高盛可持续发展报告-为客户提供基于市场的解决方案 Goldman Sachs Sustainability Report Delivering Market-Based Solutions for Our Clients

DECEMBER2025

GoldmanSachsSustainabilityReport

DeliveringMarket-BasedSolutionsforOurClients

TableofContents

3

LetterFromOurChairmanandCEO

4

AboutGoldmanSachsandThisReport

5

HistoricalSustainabilityTimeline

6

OurApproachtoSustainableFinance

7

OurApproachtoSustainableFinance

8

OurSustainableFinanceActivity

10

DeliveringMarket-BasedSolutionsforOurClients

14AreasofOpportunityforOurClients

andFirm

15AdvancingInnovativeTechnologiesandSolutions

21SupportingResilientInfrastructureandEcosystems

27UnlockingEconomicOpportunitiesinOurCommunities

31

ManagingOurFirm

32

Governance

34

ManagingOurBusinesses

37

ManagingOurOperationsandSupplyChain

38

ManagingaComplexRegulatoryLandscape

39

Appendix

40

OperationalandSupplyChainMetrics

43

TrackingOurSectoralPortfolios

44

SustainabilityAccountingStandardsBoardIndex

49

SustainabilityIssuanceReporting

52

ReportofIndependentAccountants

53

Environmental&SocialDueDiligenceGuidelines

57Disclaimer

Onthecover:Hydrostor’sGoderichEnergyStorageCentre

GOLDMANSACHSSUSTAINABILITYREPORT2

GOLDMANSACHSSUSTAINABILITYREPORT3

DavidSolomon

ChairmanandChiefExecutiveOfficer

LetterFromOurChairmanandCEO

Sincethepublicationofourlastsustainabilityreport,geopoliticaldevelopments,surging

AI-drivenpowerdemand,andtheonshoringofdomesticmanufacturinghaveunderscoredthecriticalimportanceofenergyreliability,security,andaffordability.IntheUSalone,

GoldmanSachsResearchprojectsUSpowerdemandwillgrowby2.6%annuallythrough2030,asignificantincreaseafteradecadeoflimitedgrowth.1Meetingthisdemandwillrequireanabundanceofenergysources,includingtraditionalenergyaswellasnew

andinnovativetechnologies.

Governmentsaregrapplingwithhowtoaddresstheimplicationsoftheseacceleratingtrends.Weurgepolicymakers

andregulatorsgloballytosupporttheinnovationandinvestmentneededtobothmeetsoaringenergydemandandadapttheireconomiestotherealitiesofthechangingclimate.

Thisincludesreducingregulatorysustainabilityreportingburdensandharmonizinganyregulatoryrequirementsthat

significantlydivergeacrossdifferentmarketstoreduceunnecessaryburdensandobstaclestoprogress.Thesereformswillenableprivatesectorparticipantstomoreeffectivelydeploycapitalandresourcestowardadvancingsolutionsthatcontributetosustainableeconomicgrowthandbolsterresilience.

Ourclientshaveawiderangeofpreferencesandcommercialinterestsonthistopic.AtGoldmanSachs,ourpriorityismeetingourclientswheretheyareandhavingthecommercialcapabilitiesandinsightstohelpthemdeliverontheirdistinctstrategicpriorities.Thismeanswewillcontinuefinancingandadvisingourclientsincarbon-intensiveindustries,whicheconomiesarestilldependenton,andinvestingintheinnovativeenergytechnologiesandsolutionscriticaltodecarbonization.

Inthisyear’sreport,wehighlighttheprogresswearemakingonbehalfofourclients,includingmobilizingapproximately

$675billionofsustainablefinancing,investing,andadvisoryactivities,2puttingusontracktomeetour10-year,$750billionsustainablefinancegoalseveralyearsearly.Wealsoshareexamplesofhowwecontinuetosupportourclientsandpartnersacrosskeyareasoffocus,includingadvisingandfinancinginnovativeenergytechnologieslikenuclearandgeothermal,

facilitatinggridresiliencywithoptimizationtechnologiesandvariousenergystoragesolutions,andsupportinggrowthinthesupplyofcriticalminerals,whicharecrucialinputsformanylow-carbonenergysourcesandnewdigitaltechnologies.

