the Asian Development Bank in 2021,completed its first two investments in sustainable transport projects in India and Vietnam.And so,even though 2022 was challenging,Im encouraged by how much our clients have accomplished.Our job,as we see it,is to help them achieve their objectives.

24、And progress is never a straight line,but by helping our clients navigate such a complex environment,we aspire to be the worlds most exceptional financial institution,united by our shared values of partnership,client service,integrity and excellence.David Solomon Chairman and Chief Executive Officer

25、Letter to Shareholders in solving such a complex problem lies enormous opportunity for our clients.”Our PurposeWe aspire to be the worlds most exceptional financial institution,united by our shared values of partnership,client service,integrity and excellence.4 Goldman Sachs 2022 Sustainability Repo

26、rt$425B$975M1,600$323B7,000$1.6B+75Our Sustainable Finance Strategy:Key MilestonesFIRMWIDE SUSTAINABLE FINANCE MILESTONESADVANCING CLIMATE TRANSITIONDRIVING INCLUSIVE GROWTHSustainable finance activity since 2019Individual clients used Marquees Carbon Portfolio Analytics toolNumber of women reached

27、across 150+countries by 10,000 Womenof sustainability issuances,2 including our second benchmark Sustainability BondRaised for Horizon Environment&Climate Solutions I3Diverse board placements facilitated at client organizations through 2022Assets under supervision(AUS)of environmental,social and

28、 governance(ESG)strategies managed by the firmNumber of public companies covered by GS SUSTAINs Climate Transition toolOne Million Black Women(OMBW)investment capital deployed since launch of program in 2021WE HAVE ACHIEVED MEANINGFUL MILESTONES ACROSS A NUMBER OF KEY INITIATIVES:1 200K+$2B1 As of D

29、ecember 31,2022,unless otherwise specified.2 Represents gross issuance size.Issuance size net of underwriting fees results in net proceeds of approximately$971 million.TheReport of Independent Accountants,which appears in the 2022 Sustainability Issuance Report on page 122 of this report,provides no

30、 assurance on allocations in excess of net proceeds.3 As of January 10,2023.The transition to a low-carbon economy is complex and will take time.We continue to engage with clients in sectors,including energy,transport and heavy industry,that are crucial to helping ensure the inputs powering the econ

31、omy remain available,affordable and reliable,until new,innovative technologies scale and come to market.5 Goldman Sachs 2022 Sustainability ReportWe view sustainability as a driver of both risk to be managed and opportunity to bepursued.We have always helped our clients address their challenges thro

32、ugh our capital,advice and innovative solutions.Today,we are supporting the growing market demand for sustainable finance,helping clients to identify and capture opportunities with our capabilities.We also apply this discipline to our own business to help us better manage risk as a firm.In a complex

33、 world,our sustainability strategy is straightforward:Manage risk and create value for our clients and our firm.Driving LongTerm ValueOur Sustainable Finance Strategy6 Goldman Sachs 2022 Sustainability ReportHow Our Sustainable Finance Strategy Drives LongTerm Value for Our ShareholdersWorking with

34、ClientsOur sustainability strategy is centered on how we can help our clients achieve their sustainability objectives.We have developed and continue to refine our firmwide One Goldman Sachs commercial model that leverages the full depth and breadth of our franchise,with the goal of bringing the best

35、 of Goldman Sachs and our sustainable finance capabilities to our clients.Managing Our FirmWe promote an inclusive workforce,providing our people with the tools,resources and support they need to serve our clients.To learn more,please see our People Strategy Report 2022,which will be published in th

36、e coming months.Our people actively protect the value of our firm,taking care to manage our own global footprint.Byextending our commitments and tending to our supply chain,we strive to lead through action to advance sustainable business outcomes over the long term.Addressing Market GapsWhen we iden

37、tify gaps in the marketplace,we seek to address them by leveraging our existing capabilities and those of our strategic partners.Our external partnerships and strategic philanthropy support our work with clients to develop innovative solutions that help solve for gaps in the marketplace.Leveraging t

38、hese partnerships ultimately creates synergies for our commercial offering.The lessons we learn further inform the development and execution of our sustainable finance capabilities and the solutions we bring to our clients and to markets.Our Sustainable Finance Strategy Driving Long-Term Value1237 G

39、oldman Sachs 2022 Sustainability ReportOur Sustainable Finance FrameworkGrounded in over a decade of market research,client engagements and investing in sustainable solutions,our Sustainable Finance Framework is organized around two strategic priorities where we expect to have the greatest impact th

40、rough our commercial work with clients and strategic partners advancing climate transition and driving inclusive growth.Underpinning these two strategic priorities are nine sub-themes,which help us prioritize how we develop and refine our sustainable finance capabilities to help support both current

41、 and future client demand.Clean EnergyEnable renewable energy generation,energy efficiency and grid services.Sustainable TransportShift modes of transit through electric vehicles,connected services,autonomous driving and publictransportation development.Sustainable Food and AgricultureEnable green a

42、gricultural production,storage,processing and distribution to feed the world.Waste and MaterialsPromote sustainable production and consumption,along with responsible waste management.Ecosystem ServicesContribute to the sustainable management of naturalresources and monetize the value of forests,wate

43、r and biodiversity.Accessible and Innovative HealthcareEnable the use of digital technology,advanced devices and diagnostics for better outcomes.Financial InclusionAdvance financial inclusion for all,including underserved populations,by promoting access to capital,financial technology and products t

44、hat increase access,support financial health and drive more equitable economic growth.Accessible and Affordable EducationEnable greater access to education,improve learningoutcomes and help close opportunity gapsfor learners of all ages.CommunitiesEnable infrastructure development,affordable housing

45、 and livelihood advancement.Climate TransitionInclusive GrowthOur Sustainable Finance Strategy Driving Long-Term Value8 Goldman Sachs 2022 Sustainability ReportOn Track to Deliver on Our$750 Billion Sustainable Finance CommitmentAligned with our Sustainable Finance Framework,this firmwide 10-year,$7

46、50 billion commitment placed our sustainable finance strategy at the core of our financing,investing and advisory work with clients.We have made significant progress over the first three years.Since setting our 10-year goal,weve achieved approximately$425 billion in commercial activity,including$215

47、 billion in climate transition,$67 billion in inclusive growth and the remainder in multiple themes.This progress demonstrates the strength of our strategy and our ability to direct capital toward needed solutions to help our clients achieve their sustainability objectives.Our work with BlocPower(as

48、 discussed on page 32)and KORE Power(as discussed on page 43)are examples of our sustainable finance activity.For more information on these examples and others,please see the Opportunities with Our Clients and Partners section of this report.of 10-year commitment achieved in first three yearsin Clim

49、ate Transitionin Inclusive Growth$750B$425B$215B$67BOur Sustainable Finance Strategy Driving Long-Term Value55%The transition to a low-carbon economy is complex and will take time.We continue to engage with clients in sectors,including energy,transport and heavy industry,that are crucial to helping

50、ensure the inputs powering the economy remain available,affordable and reliable,until new,innovative technologies scale and come to market.“Were focused on delivering a holistic,market-based approach towards sustainability for our clients.From the energy transition to furthering inclusivity through

51、business,the actions that we are taking today are aimed at creating jobs and opportunities that will empower others and allow our economy to reach its full potential.”Dina Powell McCormick Global Head of Sustainability and Inclusive Growth9 Goldman Sachs 2022 Sustainability ReportBuilding Our Capabi

52、lities over TimeWe have been helping our clients and partners achieve their sustainability objectives for more than two decades.In 2019,to meet increasing client demand,we increased the pace of our activity by embedding within our business segments sustainability-related expertise,which was increasi

53、ngly becoming one of the core capabilities of our firm.Our Sustainable Finance Strategy Driving Long-Term Value20012007200920052008201420192021One of first US banks to develop an Environmental Policy FrameworkLaunch 10,000 Women,reaching over 200,000 women across 150 countries since inception10,000

54、Women and International Finance Corporation launch the Women Entrepreneurs Opportunity Facility(WEOF),reaching more than 164,000 women entrepreneurs and providing over$4.5B in loans to women-owned businesses since inceptionEstablish Sustainable Finance GroupAnnounce$750B by 2030 Sustainable Finance

55、CommitmentLaunch Carbonomics,our flagship research series on the economics of reaching net zeroIssue$800M inaugural Goldman Sachs Benchmark Sustainability BondLaunch One Million Black Women in partnership with Black women-led organizations and an advisory council of Black executivesCommit to align o

56、ur business with a net zero by 2050 pathwayLaunch Urban Investment Group,committing$14B to dateLaunch GS SUSTAIN,which provides research and data tools to clients exploring how innovation,regulation and implementation of environmental,social and governance topics will impact sustainable investing an

57、d broader capital flowsLaunch 10,000 Small Businesses,reaching more than 13,600 entrepreneurs in the US to date,representing a network of 245,000 total employees and$17B in total revenue20152020Reach carbon neutrality across operations and business travelAcquire Imprint Capital AdvisorsAnnounce Laun

58、ch With GS Black and Latinx CohortEstablish a board diversity and engagement team,facilitating 75 diverse board placements at client organizations since inceptionCreate Sustainable Investing Group and Commodities Sustainable Solutions2022Create Sustainable Banking Group and Net Zero Transition Solut

59、ionsDeploy$2B in investment capital for One Million BlackWomenAchieve 55%of 2030 Sustainable Finance Commitment within first 3 years Acquire NN Investment Partners10 Goldman Sachs 2022 Sustainability ReportOur Sustainable Finance Strategy Driving Long-Term ValueDriving Commercial Impact:Business Int

60、egration with Central CoordinationWe execute our strategy through our core work with clients and deliver our sustainable finance capabilities through our strategically realigned business segments and OneGoldman Sachs client delivery model.The formal operationalization of our ambition was catalyzed i

61、n 2019,with the creation of our Sustainable Finance Group(SFG).This centralized team of sustainable finance professionals is part of the Executive Office.SFG is tasked with developing and driving the firms sustainability strategy and related efforts across GoldmanSachs,including engagement with the

