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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 Oppo
6、rtunities 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 and
7、 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 macr
8、o 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 Wes
9、tern 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 business le
10、aders 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 sustainabl
11、e 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 research
12、 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 that
13、 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 inclusive
14、 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 entrepreneu
15、rs 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 entrep
16、reneurship 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$23million
17、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 our c
18、lients 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 to he
19、lp 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 program d
20、esigned 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 believed
21、 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 addre
22、ss 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 Philant
23、hropies&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.And prog
24、ress 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 OfficerLetter t
25、o 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 Report$425B$
26、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 across 1
27、50+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 governance(
28、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 December 31,2
29、022,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 assurance o
30、n 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 economy remain a
31、vailable,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 through our capi
32、tal,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 world,our s
33、ustainability 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 ClientsOur s
34、ustainability 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 of Goldman
35、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 the coming mon
36、ths.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 identify gaps in
37、 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 these partner
38、ships 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 Goldman Sachs
39、 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 through our co
40、mmercial 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 and future
41、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 agricultural
42、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,water and biodiv
43、ersity.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 that increase
44、 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 and livelih
45、ood 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,$750 billion c
46、ommitment 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 billion in
47、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 discussed o
48、n 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 Climate Transiti
49、onin 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 ensure the i
50、nputs 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 business,the
51、 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 Capabilities over
52、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 increasingly becomin
53、g 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 Women and In
54、ternational 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 CommitmentLa
55、unch 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 our business
56、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 and broader ca
57、pital 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 Launch With GS B
58、lack 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 SolutionsDeploy$2
59、B 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 Integration wit
60、h 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 in 2019,with
61、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 firms stakeh
62、olders 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 partner wit
63、h 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 Sustainable Finan
64、ce 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 institutional client
65、s 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&Wealth Management(A
66、WM)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 businesses with sustainable fina
67、nce 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 acquisition of NN Investmen
68、t 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 they pursue their ESG and susta
69、inable 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 capabilities to deliver for
70、 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 finance capabilities,includ
71、ing 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 sustainable finance expertise
72、 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 Management on March 6,2023.12 Goldman
73、 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 sustainable finance advice,too
74、ls 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 sets of opportunities we ha
75、ve 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 South and Southeast Asia.We a
76、lso 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 drive innovation,how we have
77、 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.This is how we are helping ou
78、r 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 ReportOpportunities with Our Clients and Pa
79、rtnersWe 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 challenges into opportunities.B
80、alancing 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 Opportunities Circularity and
81、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 acknowledge that the transition to a l
82、ow-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 green one will involve particip
83、ation 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 technologies scale.We are helpin
84、g 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&RenewablesEfficiency&Circularity
85、Alternative 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 to Renewables20 ESG-Linked Financing
86、 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 Market Structure to Mobilize Capital
87、,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 well-functioning global economy.We
88、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,cleaner sources of energy.Transitioning
89、 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 deploy at speed andscale.In the immedi
90、ate 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 of factors,including public investm
91、ent,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 improve their carbon efficiencies and buil
92、d 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 allocate capital,we also invest our fi
93、rms 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 report illustrate,we seek such part
94、nerships 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 2022.“Despite complex factors in today
95、s 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&Markets16 Goldman Sachs 2022 Sustaina
96、bility 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 charting their own paths to a lower-carbon econ
97、omy.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 renewable fuels production,including 11 bioref
98、ineries 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 business that is expected to help expand its
99、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,2021.“REG was a founder of the renewable
100、 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 Through Complexity2022 served as a reminder o
101、f 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,complicating the decarbonization plans of countries
102、 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 energy supply over the long term.Despite re
103、cent 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.After inventing a sustainability-linked financing asset class back in 2019,Ene
104、l 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 related topower generation,Scope 1 and 3 emissions intensity for integrated power,proportion of CapEx aligned to EU
105、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 billion.2Enel First-Ever Sustainability-Linked Bond Linked to EU TaxonomyCASE STUDYOpportunities Going from Gray to
106、 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 emissions are all indirect emissions(not
107、 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;Bloomberg,as of March 3,2023.18 Goldman Sach
108、s 2022 Sustainability ReportManagement 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 appro
109、ach 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 en
110、gines,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
111、term 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 s
112、erving 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