Inaddition,wehighlightourinvestmentsinaffordablehousing.Wealsoprovideanupdateonourstrategicphilanthropicprogramsdesignedtosupportentrepreneursandsmallbusinesses,whichincludetheexpansionof10,000Small

BusinessesInvestmentinRuralCommunitiesinto13predominantlyruralUSstatesandthedecadeofimpactbytheWomenEntrepreneursOpportunityFacility,afirst-of-a-kindfacilitylaunchedinpartnershipbyGoldmanSachs10,000WomenandtheInternationalFinanceCorporation.

Whilethepathtoovercomingglobalsustainabilitychallengesmaynotbelinear,weremainsteadfastinourfocusondoingwhatwedobest—servingourclientswithintegrityandexcellence,managingrisk,anddeliveringmarket-basedsolutionsforourclientstoaddressthechallengesoftodayandtomorrow.

DavidSolomon

ChairmanandChiefExecutiveOfficer

1GoldmanSachsResearch:

AI/DataCenterPowerDemand:The6Psdrivinggrowthandconstraints

,October2025.

2CumulativeprogressfromJanuary1,2020,throughJune30,2025.

GOLDMANSACHSSUSTAINABILITYREPORT4

AboutGoldmanSachs

GoldmanSachsisaleadingglobalfinancialinstitutionthatdeliversabroadrangeoffinancialservicestoalargeanddiversifiedclientbasethatincludescorporations,financialinstitutions,governments,andindividuals.

Weseektoadvancelong-termeconomicgrowthandfinancialopportunity.Ourgoal,reflectedinourOneGoldmanSachsinitiative,

istodeliverthefullrangeofourservicesandexpertisetosupportourclientsinamoreaccessible,comprehensive,andefficientmanner,acrossbusinessesandproductareas.Weoperatetwoprimarybusinesses:GlobalBanking&MarketsandAsset&WealthManagement.

GlobalBanking&Markets(GBM)providesfinancing,advisoryservices,riskdistribution,andhedgingforinstitutionalandcorporateclients.GBMincludesourInvestmentBanking,FixedIncome,CurrencyandCommodities(FICC),andEquitiesactivities.

Asset&WealthManagement(AWM)providesinvestmentservicestohelpclientspreserveandgrowfinancialassetsandachievetheirfinancialgoals.AWMmanagesassetsacrossabroadrangeofinvestmentstrategiesandassetclasses,includingequity,fixedincome,andalternatives.OurGoldmanSachsAlternativesactivities,whicharetypicallylonger-term,includeinvestmentsinprivateequity,

privatecredit,realestate,andinfrastructureassets.

Weaspiretobethe

world’smostexceptionalfinancialinstitution,

unitedbyoursharedvaluesofpartnership,clientservice,integrity,andexcellence.

2024FinancialPerformance

$34.9B

GBM

GlobalBanking&Markets

Asset&WealthManagement

PlatformSolutions

$16.1B

AWM

Total

$53.5B

(NetRevenue,USDbillions)

AboutThisReport

Thisreport1providesanoverviewofthefirm’sapproachtosustainablefinance,includingillustrativeexamples2ofhowwehelpourclientscapturesustainability-relatedopportunitiesandmanage

sustainability-relatedrisks.

Whenweusetheterms“GoldmanSachs,”“GS,”“we,”“us,”“our,”and“thefirm,”wemeanTheGoldmanSachsGroup,Inc.(GroupInc.orparentcompany),aDelawarecorporation,anditsconsolidatedsubsidiaries.Whenweusetheterm“oursubsidiaries,”wemeantheconsolidatedsubsidiariesofGroupInc.

GoldmanSachsmakesbusinessdecisionsinaccordancewiththelawsandregulationsinthejurisdictionswhereitoperates.Thefirmdoesnotboycottordiscriminateagainstanyclientorprospectiveclientsbasedonindustryorreligiousorpoliticalbeliefs.