62、firms stakeholders on sustainable finance and sustainability-related policy and reporting,oversight of firmwide transactional environmental and social risk management,and supporting commercial efforts alongside our firms businesses.In prior years,our businesses established Sustainability Councils to

63、 partner with our businesses,to guide and develop their sustainable finance capabilities to better serve their clients.These provisional Sustainability Councils served their purpose as an interim step,leading to our segments now embeddingand incorporating One Goldman Sachs:Delivering the Firms Susta

64、inable Finance Capabilities to Our ClientsOur sustainable finance capabilities and expertise are embedded in how we deliver value to our clients.One Goldman SachsDelivery ModelOur ClientsGlobal Banking&Markets(GBM)develops and maintains long-term relationships with a diverse,global group of inst

65、itutional clients in the private and public sectors,and supports clients sustainability efforts through sustainability advisory,net zero transition solutions,a full suite of sustainable and transition capital(equity,debt,structured)and commodities sustainablesolutions.Global Banking&MarketsAsset

66、&Wealth Management(AWM)provides investment services to both institutional and individual clients,with the goal of delivering sustainable finance solutions across a range of channels and asset classes.Asset&Wealth ManagementPlatform Solutions includes our Transaction Banking and platform busi

67、nesses with sustainable finance capabilities,including ESG-linked transaction banking and other solutions.Platform SolutionsSustainable Finance GroupGlobal Investment Research(GIR)GS SUSTAIN research Carbonomics researchFirmwide Resources11 Goldman Sachs 2022 Sustainability ReportNNIP IntegrationOur

68、 acquisition of NN Investment Partners(NNIP)1 has increased our assets under supervision(AUS)to approximately$2.5trillion as of December 31,2022,affirming our position as a top five active asset manager globally.The integration of NNIP into AWM has enhanced our ability to partner with clients as the

69、y pursue their ESG and sustainable investing goals.We are leveraging NNIPs sustainable investing expertise along with our existing capabilities,strengthening how we integrate environmental,social and governance factors into our investment processes,broadening our product offerings and bolstering our

70、 capabilities to deliver for our clients on their sustainable investing priorities.sustainable finance through efforts like the Sustainable Banking Group and the acquisition of NN Investment Partners.Today,our clients,from corporate issuers to asset owners and managers,turn to us for our sustainable

71、 finance capabilities,including tailored advice,innovation and execution across many transaction types.Through our OneGoldman Sachs delivery model,we bring the best thinking and advice from across the firm to help our clients achieve their most important priorities.This is how we have deepened our s

72、ustainable finance expertise and integrated it into our businesses not as an isolated group or stand-alone offering but as a centrally coordinated,commercially integrated approach to meet the growing,multifaceted needs of our clients and markets.1 NN IP was rebranded to Goldman Sachs Asset Managemen

73、t on March 6,2023.12 Goldman Sachs 2022 Sustainability ReportOur Sustainable Finance Strategy Driving Long-Term ValueThis report focuses on the how demonstrating how Goldman Sachs helps clients achieve their sustainability objectives.The proactive role we take in meeting the increasing demand for su

74、stainable finance advice,tools and solutions helps us inform the market and develop new solutions to better support our clients.This is how we continue to deliver on our sustainable finance commitments that enable our clients to pursue their objectives and driveprogress.The pages that follow feature

75、 sets of opportunities we have helped become realities.Youll learn about specific instances of how we are helping facilitate the gray-to-green transition,from our work with Chevron in its acquisition of a leader in biofuels to catalyzing public-private partnerships to help electrify bus systems in S

76、outh and Southeast Asia.We also share our work to create economic opportunities from our flagship initiatives,including OneMillion Black Women and 10,000 Small Businesses,to our AIMS Imprint and Urban Investment Group businesses.Inaddition,we show how we are supporting different forms of capital to

77、drive innovation,how we have supported andcontinue to support the scaling up of critical platforms to drive impact,how we are helpingto advance the circular economy and preserve and restore biodiversity,and how Goldman Sachs tools and solutions help drive better-informed investment decision-making.T

78、his is how we are helping our clients and partners prepare for and capitalize on opportunities to achieve their sustainability objectives.Empowering Our Clients to Capitalize on Opportunities Our Sustainable Finance Strategy Driving Long-Term Value13 Goldman Sachs 2022 Sustainability ReportOpportuni

79、ties with Our Clients and PartnersWe leverage our deep markets expertise and insights to support our clients sustainability objectives and to work with our partners to drive capital toward more sustainable solutions in the real economy.The way forward is not always clear,but our approach is:Turn cha

80、llenges into opportunities.Balancing short-term needs with long-term ambitions is a necessity.Wework together with our clients and partners to originate and deliver insights,innovation and solutions.Building Platforms to ScaleLeveraging Our Expertise toCreateEconomic OpportunityAdvancing Emerging Op

81、portunities Circularity and BiodiversityMobilizing Private Capital for InnovationDeveloping Tools and Solutions to Drive Better Decision-Making and OutcomesSupporting the Gray-to-Green Transition45255337611514 Goldman Sachs 2022 Sustainability ReportSupporting the GraytoGreen TransitionWe acknowledg

82、e that the transition to a low-carbon economy is complex and will take time.As capital helps fundamental sectors move toward decarbonization,there will be trade-offs along the way.At Goldman Sachs,our approach to climate transition is pragmatic.Going from an emissions-intensive,gray economy to a gre

83、en one will involve participation from todays highest emitting companies.Supporting todays hardest-to-abate sectors,including energy,transport and heavy industry,is crucial to help ensure the inputs powering the economy remain affordable and reliable as market dynamics evolve and new,innovative tech

84、nologies scale.We are helping our clients advance their climate transition strategies.Heres how.$100$150Tin cumulative investment1 needed globally through 2050 to keep the world on a path to limit temperature increase to 1.5 degrees Centigrade above pre-industrial levels78%10%12%Electrification&

85、RenewablesEfficiency&CircularityAlternative TechnologiesOpportunities with Our Clients and Partners In this chapter:17 Chevron Acquires Leader in Biofuels18 Enel First-Ever Sustainability-Linked Bond Linked to EU Taxonomy19 Stabilizing Electricity Prices in Chile to Support Transition from Coal

86、to Renewables20 ESG-Linked Financing for the North American Development Bank22 Monolith Scaling Up Production of Clean Hydrogen23 Catalyzing Electrification of Critical Public Transit in India and Vietnam1 BCG/GFMA:Climate Finance Markets and the Real Economy:Sizing the Global Need and Defining the

87、Market Structure to Mobilize Capital,December 2020.Goldman Sachs 2022 Sustainability Report15 Enabling Hard-to-Abate Sectors to TransitionIn our role as a leading financial institution,we work with our clients,including those in the highest-emitting,hardest-to-abate sectors that remain critical to a

88、 well-functioning global economy.We support our energy clients in addressing todays challenges so they can deliver secure,reliable energy in the near term drawing on current gray sources,including oil and natural gas,to meet global demand while also investing in and allocating capital to greener,cle

89、aner sources of energy.Transitioning to a lower-carbon economy while maintaining affordability and reliability of energy supply going from gray to green is a systems-level challenge that requires systems-level solutions.This can be solved by building platforms across the value chain to design and de

90、ploy at speed andscale.In the immediate near term,according to our Carbonomics research team,the energy industry will need to take on,compared to what it has spent in recent years,an additional$1 trillion in capital expenditures per annum through 2026.1A successful transition will depend on a number

91、 of factors,including public investment,private investment and publicprivate partnerships.Our Sustainable Banking Group is actively pursuing decarbonization solutions across a wide range of industries.Through our data-driven insights,advice and capital,we partner with our clients to help them improv

92、e their carbon efficiencies and build more resilient businesses over the long term.Aside from the capital required for the transition,there are still significant gaps in both scalable technology solutions and requisite policy support to achieve stated objectives.In addition to helping our clients al

93、locate capital,we also invest our firms own capital to help drive new,early-stage technology development and deployment.Addressing large gaps in the global ecosystem warrants engagement with strategic partners,both public and private,with complementary strengths and areas of focus.Asexamples in this

94、 report illustrate,we seek such partnerships where objectives align for long-term value creation and enduring impact at scale.Opportunities Going from Gray to GreenSupporting Our Clients in Going from Gray to Green1 Goldman Sachs Research:Carbonomics:Affordability,Security and Innovation,November 20

95、22.“Despite complex factors in todays markets,our corporate clients continue to approach us for advice and bespoke solutions on how they can deliver on their decarbonization commitments to drive long-term value for their shareholders.”John Greenwood Head of Sustainable Banking Group,Global Banking&a

96、mp;Markets16 Goldman Sachs 2022 Sustainability ReportCASE STUDYChevron Acquires Leader in Biofuels4.2Mmetric tons of carbon reduction delivered by REG in 2020,while producing 519 million gallons of biodiesel and renewable diesel1Opportunities Going from Gray to GreenGlobal energy leaders are chartin

97、g their own paths to a lower-carbon economy.In June 2022,Chevron acquired Renewable Energy Group(REG),a leading innovator in the renewable fuels industry REG helped pioneer.The transaction created Renewable Fuels-REG,Chevrons new renewable fuels business.The new business combines REGs growing renewa

98、ble fuels production,including 11 biorefineries across the US and Europe,and leading feedstock capabilities,with Chevrons large manufacturing,distribution and commercial marketing position.As Chevrons financial advisor for this transaction,Goldman Sachs helped Chevron acquire a renewable fuels busin

99、ess that is expected to help expand its carbon solutions offering to customers and accelerate Chevrons progress toward its goal to grow its renewable fuels production capacity to 100,000 barrels per day by 2030.1 REG:Renewable Energy Group Reports Fourth Quarter and Full Year 2020 Financial Results,

100、2021.“REG was a founder of the renewable fuels industry and has been a leading innovator ever since.Together,we can grow more quickly and efficiently than either business could on its own.”Mike WirthChairman and Chief Executive Officer,Chevron17 Goldman Sachs 2022 Sustainability ReportManaging Throu

101、gh Complexity2022 served as a reminder of the fragility of global supply chains and the nonlinear pathof emissions reduction.The market dynamics related to global climate transition remain complex and interdependent,with recent events,including the pandemic andRussias invasion of Ukraine,complicatin