113、,Spain,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 receivab
114、les 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 br
115、ing 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
116、for 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,
117、but 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 Associ
118、ation(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
119、 International 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
120、economics 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
121、to 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
122、that 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 inhi
123、story.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 zer
124、o 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 t
125、echnologies.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
126、 conventional 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 inpriva
127、te 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
128、as 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 He
129、ad 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
130、Sachs 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 the
131、 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 and
132、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 m
133、ore 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 Philant
134、hropies23 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 investment
135、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 estima
136、ted 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 i
137、ntercity 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 infr
138、astructure,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 Innovation
139、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 Southe
140、ast 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 GreenIn
141、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 Own
142、ers32 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 Ne
143、eds36 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 chal
144、lenges 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 Gold
145、man 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 growt
146、h,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 mo
147、bilize$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 an
148、d 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 milli
149、on 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 deplo
150、yed 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-to
151、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 solved
152、 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 202
153、2 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,NI
154、GERIA 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 CEO
155、,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 a
156、nd 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 finance
157、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$2.8B70
158、%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 OpportunityCombining
159、 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 global
160、 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 Garg
161、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 break
162、through 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 to
163、 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.“My
164、 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 o
165、f 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 access to
166、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 deploye
167、d 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 really
168、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,Maplewoodshop
169、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 2,000 10KS
170、B 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 jobsmonths
171、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 Busines
172、ses: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 Small Busi
173、ness 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 loan
174、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 Opportunity
175、 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 Commun
176、ity 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 levelo
177、fannual 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 commi
178、tted$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 2030.T
179、o 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 Group,I
180、nc.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 solutions
181、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 have
182、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 Civili
183、an 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 the acq
184、uisition 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 Investment Gro
185、up 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 to ac
186、celerate 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,Georgia M
187、inority 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 Sustainability Re
188、portOpportunities 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 investors a
189、nd 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 to nine fu
190、nds 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-,second-or
191、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 aggregate net
192、 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 assistance across
193、 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 these women a
194、reheads 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 Black wom
195、en 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 women sol
196、opreneurs 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 Ventures,wi
197、th 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 our strate
198、gy 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 across three
199、 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 advisors to he
200、lp 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 womenled orga
201、nizations 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.OMBW Black W
202、omen 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 Women Strate
203、gic 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 Center la
204、unched 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 from across t
205、he 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 partnered with th
206、e 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 develop new in
207、sights 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 sociology at Mor
208、ehouse 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 from One Mill
209、ion 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 programming,Roz B
210、rewer,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.MorialPre
211、sident 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 organizations
212、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 take on the
213、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.BrewerChief Exe
214、cutive 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 society at
215、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 Investment Grou
216、p 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 helping democratize
217、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 East New York.At
218、lantic 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 facility space for l
219、ocal 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 effectively allow
220、s 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 SolarCASE STUDY36
221、 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 technologies pla
222、ying 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 capital into innovation
223、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 fund the construction
224、 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 anddiverseentrepreneurs.Goldman S
225、achs 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-Carbon Future41 CarbonC
226、ure 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(LIIF)Building Child Care
227、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 Mobilizing Private Cap
228、italFocusing 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 benefit from long-ter
229、m 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 companies and public compani
230、es.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 financial expertise to
231、 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 markets,sectors and innovat
232、ive 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 together,across boundaries an
233、d 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 our first appearance
234、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 accelerate the transition
235、.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 series of Goldman Sachs Ho
236、rizon 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 proven companies and tech
237、nologies 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 of commercial opportu
238、nity 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 power-bladeinspections.