Thisdocumentcontainsforward-lookingstatementsaboutourbusiness,includingdiscussionofGoldmanSachs’plans,objectives,strategies,goals,targets,andexpectationsforouroperationsandbusinessrelatedtovarioussustainability-relatedmatters.Foradditionalinformation,includingaboutfactorsthatcouldcauseactualresultstodiffermateriallyfromourexpectations,refertothe

Disclaimer

sectionofthis

document.Additionally,thisdocumentusesterms“sustainable,”“green,”“ESG,”andotherrelatedterms,whileacknowledgingthatthereisnosinglegloballyrecognizedoracceptedsetofdefinitionsofsuchterms.

1AlldataisthroughDecember31,2024,unlessotherwisespecified.

2CasestudiesinthisreportareforillustrativepurposesonlyandinlimitedinstancesdonotfallwithinscopeofGoldmanSachs’$750billionsustainablefinancegoal.

GOLDMANSACHSSUSTAINABILITYREPORT5

HistoricalSustainabilityTimeline1

Wehavehelpedourclientsadvancetheirsustainabilityprioritiesformorethantwodecades.Since

launchingourUrbanInvestmentGroup(UIG)in2001andourpartnershipwiththeWildlifeConservationSocietytoformKarukinkaNaturalParkin2004,wehavegrownthesustainability-relatedexpertise

withinourbusinessesandscaledoursuiteofsustainablefinancecapabilitiesandmarket-basedsolutionstomeettheevolvingdemandfromourclients.

20012004200520072008

LaunchedUrbanAnnouncedpartnershipwithOneofthefirstUSbankstoLaunchedGSSUSTAIN,Launched10,000Women,

InvestmentGroup,whichWildlifeConservationSocietytopublishanenvironmentalpolicywhichprovidesresearchandreachingover320,000women

$22billiontofinancepreserveinperpetuitymorethanDevelopedover1gigawatthowinnovation,regulation,inception

hascommittedoverformKarukinkaNaturalParktodatatoolstoclientsexploringacross150countriessince

over200,000majority735,000acresoflandinChile’s(GW)ofwindcapacityinNorthandimplementationof

affordablehousingunitsTierradelFuegoatthesoutherntipAmericaduringatwo-yearsustainabilitytopicscan

builtorpreservedtodateofSouthAmerica2periodwithHorizonWindimpactinvestingandbroader

capitalflows

2009

2012

201420152019

Announced10,000Small

Setinauguralclean

LaunchedtheWomenFirm’sfirstcompleteoffsetEstablishedtheSustainable

Businesses(10KSB)which

energyfinancingand

EntrepreneursOpportunityFacilityofunabatedemissionsFinanceGrouptoadvance

hasservedover20,000

investmenttarget

inpartnershipwithInternationalfromoperationsandGoldmanSachs’sustainability

entrepreneursgloballytodate,representingmorethan380,000employees,and$37billionintotal

revenue

EstablishedJapan

RenewableEnergyCorporation

FinanceCorporationthroughbusinesstravel3strategyacrossthefirmand

10,000Women,reachingmorethanannouncedour$750billion

267,000womenentrepreneursAcquiredimpactinvestingsustainablefinancegoalby2030andhelpingunlockapproximatelyfirmImprintCapitalAdvisors