102、g the decarbonization plans of countries and companies.There are positive tailwinds,though,such as the US Inflation Reduction Act and the European Green Deal,which are expected to incentivize significant investment in renewables and needed technologies to secure a reliable,affordable and cleaner ene

103、rgy supply over the long term.Despite recent challenges,our firm continues to deploy capital to clients in traditionally high-emitting sectors to both support current growth and enable investment in new technologies to catalyze their own decarbonization efforts.CASE STUDYEnel First-Ever Sustainabili

104、ty-Linked Bond Linked to EU TaxonomyAfter inventing a sustainability-linked financing asset class back in 2019,Enel demonstrated continued commitment to the format and its innovation with the first-ever sustainability-linked bond linked to EUTaxonomy.The1.5 billion bond featured Scope 1 intensity re

105、lated topower generation,Scope 1 and 3 emissions intensity for integrated power,proportion of CapEx aligned to EU Taxonomy and absolute Scope3emissions related to gas retail.1 Goldman Sachs acted as joint bookrunner for the successful transaction and on each of Enels SLBs,which in 2022totaled$12.6 b

106、illion.2Opportunities Going from Gray to Green1 The GHG Protocol Corporate Standard classifies a companys GHG emissions into three“scopes.”Scope 1 emissions are direct emissions from owned or controlled sources.Scope 2 emissions are indirect emissions from the generation of purchased energy.Scope 3

107、emissions are all indirect emissions(not included in Scope 2)that occur in the value chain ofthe reporting company,including both upstream and downstream emissions.2 Enel,“Enel Successfully Launches a Dual-Tranche 1.5 Billion Euro,Sustainability-Linked Bond,in the Eurobond Market,”February 2023;Bloo

108、mberg,as of March 3,2023.18 Goldman Sachs 2022 Sustainability Report*In the original version of this report,published April 24,2023,the last sentence in the Enel case study incorrectly stated the amount of SLBs in 2022 as 12.6 billion.The sentence was corrected on December 7,2023,to reflect the corr

109、ect total of$12.6 billion.Management of Carbon-Intensive AssetsThe world still relies heavily on carbon-intensive energy and infrastructure.Achieving a low-carbon global economy will involve transition away from high-emitting assets(such as coal power)to lower-carbon sources under an orderly approac

110、h that supports decarbonization in the real economy while preventing adverse consequences,such as impact to energy reliability and security.The potential orderly retirement or conversion of high-emitting assets poses numerous risks.Such assets include power plants and also ships,diesel railroad engi

111、nes,chemicals-production facilities and myriad other assets that keep todays economy running.As an example,the threat of high-emitting assets being stranded in the transition to a low-carbon economy requires careful management.High-emitting assets still need to be operated efficiently in the near te

112、rm to support their transitions to lower-emitting alternatives or substitutes,particularly as the market seeks to balance energy reliability and access.Goldman Sachs supported the capital-raising of$908 million in blended finance to securitize receivables from the electrical generation companies ser

113、ving Chile.This will help to stabilize pricing as new,cheaper renewable energy is deployed in the country and carbon-intensive plants,including coal-fired ones,are retired.This was the first application of rate-reduction bond technology in Latin America,an approach frequently used in the US,Canada,S

114、pain,Portugal and other markets,as well as the first application of a Chilean special purpose vehicle for an international securitization.Stabilizing Electricity Prices in Chile to Support Transition from Coal to Renewables CASE STUDY$908Min capital raised in blended finance to securitize receivable

115、s from the electrical generation companies serving Chile19 Goldman Sachs 2022 Sustainability ReportOpportunities Going from Gray to GreenWe have engaged stakeholders involved in the transition,conversion and replacement ofhigh-emitting assets.Today,we are focused on assisting clients seeking to brin

116、g related transactions to market and supporting solutions through our firms investing capabilities.Infuture reports,we plan to share progress in this area.Opportunities Going from Gray to GreenIn a transaction designed to accelerate green solutions,we closed an approximately$100 million financing fo

117、r the North American Development Bank.The bank,owned jointly by the US and Mexican governments,provides financing for environmental infrastructure projects located within 100 kilometers to the north and 300 kilometers to the south of the border between the US and Mexico,involving states including,bu

118、t not limited to,Texas,New Mexico,Arizona,California,Tamaulipas,Sonora,Chihuahua,Coahuila,Baja California and Nuevo Leon.Proceeds of this financing will beallocated solely to eligible green projects,in accordance with a Green Bond Framework1 that is aligned with International Capital Market Associat

119、ion(ICMA)principles.2 Such projects may include climate change mitigation,natural resource conservation,biodiversity conservation,and pollution prevention and control.ESG-Linked Financing for the North American Development BankCASE STUDY1 North American Development Bank:Green Bond Framework,2020.2 I

120、nternational Capital Market Association:“Green Bond Principles,”June 2022.20 Goldman Sachs 2022 Sustainability ReportOpportunities Going from Gray to GreenCarbonomics for the Economics of Climate TransitionTo guide clients through their transition to a low-carbon economy,we need to understand the ec

121、onomics that shape it.Carbonomics is Goldman Sachs Global Investment Researchs flagship series that focuses on the economics of decarbonization and sustainable growth.For the fourth consecutive year,our Carbonomics initiative has released its carbon abatement cost curve,delineating what is needed to

122、 achieve decarbonization goals in line with the UN Sustainable Development Goals.The cost of decarbonization continues to improve,thanks to clean tech innovation and higher prices for traditional hydrocarbons.Leveraging our project-by-project modeling of giant long-term energy projects,weestimate th

123、at the cost of capital of hydrocarbon vs.renewable developments has widened by more than10 percentage points over the past four years.1 This has brought us to a historic turning point in energy investment,with global renewable power spend overtaking oil and gas developments for the first time inhist

124、ory.In updating our Carbonomics cost curve across 100+technologies,Global Investment Research(GIR)arrived at three key conclusions:Clean technologies associated with energy efficiency and substitution of hydrocarbons(renewables,clean hydrogen,biogas)continue to move lower on the cost curve.Net zero

125、carbon by 2050 will require a material step-up in investments,with$2$3 trillion p.a.of global investments needed in low-carbon infrastructure during the 2030s.2 The big policy breakthrough in 2022 the US Inflation Reduction Act is transformational for the economics of hydrogen and carbon capture tec

126、hnologies.1 Goldman Sachs Research:Carbonomics:Affordability,Security and Innovation,November 2022.2 Goldman Sachs Research:Carbonomics:The Economics of Net Zero,November 2022.12321 Goldman Sachs 2022 Sustainability ReportMonolith uses carbon-free energy as part of a proprietary process to convert c

127、onventional and renewable natural gas to hydrogen and carbon black.Focused in cleanly made hydrogen,carbon black and ammonia,Monolith currently operates its first commercial-scale production facility,Olive Creek1.Olive Creek2 is expected to be completed in 2027.Demonstrating our leadership inprivate

128、 financings for transition-focused companies,we served as placement agent for a$300million capital raise round led by TPG Rise Climate and Decarbonization Partners,a partnership between BlackRock andTemasek.Monolith Scaling Up Production of Clean HydrogenCASE STUDY“Monolith has established itself as

129、 a technology leader in methane pyrolysis,providing sustainable and low-cost hydrogen and carbon black from natural gas.We see significant opportunity for the company to continue scaling its technology,enabling the decarbonization of a broad range of important end markets.”Dr.Meghan SharpGlobal Head

130、 of Decarbonization Partners22 Goldman Sachs 2022 Sustainability ReportOpportunities Going from Gray to GreenOpportunities Going from Gray to GreenCASE STUDYThe needed cumulative investment for decarbonization in Asia is estimated at$66 trillion.To help address this investment gap,in 2021 Goldman Sa

131、chs and Bloomberg Philanthropies assisted in seeding and launching the Climate Innovation&Development Fund,a blended-finance facility to help catalyze action and investment in South and Southeast Asia.Managed by the Asian Development Bank(ADB),the fund is focused on where the need is great,but t

132、he returns required by private capital alone have rendered much-needed projects uninvestable.In 2022,the fund invested in its initial projects,which are designed to helptransform,through electrification,bus systems in India andVietnam.Catalyzing Electrification of Critical Public Transit in India an

133、d Vietnam1 BCG/GFMA:Climate Finance Markets and the Real Economy:Sizing the Global Need and Defining the Market Structure to Mobilize Capital,December 2020.regional investment1 needed across Asia to meet global climate goals$66T“This initiative brings people together to unlock capital and jump-start

134、 more projects that will cut emissions,improve public health,spur economic growth and create jobs.Were looking forward to working with partners at the Asian Development Bank and Goldman Sachs on these initial projects in India and Vietnam.”Michael R.Bloomberg Founder,Bloomberg LP and Bloomberg Phila

135、nthropies23 Goldman Sachs 2022 Sustainability ReportCatalyzing Electrification of Critical Public Transit in India and VietnamCASE STUDY44xfunds investment capital mobilized in Vietnam for this projectVinfast Investment in VietnamIn Vietnam,the funds investment helped mobilize 44 times its investmen

136、t capital to support the countrys first electric bus fleet for public transport and the first national electric vehicle charging network.The project aims to build up to 140 e-buses and 150,000 charging ports across 2,000 to 3,000 stations throughout the country.15Ktons of CO2 emissions per year esti

137、mated to be avoided from this project1GreenCell Investment in IndiaIn India,the Climate Innovation and Development Funds investment helped mobilize approximately 14times its investment capital to support the purchase of 255 electric buses to replace existing diesel buses operating on 56 high-traffic

138、 intercity routes,including Delhi and Pune,and in the states of Andhra Pradesh,Karnataka,Tamil Nadu and Telangana.The e-buses are expected to serve five million people per year and include enhanced safety features for female passengers.Inaddition,the fund will support the construction of charging in

139、frastructure,including solar-plus-battery solutions at the bus depots to maximize potential emissionsreductions.“Public-private partnerships facilitating blended-finance facilities will help mobilize capital needed to accelerate progress toward a more sustainable global economy.The Climate Innovatio