239、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 a holistic view of tu
240、rbine 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 Mobilizing Private Capital“Go
241、ldman 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 imperative to transition
242、 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&Wealth Management39 Goldm
243、an 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 integration of distributed
244、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 cloud-based applications(e.g
245、.,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 electric vehicle chargers
246、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 products.TemperPacks flagship p
247、roduct,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 of sustainable solutions.O
248、pportunities 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 investment platform focused on ma
249、nager 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,trailing only water.Its l
250、arge 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 recycled CO2 into fresh co
251、ncrete,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 credits.CarbonCure won th
252、e 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 buildings,airports,stadiums
253、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 impact and high costs,synthetic
254、 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 group has allocated funds to
255、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 volatilizing into the air like
256、 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 water and healthier soil.Pivo
257、t 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 Sachs 2022 Sustainability Re
258、portOur 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 with Generation IM in the
259、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 solutions to advance climate tran
260、sition 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 cost-effective way to ele
261、ctrify 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”subscription model that all
262、ows 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 Illinois School District,”Decem
263、ber 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 purchase long lead-time item
264、s 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 energy storagecustomers.K
265、ORE 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 electrification value chain is comple
266、x 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 innovation and development a
267、t 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 electric vehicle charging
268、 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 on the financing to create
269、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.Accelerating commercialization o
270、f 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,which is currently being
271、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 has displayed it can sustai
272、n 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 TAEs path to commercializ
273、e 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 Goals by 250%as company close
274、s$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 opportunities that seek to generate at
275、tractive 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 building child care centers
276、 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 can do to help advance clima
277、te 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 firm co-founded by managin
278、g 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 wellness,mental health,women
279、s 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 founder3Opportunities Mobilizi
280、ng 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 housing.As part of Goldman
281、 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 centers that are owned by B
282、lack 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,hiring dedicated staff an
283、d 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 Affordable HousingCASE STUDY44 Gold
284、man 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 segment,our Private Infrastru
285、cture 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 support climate transition.And an inte
286、grated,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 identifying,investing in and mobiliz
287、ing 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 this chapter:47 Xpansiv Providing Mar
288、ket 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 Overhead Doors Manage New Wealth51 Our F
289、irmwide 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.However,it takes scale to drive tran
290、sformative 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 over 15 years,with direct experience
291、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 support through the time of our ex
292、it,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 ENERGY(JRE)INSTALLED GROSS CAPACITY(
293、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 broadscale adoption of renewables.Grid
294、-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 are also creating platforms to help
295、 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 to Facilitate DecarbonizationXpans
296、iv 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 meet sustainability goals with vario
297、us 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 investment alongside other financi
298、al 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 alone,which in 2022 was worth approxim
299、ately$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 product characteristics can help t
300、hese 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 Climate TransitionScaling platforms oft
301、en 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 opportunity for biomethane across Eu
302、rope 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,we are seeking to help solve for in
303、termittency,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 providing grid stability,a solution
304、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.GridStor has begun to deploy capital to acqui
305、re,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 during hours with low renewable energy
306、 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 storage capacity will more than double b
307、y 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 Verdalia Bioenergy,a new business focus
308、ed 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-carbon natural gas produced through th
309、e 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 gas infrastructure already inplace.Ver
310、dalia 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 Management:“Goldman Sachs Asset Management
311、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 Storage Market Outlook 2022.There is no
312、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 be operational in Q3 2023.It also acqui
313、red 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 areas near existing power lines and su
314、bstations.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 the day.GridStors technology will help
315、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 requires acomprehensive approach that
316、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 communities,including creating and pres
317、erving 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 electricity grid and low-carbon future.GridS
318、tors 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 investment process by leveraging our
319、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 Portfolio of LA Basin Projects From Upstr
320、eam Energy,”October 2022.Sourcing&SitingStructuringDevelopment&FinancingOperations&ExecutionBreadth of local developer relationships;data-driven nodal analysis;rigorous site selectionRevenue optimization and risk management expertise;proprietary technology Unique supply chain insights and access;dec
321、ades 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 most important economic imperatives of our time.We feel
322、 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 to scale up our Ayco Personal Financial Management platfo
323、rm,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 sudden influx of wealth,such as that which employee-owners o
324、f 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 development of financial literacy and wellness to help people throu
325、gh 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 employee-owners,Ayco partnered with a nonprofit and KKR.In part
326、nership 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 key financial considerations.Alongside the foundations PA
327、THS 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 Additional financial wellness sessions are scheduled in 2023.Ayco:P
328、artnering 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.When KKR sold its investment in CHI Overhead Doors in May
329、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 financial plans and help educate them regarding their new wea
330、lth.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 factory floor as they come into life-changing payouts.Ayco
331、: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 Platforms to Scale85incarcerated women participated in Ay
332、co 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 director
333、s as better positioned to deliver stronger financial performance and governance.At the same time,board diversity is also increasingly important to our clients,from early-stage privatecompanies to established public corporations.We are taking an integrated approach to facilitating this service for our clients,our portfolio companies and the long-term health of our business.In 2020,we announced that
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