itsircoit-inedEmissionsIndexeconomicsofdecarbonization

$3.1billioninloanstofinancialDevelopedRisk-AwareLowieis,rthe

20202021

20222023

2024

CreatedAWM’sLaunchedOneMillionBlackWomen

CreatedGBM’sSustainableLaunchedtheGlobalSocial

Raisedapproximately$2.7billionforclimate

Sustainabletoinvest$10billionininvestment

BankingGroupImpactEquitystrategy

transition–relatedHorizonstrategies5

InvestingGroupcapitaland$100millionin

andGBM’sphilanthropiccapitaltodrive

CommoditieseconomicgrowthandopportunitySustainable

SolutionsAnnouncedourintentiontoalign

ourfinancingactivitieswithanet

AcquiredNNInvestmentUnlockedapproximately

Partnerstobenefit$500millionofblendedprivate

fromcombiningitsandpublicsectorfinance

sustainability-relatedthroughtheClimateInnovation

expertiseandcapabilitiesandDevelopmentFundacross

Announcedsupportfortriplingofglobalnuclearenergycapacityby20506

JoinedMIT-IBMWatsonAILabtohelpadvancebiodiversitymeasurement

zeroby2050pathway

ulcllbicial

withourssevenprojectsinIndiaand

Vietnam

qlousistrcidLaunched10,000SmallBusinesses

2025

SustainabilityBond

AnnouncedGoldmanSachs–

BloombergClimateFinance

Partnership,includingtheClimate

InnovationandDevelopment

Fund,alongsidetheAsian

DevelopmentBank

oninvestingininnovativeInvestmentinRuralCommunities,environmentalandclimatea$100millioncommitmentto

transitionsolutionsexpandbusinesseducation

andaccesstocapitalto20

predominantlyruralUSstates,

reaching13statestodate,

startinginNorthDakotaand

Arkansas4

Launchedbiodiversitybondstrategy

Launchedgreenandsocialbondstrategyforemergingmarkets

Launchedandraised$1billionforclimatecreditstrategy

Hostedthethird

10,000SmallBusinesses

LaunchedESGBeacontosource,

model,anddeliversustainability

datatoourbusiness

Summit

,agatheringofsmallbusinessesfromacrosstheUnitedStates,bringingtogether10KSBalumniinWashington,D.C.

1Allto-datefiguresarethroughSeptember2025,unlessotherwisespecified.

2In2007,theKarukinkaNaturalParkexpandedfromitsoriginal680,000acrestomorethan735,000acres.

3GoldmanSachsminimizesouroperationsandbusinesstravelimpactthroughamixtureofreductionefforts,purchaseofenergyattributecertificates,andcarboncreditsfortheassociatedunabatedemissions.Pleasevisit

OurOperationalImpact

pageformoreinformation,includingthird-partyverificationstatements.

4The13statesinclude:Alabama,Arkansas,Indiana,Minnesota,Mississippi,Missouri,Montana,NorthCarolina,NorthDakota,SouthDakota,Utah,WestVirginia,Wyoming.

5IncludesalldollarslegallyclosedonundertheHorizonstrategiesasofDecember31,2024.

6WorldNuclearAssociation(WNA):

14majorglobalbanksandfinancialinstitutionsexpresssupporttotriplenuclearenergyby2050

,September2024.

OurApproachtoSustainableFinance

Ourapproachtosustainablefinancecentersonhelpingourclientscapturesustainability-relatedopportunitiesandmanagesustainability-relatedrisks,bothofwhichcontinuetoevolveacrosssectorsandgeographies.

7

8

10

OurSustainable

FinanceActivity

OurApproachto

SustainableFinance

DeliveringMarket-

BasedSolutionsfor

OurClients

GOLDMANSACHSSUSTAINABILITYREPORT6

GOLDMANSACHSSUSTAINABILITYREPORT7

OurApproachtoSustainableFinance

OurApproachtoSustainableFinance

Asaninvestmentbank,assetmanager,corporateissuer,andriskmanager,wefocusonhelpingour

clientsandfirmcapturesustainability-relatedopportunitiesandmanagesustainability-relatedrisks.

Weexecuteourstrategicapproachbyworkingwithclients,managingourfirm,andaddressingmarketgaps.

1.WorkingWithClients

Ourapproachtosustainablefinance

centersonourclients.Wefacilitate

ourclients’sustainabilityobjectivesbyprovidingthemwithouradvice;market-basedsolutionsacrosspublicandprivatemarkets,includinginnovativestructuringandfinancingsolutions;anddedicatedriskmanagementcapabilities

2.ManagingOurFirm

Throughourinternalgovernanceand

controls,westrivetopreservelong-termvalueforourshareholdersbymanagingclimate-relatedrisk,environmentalandsocialrisks,anddivergentregulatory

expectationsacrossjurisdictionswhereweoperate.Wealsomanageourglobalfootprintacrossouroperationsand

supplychain

3.AddressingMarketGaps

Ourfirmidentifiesunmetmarketneeds

anddevelopssolutionsthatcanbescaledoverthelongtermbyleveragingourexistingcapabilitiesandthoseofourstrategic

partners.Collaboratingwiththesepartners,andoftencomplementingtheseefforts

withstrategicphilanthropiccapital,wearefocusedoncreatinginnovative,market-

basedsolutionsforourclients

ExamplesofOurApproachtoSustainableFinance

•Developedastandardizedclimate-

relatedcatastrophemonitoringprocesstoidentifyandescalateselectevents,includinghurricanes,floods,wildfires,andearthquakes