140、n and Development Fund with Bloomberg and Goldman Sachs is one example of a very high-impact model.Were excited by the Funds initial investments ability to begin to mobilize additional private sector and governmental investments to support the decarbonization of mass transportation in South and Sout

141、heast Asia to put the region on the path to low-carbon economic growth.”Ahmed Saeed Vice President for East Asia,Southeast Asia and the Pacific,Asian Development Bank1 Projection provided by the Asian Development Bank.24 Goldman Sachs 2022 Sustainability ReportOpportunities Going from Gray to GreenI

142、n this chapter:27 10,000 Women:15 Years of Impact28 Partnering on Women Entrepreneurs Opportunity Facility(WEOF)29 10,000 Small Businesses:Empowering Entrepreneurship31 One Million Black Women(OMBW)31 NYC Small Business Opportunity Fund:Affordable Financing for BIPOC and Women-Owned Small Business O

143、wners32 BlocPower Energizing Job Creation for New Yorkers32 NOWAccount Helping Small Businesses Manage Short-Term Liquidity33 Black Equity Opportunities(BEO)33 Loop Capital Share Classes Funding Social Goals34 OMBW Black in Business34 OMBW Black Women Impact Grants36 Phipps Houses Meeting Community

144、Needs36 Solfcil FIDC Facility Innovating Cost of Home SolarLeveraging Our Expertise toCreateEconomic OpportunityWe leverage our expertise as a financial institution to work toward a more inclusive economy.We pursue innovative commercial and philanthropic solutions that address economic and social ch

145、allenges in communities across the United States andglobally.$2BOne Million Black Women investment capital deployed of total$10 billion by 2030 commitment$2.8Bin capital to over 164K women entrepreneurs in 15years of 10,000 Women$1.6Bin total loan capital deployed in US by 10,000 Small Businesses Go

146、ldman Sachs 2022 Sustainability Report25 Opportunities with Our Clients and Partners We leverage the breadth of our commercial and philanthropic capabilities to help expand access to affordable capital and help create opportunities for under-resourced communities.Our goal is to advance inclusive gro

147、wth,which we see as an imperative to creating value overthe long term.Our signature initiatives,like 10,000 Women and 10,000 Small Businesses,provide business education,access to capital and support services to entrepreneurs,who are foundational to a thriving economy.To date,10,000 Women has helped

148、mobilize$2.8billion in capital through the Women Entrepreneurs Opportunity Facility,a finance facility created in partnership with the International Finance Corporation,and served over 164,000 women.10,000 Small Businesses has served over 16,000 entrepreneurs across the United States,United Kingdom

149、and France through business education,and provided$1.6billion in affordable capital to approximately 38,000 small businesses in the US through Community Development Financial Institutions(CDFIs).1One Million Black Women,our recent 10-year commitment to positively impact the lives of at least one mil

150、lion Black women by 2030,will deploy$10billion in direct investment capital and$100 million in philanthropic capital in affordable housing,job creation,quality education,health care,access to capital and more,all with a focus on closing opportunity gaps for Black women.To date,the initiative has dep

151、loyed approximately$2billion in investment capital,and over$23million in philanthropic funding,laying the groundwork to impact 215,000 Black women.1Core to our commercial strategy is the Urban Investment Group,which provides innovative and responsive capital solutions to help meet the needs of low-t

152、o moderate-income communities across the US through multi-asset-class investing and lending business.In 2022,the Urban Investment Group deployed$2.9billion in real estate projects,social enterprises andlending facilities for small businesses.We understand that driving inclusive growth cannot be solv

153、ed by a single policy or single financial institution.We continue to combine our research with our commercial and philanthropic capabilities to facilitate partnerships to help meet the needs of communities over the long term.Investing for a More Inclusive Economy1 As of March 31,2023.Goldman Sachs 2

154、022 Sustainability Report26 Opportunities Creating Economic Opportunity“I have seen a total turnaround in my life from 10,000 Women.My business has been impacted,my family has been impacted,my community has been impacted.I never thought I could be a leader Ive become a change agent.”Ayodeji Megbope,

155、NIGERIA Founder,No Left-Overs“My biggest transformation has been the financial acumen I have developed from 10,000 Women.Going from being dependent on others for financial knowledge and decision-making to independently being able to control my finances changed the game for me.”Kayan Motashaw,INDIA C

156、EO,LivRite Global Creations10,000 Women:15Years of ImpactGoldman Sachs 10,000 Women is a global initiative that provides women entrepreneurs around the world with access to capital,business education,mentoring and networking.Since our launch in 2008,we have served over 50,000 women through in-person

157、 and online business education,expanding from 15 countries to 150.We exceeded our initial goal of catalyzing$600million in investments to 100,000 women.To date,weve mobilized over$2.8 billion in capital to over 164,000 women entrepreneurs through the Women Entrepreneurs Opportunity Facility,a financ

158、e facility created in partnership with the International Finance Corporation.Fifteen years of 10,000 Women has helped demonstrate the impact of women entrepreneurs,notjust in communities but the global economy.200K+60%women entrepreneurs reached to date of 10,000 Women graduates create new jobs$2.8B

159、70%invested in financial institutions to lend to women entrepreneursof 10,000 Women graduates report higher revenues90%of 10,000 Women graduates pay it forward by mentoring other women 150+countries reached 27 Goldman Sachs 2022 Sustainability ReportOpportunities Creating Economic OpportunityCombini

160、ng the resources,reach and expertise of 10,000 Women and the International Finance Corporation(IFC),WEOF was created to expand access to capital for women entrepreneurs and demonstrate the commercial viability of investing in women-owned small and midsize enterprises(SMEs).Launched in 2014,this glob

161、al facility now represents a$2.8 billion investment in financial institutions in emerging markets.The facility already has reached more than 164,000 women entrepreneurs in over 50 countries,working through 95 financial institutions.After decades of working in real estate and health care,Dr.Seema Gar

162、g had risen to become CEO of a 350-bed hospital and vice president of a petrochemical company.But she longed to be her own boss.She quit her well-paying job and used her life savings to launch SB Hospital and Healthcare Private Limited,a company that designs,builds and renovates hospitals.Seemas bre

163、akthrough came in 2014,when she won a large contract for a 150-bed hospital in Delhi.To secure the funds needed,Seema approached several banks only to hear that they were wary of extending credit to a single woman.Through the 10,000 Women partnership with IFC,a local bank ultimately stepped forward

164、to provide the financing,and,building on this successful venture,Seema received a larger loan in 2021 from one of Indias largest banks to further grow her business.Today,just seven years after venturing out on her own,Seema has 50 employees and has successfully helmed several construction projects.“

165、My aim is that three years down the line,if someone is looking to build a hospital,they should call us,”she says.Partnering on Women Entrepreneurs Opportunity Facility(WEOF)CASE STUDY28 Goldman Sachs 2022 Sustainability ReportOpportunities Creating Economic OpportunityCristina Collazo Founder and VP

166、 of Purchasing&Marketing,Valija GitanaKhari Parker Co-Founder,Connies Chicken and Waffles10,000 Small Businesses:Empowering EntrepreneurshipGoldman Sachs 10,000 Small Businesses(10KSB)is a$750 million commitment to help entrepreneurs create jobs and economic opportunity.The program provides acce

167、ss to business education,capital and support services to small businesses.13.6K+$17Balumni in the United Statesin total revenue by alumni businesses2.3K+245Kalumni in the United Kingdom and Francetotal employees of alumni businesses85%of alumni do business with each other$1.6Bin total loan capital d

168、eployed in US by 10,000 Small Businesses“The 10KSB training in marketing was especially valuable,and helped us become comfortable with hiring a design agency in New York City to help drive attention to our digital market and increase sales from US-based customers.”“Completing the 10KSB Growth Plan r

169、eally got us going.Weve expanded from two to four locations and opened a juice bar and pizza restaurant.”“The blue sky thinking exercise taught me to think bigger.Weve expanded into other schools and branched into additional practical skills such as plumbing.”Michael Schloff Founder and CEO,Maplewoo

170、dshop 29 Goldman Sachs 2022 Sustainability ReportOpportunities Creating Economic Opportunity10KSB Summit:Small Business.Big Voice.The 10KSB Summit was the largest-ever gathering of small business owners in the US.The three-day summit in Washington,D.C.,in July of 2022,brought together more than 2,00

171、0 10KSB alumni to celebrate their resilience and economic impact.Attendees gained insights from business leaders,policymakers and oneanother on best practices for business growth,hiring,accessing capital and more.DRIVING GROWTH,CREATING JOBSGraduates consistently show revenue growth and create jobsm

172、onths after graduationRevenue Growth118666%71%3073%months after graduationJob Growth218647%52%3054%1 The percentage of 10,000 Small Businesses alumni who increased revenues.2 The percentage of 10,000 Small Businesses alumni who increased jobs.Opportunities Creating Economic Opportunity10,000 Small B

173、usinesses:Empowering Entrepreneurship30 Goldman Sachs 2022 Sustainability ReportOne Million Black Women(OMBW)CASE STUDYNYC Small Business Opportunity Fund:Affordable Financing for BIPOC and Women-Owned Small Business OwnersIn partnership with New York City Mayor Eric Adams and the Department of Smal

174、l Business Services(SBS),One Million Black Women and the Urban Investment Group launched a$75million loan fund that will allow small business owners across the five boroughs of New York City to apply for loans ranging from$2,000 to$250,000 and pay a sub-market fixed interest rate of 4%,regardless of

175、 loan size.It is estimated the program will serve about 1,500 small businesses,with a focus on those owned by BIPOC and women,and will provide resources at a critical time in the citys economic recovery.As the largest public-private loan fund for small businesses in the history of New York,the Oppor

176、tunity Fund will set aside a portion of its funding for early-stage businesses with fewer than two years ofoperations.The Fund will help build capacity for eight not-for-profit New Yorkbased Community Development Financial Institutions,which will serve as the loan originators and servicers,whilethe

177、Community Reinvestment Fund will serve as the Funds Administrator.3 Building Our Initiatives on Research Our Black Womenomics research estimates that reducing the earnings gap for Black women could raise the level of annual US GDP by 1.4%2.1%each year,creating up to 1.7 million jobs and raising the