•Advancedourgoalofsourcing80%ofourelectricityfromlong-termrenewableagreementsbycommissioningavirtualpowerpurchaseagreement,introducingadditionalrenewableenergycapacitytotheMid-Atlanticpowergrid

•Establishedanoperatingmodelfor

mandatorysustainabilityreporting,

includingenhancingoursustainabilitydatasourcing,strengtheningdata

controls,andpreparingforcompliancewiththemyriadforthcoming

sustainabilityreportingrequirementsacrossjurisdictionsglobally

•AnnouncedcollaborationwithMIT-IBMWatsonAILabto

helpadvancetheapplicationofartificialintelligenceto

biodiversitymeasurement

•Exceeded200,000majorityaffordablehousingunitsbuiltorpreservedvia

theUrbanInvestmentGroup

•HostedScalingFOAKs,aworkshop

onbuildingfirst-of-a-kind(FOAK)

facilitiesthatseektodecarbonizethehardest-to-abatesectors,including

steel,cement,industrialheat,aviation,andmaritimeshipping.Alongside

CREOandBuildersVision,Goldman

SachsconvenedstakeholdersacrossthecapitalstacktohelpacceleratethefinancingandscalingofFOAKclimatetechnologyprojects

•Publishedthoughtleadershiponthesolutionsrequiredacrosscapital,

energy,andinfrastructure,including

PoweringtheAIEra

,Reliability:Demandgrowth,physicalrisk,infrastructure

modernizationinfocus,and

TheGSnet

zerocarbonscenarios—arealitycheck

•Enhancedourproprietarydigitalassetsplatform(GSDAP®)to

supportthecreationofsustainabledebtinstrumentswithtrackingofkeyperformanceindicators(KPIs)embeddedforreal-timeaccess

toongoingmonitoringoftheproceeds’impact

•Launchedvarioussustainability-

relatedstrategiesandsolutions,

includingabiodiversitybondstrategy,emergingmarketsgreenandsocial

bondstrategy,climateprivatecreditstrategy,andaquantitativeequity2-stepstrategy1

1Arisk-adjustedquantitative-optimizationinvestingstrategy.Formoreinformation,pleasesee

AreasofOpportunityforOurClientsandFirm

.

GOLDMANSACHSSUSTAINABILITYREPORT8

OurApproachtoSustainableFinance

OurSustainableFinanceActivity

Asafinancialinstitution,wefacilitateourclients’sustainabilitypriorities,whichcontributetoamoreresilientandsustainableeconomy.

In2019,welaunchedtheSustainableFinanceFramework(seenextpage)andannouncedafirmwide10-year,$750billionsustainablefinancegoaltotrackoursupportofourclients’sustainabilityprioritiesacrossourfinancing,investing,andadvisoryactivities.

•Finance:Originate,structure,andexecutetransactionsandriskmanagementsolutionstofacilitateaccesstocapital

•Invest:AllocateGoldmanSachscapitalorclientcapitalintopublicandprivateinvestments

•Advise:Provideexpertiseandstrategicrecommendationstoclientsonmergersandacquisitions,divestitures,andspin-offs

Since2020,wehavemobilizedapproximately$675billion1ofcommercialactivity,including$401billioninClimateTransition,$82billioninInclusiveGrowth,andtheremainderinmultiplethemes.2Themostsignificantsub-themecontributortoClimateTransitionisfrom

CleanEnergy,followedbySustainableTransport,whichtogetherdrivethemajorityoftheClimateTransitioncontribution.

Reachingapproximately90%ofoursustainablefinancegoalinjustoverfiveyearsreflectsourabilitytomeetourclients’needsacrossawiderangeofsustainablefinancecapabilities.

$750BillionSustainableFinanceGoal

CumulativeProgress1

ClimateTransition

InclusiveGrowth

MultipleThemes2

29%

Total

~$675B

Education1%Healthcare2%

FinancialInclusion2%

Communities7%

SustainableTransport7%

FoodandAgriculture<1%

WasteandMaterials2%

EcosystemServices6%ClimateTransition—MultipleThemes7%

CleanEnergy37%

59%

12%

1CumulativeprogressfromJanuary1,2020,throughJune30,2025.

2IncludesactivityrelatingtobothClimateTransitionandInclusiveGrowth.

GOLDMANSACHSSUSTAINABILITYREPORT9

OurApproachtoSustainableFinance|OurSustainableFinanceActivity

OurSustainableFinanceFramework

Servingasthefoundationforour10-year,$750billionsustainablefinancegoal,theSustainableFinanceFramework(“Framework”)

includestwobroadthemeswehaveobservedinmanyofourclients’sustainabilitypriorities—ClimateTransitionandInclusiveGrowth.TheFrameworkhelpsustrackoursustainablefinancing,investing,andadvisoryactivities,includingadvisingclientscapitalizingonshort-andlong-termtrends;structuringinnovativecapital,financing,andriskmanagementsolutions;anddeliveringmarket-based

productsandservices.

ClimateTransition

CleanEnergy

Enablerenewableenergygeneration,energyefficiency,andgridservices

SustainableTransport

Shiftmodesoftransitthroughelectricvehicles,

connectedservices,autonomousdriving,andpublictransportationdevelopment

SustainableFoodandAgriculture

Enablegreenagriculturalproduction,storage,processing,anddistributiontofeedtheworld

WasteandMaterials

Promotesustainableproductionandconsumption,alongwithresponsiblewastemanagement

EcosystemServices

Contributetothesustainablemanagementofnaturalresourcesandmonetizethevalueofforests,water,andbiodiversity

InclusiveGrowth

AccessibleandInnovativeHealthcare

Enabletheuseofdigitaltechnology,advanceddevices,anddiagnosticsforbetteroutcomes

FinancialInclusion

Advancefinancialinclusionforall,includingunderserved

populations,bypromotingaccesstocapital,financial

technology,andproductsthatincreaseaccess,support

financialhealth,anddrivemoreequitableeconomicgrowth

AccessibleandAffordableEducation

Enablegreateraccesstoeducation,improvelearningoutcomes,andhelpcloseopportunitygapsforlearnersofallages

Communities

Enableinfrastructuredevelopment,affordablehousing,andlivelihoodadvancement

+

ExamplesofOurSustainableFinanceActivities

Asset&WealthManagement

1

MultipleSub-Themes:XIGImprintpartneredwiththe

UnileverPensionFunds(UnivestCompany)in2018tolaunchtheUnivestSustainableFunds(USFs),ontracktohave

allocatedover$1billiontoimpactopportunitiesbythe

endof2025.USFsallocatetoprivateequity,realasset,andprivatecreditstrategies,investingacrossclimatetransitionandinclusivegrowththemesinlinewithUnivest’sintegratedsustainabilitygoals.

CleanEnergyandCommunities:UIGprovideda$30millionconstructionloanfacilitytoSunwealthtofinancethe

installationofcommunity-basedsolararrays,primarilyfor

thebenefitoflow-tomoderate-income(LMI)neighborhoodsacrossvariousstates.ThisprojectaimstoreduceelectricitycostsforLMIfamilies,smallbusinesses,andcommunity

organizationswhileincreasingaccesstoclean,renewableenergy.Theloanproceedswillbeusedtodeploysolar

solutionsinLMIcommunitiesacrosstheUS.

2

GlobalBanking&Markets

1

MultipleSub-Themes:GoldmanSachshelpedtheAfricanDevelopmentBankraisecapitalthroughitsfirstsustainablehybridcapitalissuance.Thismarksthefirstsustainable

hybridcapitalissuancebyamultilateraldevelopmentbank.Bondproceedsfinancedselectenvironmental-andsocial-alignedprojects.

CleanEnergy:GoldmanSachsadvisedglobalenergy

companyIberdrolaonitsacquisitionoftheremaining

18.4%