178、levelofannual US GDP by$375$560 billion.1 This is no surprise,given Black-owned businesses are nearly three times more likely than white-owned businesses to report that access to financial capital and the cost of financial capital negatively impact profits.Informed by this research,Goldman Sachs has

179、 committed$10 billion in direct investment capital and$100 million in philanthropic capital over the next decade to help address the disproportionate gender and racial biases that Black women have faced for generations.Ourgoal is to positively impact the lives of at least one million Black women by

180、2030.To date,the initiative has deployed approximately$2billion in investment capital and$23million2 in philanthropic capital across the United States.The Bigger Picture|March 9,2021BLACK WOMENOMICSDaan Struyven Gizelle George-Joseph gizelle.george- Investing in the Underinvested The Goldman Sachs G

181、roup,Inc.Daniel Milo 1 Adjusted for the expected 7%rise in US nominal GDP in 2023.2 As of March 31,2023.3 NYC:“Mayor Adams,SBS Commissioner Kim Hail Successful Rollout of NYC Small Business Opportunity Fund,”February 2023.“Our focus continues to be on pursuing research-driven,innovative capital solu

182、tions that leverage the power of cross-sector collaboration to create and sustain a thriving,inclusive economy.”Asahi PompeyGlobal Head of Corporate Engagement“Goldman Sachs is continuing to invest in this city,and we are really excited about their partnership and we want to thank them for what they

183、 have done,what they are doing and what they are going to do in the future.”Eric Adams Mayor of New York City31 Goldman Sachs 2022 Sustainability ReportOpportunities Creating Economic OpportunityOne Million Black Women and the Urban Investment Group partnered with BlocPower on their new program,the

184、Civilian Climate Corps,which connects New Yorkers at risk of gun violence with jobtraining opportunities in a variety of high-demand,good-paying green-economy industries,including solar,heat pump and electric-vehicle charging installation.This builds on a prior investment to help BlocPower finance t

185、he acquisition and installation of clean and affordable electric heating and cooling systems in underserved NewYork City neighborhoods benefiting residents with improved air quality,increased temperature control and energy-efficient technology.CASE STUDYOne Million Black Women and the Urban Investme

186、nt Group provided a$200 million loanfacility to Now,an innovative payment solutions business that helps small B2B companies get paid immediately via their NowAccount,so they can increase cash flow while eliminating the risk of late payments and nonpayment of invoices.Through this investment,Now aims

187、 to accelerate invoice payments to help small and often under-resourced businesses such as Black womenowned businesses optimize their short-term liquidity needs so they can grow sustainably.Now has formed strategic partnerships with organizations including Initiative for a Competitive Inner City,Geo

188、rgia Minority Supplier Development Council,Black Directory and Culture Genesis,among others to increase its reach among Black womenentrepreneurs.CASE STUDYNOWAccount Helping Small Businesses Manage Short-Term LiquidityBlocPower Energizing Job Creation for New Yorkers32 Goldman Sachs 2022 Sustainabil

189、ity ReportOpportunities Creating Economic OpportunityVia our Alternative Investments&Manager Selection(AIMS)Group,Goldman Sachs manages a fund-of-funds strategy that seeks to invest in Black-owned venture capital and growth equity funds.The BEO fund is promoting greater representation of Black i

190、nvestors and entrepreneurs in the venture capital and growth equity ecosystem.The fund is anchored by a commitment from former Microsoft CEO Steve Ballmer and his wife Connie as part of their focus on Black investment managers and Black businesses.Over a three-year period,BEO plans to invest in six

191、to nine funds peryear.Through this fund,we aim to direct more capital into thehands of diverse managers who are focused on investing in diverse talent and driving strong financial outcomes.We expect the majority of the underlying firms to be managed by emerging Black talent whomay be running first-,

192、second-or third-time funds,and we anticipate that at least 30%of the underlying companies will be ledby Black founders/entrepreneurs.CASE STUDYIn conjunction with One Million Black Women(OMBW),Goldman Sachs Asset Management Liquidity Solutions has agreed to donate the greater of$100,000 or 10%of agg

193、regate net revenues generated from share classes distributed by Loop Capital to nonprofits that align with the impact pillars of OMBW.This is the second year that GSAM will make donations under the program.The 2023 donations will be made to Hope Enterprise Corporation to provide down-payment assista

194、nce across the Deep South(Alabama,Arkansas,Louisiana,Mississippi and Tennessee)and totheUnited Negro College Fund(UNCF)to provide scholarships to Black women inSTEM fields.In 2022,Hope used proceeds to fund down-payment assistance tofive Black female homebuyers,supporting a total of 15 people,as the

195、se women areheads of households.UNCF will begin awarding these scholarships in 2023.Loop Capital Share Classes Funding Social GoalsCASE STUDYOpportunities Creating Economic OpportunityBlack Equity Opportunities(BEO)33 Goldman Sachs 2022 Sustainability ReportSupporting Black Women EntrepreneursThough

196、 Black women start businesses faster than any other demographic in the United States,lack of access to business education,capital and resources is a constant barrier to growth.In response,One Million Black Women launched the Black in Business pilot,an entrepreneurship program focused solely on Black

197、 women solopreneurs seeking to grow their business and become job creators.Black in Business builds on the fundamentals and success of 10,000 Women and 10,000 Small Businesses,providing business owners the tools they need to grow.Black in Businesss curriculum was developed in partnership with 1863 V

198、entures,with modules focused on marketing,operations,finances and raising capital.Graduates leave with knowledge on how to price their product or service,hire their first employee,understand their finances and grow their revenue.Creating pathways to successful entrepreneurship is a key component of

199、our strategy to help narrow opportunity gaps for Black women.OMBW Black in Business is a 10-week business education program that provides Black women sole proprietors with the tools to turn their business potential into business growth.To date,more than 450 Black women solopreneurs from 33 states ac

200、ross three cohorts have participated in the 10-week online business education program,which starts and culminates with in-person workshops at Goldman Sachs Headquarters in New York City.Program participants also receive a$2,000 stipend,access to a powerful network of entrepreneurs and strategic advi

201、sors to help guide their growth.OMBW Black in BusinessCASE STUDYWe also know Black women play a critical role as leaders in civilsociety.In response to more than 60 listening sessions with Black women and girls across the United States,we launched OMBW Black Women Impact Grants,awarding 50 Black wom

202、enled organizations with$10million in general operating,multiyear funding.Our goal is to provide access to flexible capital that enables Black women to do what they do best:lead and build their organizations.Black Women Build-Baltimore,pictured on the right,is a Black Women Impact Grant recipient.OM

203、BW Black Women Impact GrantsThe Bigger Picture|February 9,2022BLACK WOMENOMICSEqualizing Entrepreneurship The Goldman Sachs Group,Inc.Gizelle George-Joseph gizelle.george- Daniel Milo CASE STUDY34 Goldman Sachs 2022 Sustainability ReportOpportunities Creating Economic OpportunityOne Million Black Wo

204、men Strategic Partnerships One Million Black Women continues to expand its impact through strategic partnerships.The following are examples of our strategic partnerships across our impact pillars.The King Centers Beloved Community Leadership Academy With support from One Million Black Women,the King

205、 Center launched the reimagined Beloved Community Leadership Academy(BCLA),an innovative and immersive learning experience for youth ages 13 to 18.BCLA focuses on leadership,entrepreneurship and character development for young people.Inaddition,the grant supports a cohort of 50 Black young women fro

206、m across the country,who receive dedicated monthly programming with leadership talks from OMBW Advisory Council members Rosalind Brewer,Thelma Golden and Dr.Ruth Simmons and mentoring from Goldman Sachs OMBWambassadors.Urban Institute Partnership on Closing Wealth GapsOne Million Black Women partner

207、ed with the Urban Institute with the aim of commissioning further research on how to narrow the wealth gap facing Black women.In the first year of the partnership,One Million Black Women and the Urban Institute invited faculty and researchers from Historically Black Colleges and Universities to deve

208、lop new insights into the persistent racial gaps in earnings and wealth.Research from Danielle Dickens,associate professor of psychology at Spelman College;Carolette Norwood,professor and head of the Sociology and Criminology Department at Howard University;Taura Taylor,assistant professor of sociol

209、ogy at Morehouse College;and Angelino Viceisza,associate professor of economics at Spelman College,were selected as the first cohort of research fellows.The partnership plans to announce a second cohort of research fellows later this year.New Leaders Advancing Black Women Principals With support fro

210、m One Million Black Women,New Leaders developed a one-year pilot program to support Black women school and district leaders with targeted one-on-one executive coaching,twogroup-leadership-development series quarterly,and group coaching for Black women who are New Leaders staff.As part of the program

211、ming,Roz Brewer,Valerie Jarrett,Secretary Condoleezza Rice and Dr.Ruth Simmons have participated in leadership development series.“One Million Black Women is moving with a sense of urgency and commitment to deliver these opportunities to Black women who have been left behind for far too long.”Marc H

212、.MorialPresident and CEO,National Urban League“Black women are foundational to communities,and this means that if we are to keep the American dream alive,our democratic values flourishing and our market system strong,then we must focus philanthropic dollars and investment capital to support the orga

213、nizations that are on the front lines of improving our society.”Darren WalkerPresident,Ford FoundationInsights from members of our OneMillion Black Women Advisory Council“Once women are on the track to advance their careers,we have to continue to support them throughout their journeys.Support can ta

214、ke on the role of mentoring new leaders,coaching mid-level professionals,and intentionally recruiting diverse candidates.This integrated approach to nurturing diverse talent will ensure that we reach equity in our workforce and drive growth across all sectors.We must be intentional.”Rosalind G.Brewe

215、rChief Executive Officer,Walgreens“It will take private,public,and nonprofit organizations dedicated to promoting equity,social change and positive economic impact to advance a more inclusive economy.By leveraging the distinctive strengths of each organization,we can help transform communities and s

216、ociety at large while fostering long-term solutions to multifaceted challenges.”Dr.Ruth J.SimmonsEighth President,Prairie View A&M University35 Goldman Sachs 2022 Sustainability ReportOpportunities Creating Economic OpportunityIn addition to collaborating with One Million Black Women,our Urban I

217、nvestment Group also seeks to invest in creating economic opportunity through its other investments,including its work to bring affordable housing to underserved communities in the US.Separately,our Investment Banking business supports underserved populations outside the US.For example,we are helpin

218、g democratize solar power in Brazil through our work with Solfcil.Partnering with Phipps Houses,the oldest and largest not-for-profit developer,owner and manager of affordable housing in the US,our Urban Investment Group is financing the development of a 436-unit affordable housing development in Ea

219、st New York.Atlantic Chestnut Phase II will help maintain and expand affordability in a moderate-income,majority-minority neighborhood,with substantial need and limited supply of high-quality affordable housing.The project includes 66 units for formerly homeless tenants,as well as a community facili

220、ty space for local not-for-profit organizations or other tenants providing services to the surrounding community.Phipps Houses Meeting Community NeedsCASE STUDYSolfcil,a digital platform based in Brazil,sells home solar electric systems across the country and offers to finance them.The financing eff

221、ectively allows their clients to swap their monthly electricity bills for their own solar electric system.Goldman Sachs provided a BRL625 million three-year Senior Warehouse Facility to finance Solfcil in its mission to empower people through the sun.Solfcil FIDC Facility Innovating Cost of Home Sol

222、arCASE STUDY36 Goldman Sachs 2022 Sustainability ReportOpportunities Creating Economic OpportunityMobilizing Private Capital for InnovationTransitioning to a low-carbon economy will require decarbonization across multiple industries and sectors,with existing,emerging and yet-to-be-developed clean te

223、chnologies playing a critical role.As a result,there is a significant opportunity for private capital to advance emerging technologies while generating a return on investment.Accordingly,our Sustainable Investing Group in our Asset&Wealth Management segment is facilitating the movement of capita

224、l into innovation in energy management of buildings,cold chain shipping,wind power drone inspections and energy grid storage,among others.Our sustainable finance expertise in our Global Banking&Markets segment has helped KORE Power break ground on its new battery gigafactory and TAE Technologies

225、 fund the construction of its generation 6 fusion reactor.We are also identifying ways to direct private capital to fuel inclusive growth through innovative approaches to create quality and affordable child care spaces as well asadvancing equity and increasing access to capital for women anddiversee

226、ntrepreneurs.Goldman Sachs is focusing on sectors where capital is needed to help avoid future supply-chain bottlenecks,reduce execution risks and drive innovative solutions.Heres how.Opportunities with Our Clients and Partners In this chapter:39 Horizon Strategies Investing in Solutions for a Low-C

227、arbon Future41 CarbonCure Recycling CO2 into Fresh Concrete41 Pivot Bio Transforming Low-Carbon Agriculture42 Highland Electric Electrifying School Bus Fleets43 KORE Power Gigafactory Breaks Ground43 Supporting Commercializing of TAE Technologies Gen 6 Fusion Reactor44 Low Income Investment Fund(LII

228、F)Building Child Care Centers in Affordable Housing44 Seae Ventures Driving Equitable Investments$1.6B+raised for Goldman Sachs inaugural direct private markets strategy dedicated to climate and environmental solutions11 As of January 10,2023.Goldman Sachs 2022 Sustainability Report37 Opportunities

229、Mobilizing Private CapitalFocusing on Innovation with ImpactInnovative ideas are proliferating across industries to decarbonize and meet clean water and infrastructure goals.But innovation often follows investment.Private capital not only has a role to play in facilitating innovation,but it also can

230、 benefit from long-term investment opportunities.Working together,we are helping our clients make meaningful shifts in how the world investsfor the next generation.The pace of transition to a low-carbon economy can increase with incremental green CapEx from acombination of governments,private compan

231、ies and public companies.As a firm,we are pursuing this opportunity across multiple sectors.Driving short-term changes is critical to mitigating the worst impacts of a changing climate on the economy.However,we also take an expansive,long-term view of climate transition leveraging our resources and

232、financial expertise to help scale emerging innovation across sectors that will be critical to driving economy-wide decarbonization.We remain committed to supporting companies that face unique transition-related challenges today particularly in hard-to-abate sectors while also enabling emerging marke

233、ts,sectors and innovative solutions that seek to expedite the transition to a low-carbon economy.We are already seeing deployment of solutions that are increasing the pace of innovation in areas like hydrogen,battery storage,fusion reactors,low-carbon agriculture and energyefficiency.Working togethe

234、r,across boundaries and in new ways,we look to help our clients drive real and meaningful shifts in how the world invests for the next generations.Ranked#5 on the Impact 301On the listing of the worlds largest managers of private markets impact capital by PEI Media,Goldman Sachs ranked fifth.This is

235、 our first appearance on the list,reflecting the focus we now bring to mobilizing private capital for positive impact.1 As of July 2022.“Goldman Sachs will continue to support our clients in the energy sector,and we will also advise,finance and invest in businesses creating technologies that can acc

236、elerate the transition.We need to do both.Its not an or,its an and.”David SolomonChairman and Chief Executive Officer38 Goldman Sachs 2022 Sustainability ReportCASE STUDYHorizon Strategies Investing in Solutions for a Low-Carbon FutureOur Sustainable Investing Group works with clients through a seri

237、es of Goldman Sachs Horizon strategies,launched to address apowerful commercial opportunity:bridging the capital gap between early-stage solutions for climate and environmental impact and mainstream technology deployment.The Horizon strategies launched to date were created to invest in and scale pro

238、ven companies and technologies tackling climate change byreducing emissions and supporting companies working to build amore resilient environment.Guided by the firms Sustainable Finance Framework,the Sustainable Investing Group invests across climate transition thematics that sit at the intersection

239、 of commercial opportunity and impact.The following are examples of recent investments made by the team to meet growing demand from public and private investors:GridPoint solutions for energy management of commercial buildings,TemperPack environmentally friendly thermal packaging,and SkySpecs wind p

240、ower-bladeinspections.SkySpecsSkySpecs performs wind-blade inspections using advanced drone and imaging-analytics technology,automating damage classification and repair optimization for wind asset owners and operators.SkySpecs inspection services and accompanying asset management offerings allow for

241、 a holistic view of turbine health and help customers manage asset risk,predict failures,prioritize repairs and extend asset-useful life.This reduces the overall levelized cost of energy(LCOE)of wind as a power resource,helping optimize energy production from a renewable source.Opportunities Mobiliz

242、ing Private Capital“Goldman Sachs has been investing in transformative environmental and climate solutions since 2005.Since then,we have witnessed major changes in the technologies that enable more efficient and sustainable business practices,and the appetite from users to adopt them.Today,as the im

243、perative to transition to a more sustainable economic growth model gathers pace,we are excited to continue backing leading businesses in this space as they develop and scale the environmental and climate solutions of tomorrow.”Ken PontarelliHead of Sustainable Investing for Private Markets,Asset&

244、;Wealth Management39 Goldman Sachs 2022 Sustainability ReportHorizon Strategies Investing in Solutions for a Low-Carbon FutureCASE STUDYGridPointGridPoint provides energy management technology for commercial buildings and seeks to deliver savings to customers upon installation and enabling greater i

245、ntegration of distributed energy for gridresilience.Leveraging real-time data analytics,intelligent automation and patented algorithms,GridPoint is helping redefine energy optimization for businesses,buildings and the grid.Through use of monitoring equipment(e.g.,controller,meters,thermostats)and cl

246、oud-based applications(e.g.,report and analytics,HVAC health and testing),GridPoint aims to deliver measurable dollar and energy savings,plus visibility into complex building operations and actionable facility insights,while allowing for more distributed energy resources such as battery storage and

247、electric vehicle chargers on the grid.TemperPack TechnologiesTemperPack is one of the largest producers of sustainable cold chainmaterials for food and life science products in the US,providing environmentally friendly thermal packaging applications for shipping perishable and mission-critical produ

248、cts.TemperPacks flagship product,ClimaCell thermal insulation,is a nontoxic and curbside-recyclable box liner made of 90%cornstarch andpaper.In 2022,TemperPack launched WaveKraft,an on-demand paper insulation system,and acquired KTM Industries,adding the compostable Green Cell Foam to its portfolio

249、of sustainable solutions.Opportunities Mobilizing Private Capital40 Goldman Sachs 2022 Sustainability ReportThe Next Wave of InnovationOur large sustainable alternatives business includes the Urban Investment Group,the Sustainable Investing Group and AIMS Imprint,our dedicated ESG and impact investm

250、ent platform focused on manager selection and co-investments across private and public markets.This years report includes several AIMS Imprint investments,including CarbonCure,Pivot Bio and Highland Electric.Concrete,the most widely used man-made material,is the secondmost consumed material on Earth

251、,trailing only water.Its large carbon footprint,stemming from production of its key ingredient,cement,accounts for 7%of global emissions.1Our AIMS Imprint group has allocated capital to the investors in CarbonCure,a developer of innovative carbon sequestration and avoidance technologies that inject

252、recycled CO2 into fresh concrete,where it permanently mineralizes increasing concrete strength while decreasing the cement content required,without sacrificing material performance.CarbonCure has been able to leverage the carbon sequestration elements of its technology to develop high-quality carbon

253、 credits.CarbonCure won the CarbonXPRIZE in 2021 for its new Reclaimed Water product,which injects CO2 into concrete wastewater slurry toconvert it into a reusable additive for fresh concrete mixes that reduces both water and cement requirements.CarbonCure concrete has been delivered to construct bu

254、ildings,airports,stadiums and Amazons new HQ2 in Virginia.CarbonCure Recycling CO2 into Fresh Concrete CASE STUDY4M truckloads of CarbonCure concrete delivered globally todate2250Kmetric tons of CO2 saved,equivalent to removing 54K cars from the road for a year2,3Despite negative environmental impac

255、t and high costs,synthetic fertilizer production has not changed in more than 100 years.While synthetic nitrogen fertilizers help farmers produce higher crop yields,nitrous oxide emissions are a major contributor to climate change,and nitrate runoff poisons the aqueous ecosystem.Our AIMS Imprint gro

256、up has allocated funds to a manager investing in a transformative solution,Pivot Bio one of the first sustainable alternatives to synthetic nitrogen.Pivot Bio uses proprietary microbes that fix nitrogen from the air into the soil,which supplies nitrogen to a plants roots without washing away or vola

257、tilizing into the air like traditional synthetic fertilizers.The genetic blueprints of each microbe are mapped and programmed to provide nitrogen levels that are adapted to each crops nutrient needs.The end result is fuel-scalable,low-carbon agriculture with higher yields,lower emissions,cleaner wat

258、er and healthier soil.Pivot Bio Transforming Low-Carbon AgricultureCASE STUDYOpportunities Mobilizing Private Capital1 Fennell,Davis and Mohammed:“Decarbonizing Cement Production,”May 2021.2 ,as of April 1,2023.3 EPA:“Greenhouse Gas Emissions from a Typical Passenger Vehicle,”June 2022.41 Goldman Sa

259、chs 2022 Sustainability ReportOur approach includes traditional asset management and sustainable finance transactions,but also seeks to create thriving,purposeful and innovative infrastructure often through purpose-built partnerships.Last year,our AIMS Imprint group announced a strategic investment

260、with Generation IM in the founding of Just Climate,with the mission of limiting global temperature rise by catalyzing and scaling capital toward the most impactful climate solutions.Innovative Capital Solutions across the Value ChainWe aim to look at the entire value chain,in seeking capital solutio

261、ns to advance climate transition and drive inclusive growth.As financiers,investors and advisors,we approach such opportunities as a holistic,interlinked chain of action and innovation.Reducing harmful diesel emissions while improving student and local community health,Highland provides a simple and

262、 cost-effective way to electrify school bus fleets,with more than 330 electric buses under contract across New England,the Rocky Mountain West and the Mid-Atlantic.1 Highlands role in electrifying student transportation combats financial friction to electrification by offering a“Fleet as a Service”s

263、ubscription model that allows a school district to pay for buses on a per-mile-driven basis.Highland Electric Electrifying School Bus FleetsCASE STUDYOpportunities Mobilizing Private Capital1 Business Wire:“Blue Bird Teams Up with Highland Electric Fleets to Provide 12 Electric School Buses to Illin

264、ois School District,”December 2022.42 Goldman Sachs 2022 Sustainability ReportWe served as KORE Powers exclusive placement agent in raising capital for construction of KOREPlex,a lithium-ion battery-cell gigafactory that broke ground in Arizona in late 2022.The financing will also help KORE Power pu

265、rchase long lead-time items required for construction of the facility.KOREPlex will be among the first US battery cell gigafactories built independently of an automotive original equipment manufacturer(OEM),which will enable KORE Power to supply batteries to a wide range of innovative e-mobility and

266、 energy storagecustomers.KORE Power Gigafactory Breaks GroundCASE STUDYFor example,the transportation sector accounts for 29%of all greenhouse gas emissions within the US.1 Vehicle electrification of cars,bus fleets and larger vehicles can significantly reduce these emissions.However,the electrifica

267、tion value chain is complex and stretches from mining critical minerals to transporting and processing thesematerials to building fit-for-purpose batteries tomanufacturing electric vehicles to creating charging stations and utility-grid battery storage.Goldman Sachs often supports this technology in

268、novation and development at every stage of the value chain from helping automakers access key materials and manage price risk in production to advising on financing the rapid growth of next-generation battery manufacturers such as KORE Powersnew gigafactory in Arizona and on acquisitions foremerging

269、 electric vehicle charging network operators.Tapping into Significant Renewables ExpertiseGoldman Sachs has invested more than$5 billion in renewable assets since 2005.Our firmwide experience in renewables includes solar,wind,hydro and even fusion technology for example,we advised TAE Technologies o

270、n the financing to create its sixth-generation research reactor,Copernicus.To unlock the next phase of renewable expansion,across different sectors of innovation,we continue to work with our clients and partners to develop and invest in market-based,commercially viable platforms and solutions.Accele

271、rating commercialization of fusion technology,TAE closed a$250 million financing round from strategic and institutional investors.Goldman Sachs served as exclusive financial advisor for the transaction.The capital raised will fund the construction of TAEs sixth-generation research reactor,Copernicus

272、,which is currently being constructed in a 100,000-square-foot facility in Irvine,California.TAEs fifth-generation reactor,Norman,was unveiled in 2017 and was designed to keep plasma stable at 30 million degrees Celsius.After five years of experimenting to optimize Normans capabilities,the machine h

273、as displayed it can sustain stable plasma at more than 75 million degrees Celsius,2.5Xhigher than its original goal.2TAEs Copernicus reactor is designed to demonstrate the viability of achieving net energy generation with TAEs advanced beam-driven field-reversed configuration the penultimate step on

274、 TAEs path to commercialize clean fusion power.Supporting Commercializing of TAE Technologies Gen 6 Fusion ReactorCASE STUDYOpportunities Mobilizing Private Capital1 EPA:“Inventory of U.S.Greenhouse Gas Emissions and Sinks 19902020,”2022.2 TAE:“TAE Technologies Exceeds Fusion Reactor Performance Goa

275、ls by 250%as company closes$250 Million Financing Round,Totaling$1.2 Billion to Date,”June 2022.43 Goldman Sachs 2022 Sustainability ReportInvesting in Innovative Social ImpactInnovation also drives commercially viable inclusive growth opportunities.We are directing private capital into opportunitie

276、s that seek to generate attractive returns.These include public-private partnerships as well as private companies looking to build engines of opportunity with strong social characteristics.Our Urban Investment Group and One Million Black Women initiative have supported creating a fund dedicated to b

277、uilding child care centers in communities of need.Goldman Sachs has invested in a new Black-led venture capital fund,Seae Ventures,dedicated to investing in women-and BIPOC-led companies.These examples,along with others shared in this report,are part of the larger story about what private capital ca

278、n do to help advance climate transition and drive inclusive growth.7K+Black women and girls expected to be positively impacted as a result of this funding1Through Launch With GS,Goldman Sachs has invested as a limited partner in a first-time venture capital fund managed by Seae Ventures,an emerging

279、firm co-founded by managing partners Jason Robart and Tuoyo Louis.Seae Ventures is dedicated to advancing equity and increasing access to capital by investing in women and BIPOC entrepreneurs.Through this fund,Seae will invest in companies focused on developing technologies that address financial we

280、llness,mental health,womens health and personalized medicine and which benefit traditionally underserved and vulnerable populations.Seae Ventures Driving Equitable InvestmentsCASE STUDY44%of Seae Ventures portfolio companies are women-founded275%of Seae Ventures portfolio companies have a BIPOC foun

281、der3Opportunities Mobilizing Private Capital1 LIIF:“$20 Million Partnership Aims to Co-locate Child Care with Affordable Housing,”June 2022.2 .3 Ibid.LIIF takes an innovative approach to creating quality and affordable child care spaces that support working families,often co-located with affordable

282、housing.As part of Goldman Sachs One Million Black Women initiative,Goldman Sachs Urban Investment Group provided a$20 million loan to support LIIFs innovative new Brighter Futures Fund to be deployed primarily in New York City,San Francisco,Los Angeles,Atlanta and Washington,D.C.,with emphasis on c

283、enters that are owned by Black women or serve Black mothers and families.Goldman Sachs also provided LIIF with$1.6 million of additional funding for the program through a philanthropic grant.This combined support will allow LIIF to build the new program from the ground up through grassroots outreach

284、,hiring dedicated staff and delivering specialized technical assistance to affordable housing developers and early childhood education operators,who often have to navigate complex financing structures and regulatory requirements.Low Income Investment Fund(LIIF)Building ChildCare Centers in Affordabl

285、e HousingCASE STUDY44 Goldman Sachs 2022 Sustainability ReportGoldman Sachs is building out new and expanding existing commercial platforms to help create the scale and reach needed to address the magnitude of the global challenges our clients and partners face.Within our Asset&Wealth Management

286、 segment,our Private Infrastructure team recently launched a new platform for designing and building biomethane plants across Europe.Within our Global Banking&Markets segment,we continue our work on market structure to support efficient and effective carbon markets asa critical mechanism to supp

287、ort climate transition.And an integrated,firmwide effort across our businesses is helping to advance diversity on the boards of our clients.Whether in energy security,clean energy-grid battery storage,decarbonization or increased representation at the highest levels of corporate governance,we are id

288、entifying,investing in and mobilizing platforms tohelp scale solutions.Goldman Sachs is working with clients and partners to scale up transformative solutions.Heres how.Building Platforms to Scale15+yearsof Goldman Sachs investing in renewable energyOpportunities with Our Clients and Partners In thi

289、s chapter:47 Xpansiv Providing Market Infrastructure to Facilitate Decarbonization48 Verdalia Bioenergy Expanding European Biomethane Capacity49 GridStor for Utility GridScale Battery Storage50 Ayco:Partnering to Help Incarcerated Women Join the Workforce50 Ayco:Helping Employee-Owners of CHI Overhe

290、ad Doors Manage New Wealth51 Our Firmwide Approach to Advancing Inclusive Growth in the BoardroomGoldman Sachs 2022 Sustainability Report45 Opportunities Building Platforms to ScaleInvestments in individual projects and innovative companies are important levers to help address economic challenges.Ho

291、wever,it takes scale to drive transformative impact in the economy.At Goldman Sachs,we identify,acquire,develop,own and operate companies with a path to scale platforms with capacity and reach to address the magnitude of systems-level challenges.Goldman Sachs has been investing in renewables for ove

292、r 15 years,with direct experience in building,owning,operating and scaling up some of the largest renewable energy companies across the globe.These renewables businesses share similartrajectories.For example,Japan Renewable Energy(JRE)was established by Goldman Sachs in 2012.Under our ownership and

293、support through the time of our exit,JRE successfully scaled up its renewable asset base across Japan,as a diversified platform providing solar,onshore wind and biomass energy.010020030040050020202018201620142012417298187290345242591554839321613BiomassOnshore WindSolar PVSource:JREJAPAN RENEWABLE EN

294、ERGY(JRE)INSTALLED GROSS CAPACITY(MW)A Platform Approach to Investing in Transformative SolutionsToday,we are scaling new platforms.Our Sustainable Investing Groups Horizon strategies are addressing some of the most complex challenges.For example,intermittency is a major limiting factor for the broa

295、dscale adoption of renewables.Grid-scale battery storage will allow utilities to invest further in renewable sources such as wind and solar that have varying patterns of peak generation.Goldman Sachs is building,owning,operating and scaling commercial platforms that help advance decarbonization.We a

296、re also creating platforms to help scale inclusive growth through Ayco Personal Financial Management(Ayco).The goal of this platform remains the same:Achieve the scale to drive durable,long-term impact in the economy.46 Goldman Sachs 2022 Sustainability ReportXpansiv Providing Market Infrastructure

297、to Facilitate DecarbonizationXpansiv is a high-growth,vertically integrated market platform connecting buyers and sellers of environmental commodities such as voluntary carbon credits,renewable energy credits andlow-carbon fuel certificates.Xpansivs growing ecosystem supports companies seeking to me

298、et sustainability goals with various business lines that cover the environmental commodity lifecycle from inception at registries to trading,market data and ongoing portfolio management.To support Xpansivs acquisition and growth strategy,Goldman Sachs helped finance the business through a strategic

299、investment alongside other financial institutions.As part of the investment,Goldman Sachs plans to participate in Xpansivs Advisory Council.This transaction is an important milestone in the development of key market infrastructure for environmental commodities.The voluntary carbon credit market alon

300、e,which in 2022 was worth approximately$2 billion,hasvast growth potential and could reach approximately$50 billion annually by 2030.1 However,most environmental commodity markets are still in their infancy in terms of transparency and efficiency.Thoughtful market infrastructure adapted to specific

301、product characteristics can help these markets scale up significantly.CASE STUDYOpportunities Building Platforms to Scale1 Bloomberg NEF:“Carbon Offset Market Could Reach$1 Trillion With Right Rules,”January 2023.47 Goldman Sachs 2022 Sustainability ReportBuilding Scalable Platforms to Advance Clima

302、te TransitionScaling platforms often involves the intersection of new or newly adapted technology,shifts in demand and markets challenged by growing unmet need.Given the EUs decarbonization objectives,the current energy crisis in the region and the emerging focus on circular economy solutions,the op

303、portunity for biomethane across Europe is now more compelling than just a few years ago.We have formed a new company,Verdalia Bioenergy.Recently launched in Spain,this new company intends to meet this increasing energy demand at scale with low-carbon domestic fuel source development.Here in the US,w

304、e are seeking to help solve for intermittency,a primary barrier to scaling renewables,including wind and solar power.An increasingly intermittent power supply combined with existing variable demand drives higher price volatility on the grid.Energy storage can help attenuate price volatility while pr

305、oviding grid stability,a solution the market is rapidly adopting.To help solve for this issue,Goldman Sachs Asset&Wealth Management has invested in GridStor,a highly specialized company focused exclusively on developing and operating large-scale,stand-alone battery energy storageprojects.GridSto

306、r has begun to deploy capital to acquire,construct,own and operate stand-alone utility-scale energy storage projects.Such energy storage systems charge electricity during hours with relatively high renewable energy supply,low energy demand and low power prices.The systems then discharge electricity

307、during hours with low renewable energy supply,high demand,high power prices or when the grid needs instant-response capacity for reliability.Such energy storagesystems support continued transition of energy markets to renewable sources in an efficient and sustainable way.It is estimated that grid st

308、orage capacity will more than double by 2030.3 Declining capital costs are driving rapid market adoption of battery storage.GridStors innovations are designed to support the transition toward a cleaner electricity grid and low-carbon future.Our infrastructure investing group in AWM has established V

309、erdalia Bioenergy,a new business focused on developing or acquiring,building,owning and operating biomethane plants across Europe.The investment aims to contribute to Europes decarbonization and energy security agenda,adding significant biomethane production capacity.Biomethane is a negative-or low-

310、carbon natural gas produced through the anaerobic digestion of organic waste providing the benefits of fossil natural gas while significantly reducing or eliminating its carbon emissions and preventing methane emissions that could otherwise be released into the atmosphere,while leveraging the large

311、gas infrastructure already inplace.Verdalia Bioenergy Expanding European Biomethane CapacityCASE STUDY1B+expected to be deployed by Verdalia in the European biomethane sector over the next four years110X todays production of biomethane in Europe targeted by the EU by 203021 Goldman Sachs Asset Manag

312、ement:“Goldman Sachs Asset Management to Launch Verdalia Bioenergy with the Aim to Invest in Excess of 1 Billion in the European Biomethane Sector,”February 2023.2 Ibid.3 Bloomberg NEF:“1H 2023 Energy Storage Market Outlook,”as of March 2023;battery system cost forecasts from Bloomberg NEF Energy St

313、orage Market Outlook 2022.There is no guarantee these estimates will be achieved.48 Goldman Sachs 2022 Sustainability ReportOpportunities Building Platforms to ScaleGridStor is currently constructing the Goleta Reliability Project,a 60 MWh battery project near SantaBarbara,California,which aims to b

314、e operational in Q3 2023.It also acquired a portfolio of in-development battery storage projects in the Los Angeles area,from Upstream Energy,potentially totaling approximately 500 MW/2,000 MWh in Q4 2024.1 The projects are expected to come onlinebetween 2024 and 2026.The units are located in urban

315、areas near existing power lines and substations.Once online,they will provide capacity to utilities in the state to ensure power grid reliabilitythat can support an increase in renewable energy penetration.In May 2022,California achievedthe milestone of a 100%renewables-powered grid for periods of t

316、he day.GridStors technology will help make thatamore common occurrence.Commercial Platforms to Drive Inclusive GrowthThe universe of sustainable investing continues to mature and refine,and we continue to build on our long-standing commitment to inclusive growth.Addressing issues of social mobility

317、requires acomprehensive approach that is accessible,innovative and affordable across healthcare,education,financial inclusion and communities.For example,inclusive financial services can advance efforts to capture and build wealth over time.Additionally,it is critical to invest for more prosperous c

318、ommunities,including creating and preserving quality affordable housing for all.GridStor is addressing the issues caused by intermittent renewable energy supply with grid-scale battery storage.GridStors innovations are designed to support the transition away from fossil fuels toward a cleaner electr

319、icity grid and low-carbon future.GridStors sustainability framework applies across the platform and includes ESG data collection to provide aggregated sustainabilityreporting.GridStor for Utility GridScale Battery StorageCASE STUDYFor platforms like GridStor,we aim to drive value creation across the

320、 investment process by leveraging our long-standing experience in renewables investing and the firms vast resources to build and scale our investments.SCALING UP A PLATFORM TO CREATE VALUEOpportunities Building Platforms to Scale1 Business Wire:“Battery Energy Storage Developer GridStor Acquires Por

321、tfolio of LA Basin Projects From Upstream Energy,”October 2022.Sourcing&SitingStructuringDevelopment&FinancingOperations&ExecutionBreadth of local developer relationships;data-driven nodal analysis;rigorous site selectionRevenue optimization and risk management expertise;proprietary tech

322、nology Unique supply chain insights and access;decades of tax equity and project financing expertiseIn-house Environmental Health&Safety(EHS)and operational risk teams to drive efficiencies “We believe that achieving a more inclusive economy encompassing all economic participants is one of the m

323、ost important economic imperatives of our time.We feel that economic growth stemming from increased social mobility will allow for more sustained and durable growth.”Greg Shell Head of Inclusive Growth Strategy,Asset&Wealth Management49 Goldman Sachs 2022 Sustainability ReportWe are also working

324、 to scale up our Ayco Personal Financial Management platform,which is focused on helping individuals better understand and plan for their financial future.Ayco is often called upon to help people navigate through personal life events and the financial impacts that naturally follow.This could be a su

325、dden influx of wealth,such as that which employee-owners of CHI Overhead Doors received when their company was sold,or facing a marked change in circumstances,such as a formerly incarcerated woman returning to the job market.Ayco has created a set of services and trainings that support the developme

326、nt of financial literacy and wellness to help people through such moments of significant change.This training often is delivered through partnerships.To help former inmates productively reenter the workforce,Ayco has partnered with PayPal and the Televerde Foundation.For the CHI Overhead Doors emplo

327、yee-owners,Ayco partnered with a nonprofit and KKR.In partnership with our corporate partner PayPal and Televerde Foundation,Ayco is helping currently and formerly incarcerated women successfully reenter the workforce by providing personal and professional development programs,including education on

328、 key financial considerations.Alongside the foundations PATHS program,Ayco hosted three financial literacy workshops in 2022 to impart real-world financial skills(including budgeting,saving,and credit and debt management)among 85 participants from three prisons across Indiana and Arizona.2 Additiona

329、l financial wellness sessions are scheduled in 2023.Ayco:Partnering to Help Incarcerated Women Join the WorkforceCASE STUDYKKR implemented an employee-ownership model at CHI Overhead Doors as a result of working with a nonprofit founded with the mission of helping all employees build wealth at work.

330、When KKR sold its investment in CHI Overhead Doors in May 2022,800 workers of the employee-owned business received on average$175,000 as payout on their equity.3 Ownership Works and KKR partnered with Ayco to provide 12 months of financial coaching to help the companys workforce develop personal fin

331、ancial plans and help educate them regarding their new wealth.This is an example of how Ayco supports broad-based employee ownership models among portfolio companies across the private equity landscape,with top-to-bottom financial wellness offerings for everyone,from the CEO to each teammate on the

332、factory floor as they come into life-changing payouts.Ayco:Helping Employee-Owners of CHI Overhead Doors Manage New WealthCASE STUDY1 Ayco Personal Financial Wellness:Televerde Foundation Event,Post-Event Survey,2022.2 Ibid.3 Ownership Works:Ownership Works CHI Case Study,2023.Opportunities Building

333、 Platforms to Scale85incarcerated women participated in Ayco financial literacy training in 2022187.5%of participants said the content was easy to understand and relevant2Goldman Sachs 2022 Sustainability Report50 CASE STUDYOur Firmwide Approach to Advancing Inclusive Growth in the BoardroomAt Goldman Sachs,we view companies with diverse boards of directors as better positioned to deliver stronger financial performance and governance.At the same time,board diversity is also increasingly importan