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INTRODUCTORY
LETTER

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INTRODUCTORY
LETTER

We are pleased to share with you an interactive presentation that describes the impact of our work.

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 2016

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OUR BOARD

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Next: PEOPLE
Next: PEOPLE

ENVIRONMENT

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ENVIRONMENT

See how we’re mobilizing capital toward sustainable economic development and environmental progress.

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How does
clean energy
help us grow?

The convergence of innovation
and economics is driving the
growth of clean tech
and related jobs.

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PEOPLE

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PEOPLE

See how we make significant investments in our most valuable asset — our people.

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OUR PARTNERSHIP WITH IFC

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THE BUSINESS CASE FOR CLIMATE ACTION

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GOVERNANCE

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GOVERNANCE

See how we remain responsible to our stakeholders and uphold the values that are at the core of our Business Principles.

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How does
difference
make the
difference?

Discourse about differences, inclusion and
commonalities enhances our firm.

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METRICS

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METRICS

View a selection of key performance indicators.

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EPF: 10-Year Milestones

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REBUILDING A COMMUNITY

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What big shifts
are emerging
now? What’s on
the horizon?

From China’s economy to shifting
patterns of investment, profound
changes are in the wind.

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RECOGNITION

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RECOGNITION

See our recent awards and achievements.

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OUR PEOPLE

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GS GIVES

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OUR PARTNERSHIP WITH IFC

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What is
powering the
ESG investing
surge?

New insights, research and
approaches to core investment
discipline.

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What is powering
the ESG investing surge?

ESG investing, once a sideline practice, has gone decisively mainstream — and this is creating real opportunities for investors. These opportunities meet the interests of a wide spectrum of clients, from fiduciaries aligning their portfolios with the realities of a rapidly changing world to clients who are increasingly looking to have their investments express their values.

Better data, refined tools and improved methods have expanded the possibilities across all of those interests. As a result, ESG investing is no longer a carve-out within a portfolio — it IS the portfolio for some investors. What was once the province of a small number of family offices and foundations has drawn sharply increased participation among pension funds, insurance companies, nonprofits and faith-based investors.

At Goldman Sachs, the growth of ESG investing has been significant, and it has accelerated since the acquisition of Imprint Capital, a leading ESG advisor, in 2015. We have seen a virtuous cycle in which demand has driven product and service innovation, creating new models for success and driving further demand. As a result, our assets under supervision in dedicated ESG strategies have grown significantly, to $6.5 billion by the end of 2016.

Fundamental to this growth is an increased understanding that a disciplined approach to ESG investing can drive competitive risk-adjusted returns — just as with any other investment. Risk/return profiles of ESG portfolios now mirror the markets and span asset classes, fueling the evolution of impact investment strategies that meet conventional risk/return hurdles, but also include social and environmental impacts that are both intentional and measurable.

GROWTH OF ESG AUS

Assets Under Supervision in ESG strategies grew 74% YoY in 2016.

World Resources Institute

How does a research-driven, global institute focused on sustainability manage its portfolio for the long term? One way is by leveraging its own research on trends to more effectively steward their endowment while also using this work to create a model for other institutional investors. Here, the World Resources Institute’s President Andrew Steer and Head of Sustainable Investing Elizabeth Lewis discuss WRI’s objectives and investing approach with Goldman Sachs’ John Goldstein.

MUNICIPAL BONDS:
AN OVERLOOKED
IMPACT INVESTMENT?

As interest grows in achieving positive impacts while generating market-rate returns, investors may forget about the opportunity in their own backyards — municipal bonds. Often focused on financing redevelopment, infrastructure and key community needs for education, health, housing and sustainability, municipal bonds can drive ESG impact in addition to providing clear tax advantages. Senior portfolio manager Ben Barber and research analyst Michael Kashani explain.

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WHAT WE DO

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WHAT WE DO

Our commitment to creating a lasting impact

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ENGINEERING

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REVITALIZING COMMUNITIES THROUGH IMPACT INVESTING

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CHRISTINE LOH: ENVIRONMENTAL SUSTAINABILITY IN ASIA

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Where will
job growth
come from
next?

Boosting entrepreneurship is
critical, but so is rethinking work
in an age of surging automation.

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LEARNING PROGRAMS

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RESOURCES

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RESOURCES

View more ESG resources.

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THE NEW BOTTOM LINE - ESG INVESTING

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ESG & IMPACT INVESTING

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How can we
innovate to
deliver what
clients want
now?

Financial products that address their needs,
and are clear and simple to use.

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What is powering
the ESG investing surge?

ESG investing, once a sideline practice, has gone decisively mainstream — and this is creating real opportunities for investors. These opportunities meet the interests of a wide spectrum of clients, from fiduciaries aligning their portfolios with the realities of a rapidly changing world to clients who are increasingly looking to have their investments express their values.

Better data, refined tools and improved methods have expanded the possibilities across all of those interests. As a result, ESG investing is no longer a carve-out within a portfolio — it IS the portfolio for some investors. What was once the province of a small number of family offices and foundations has drawn sharply increased participation among pension funds, insurance companies, nonprofits and faith-based investors.

At Goldman Sachs, the growth of ESG investing has been significant, and it has accelerated since the acquisition of Imprint Capital, a leading ESG advisor, in 2015. We have seen a virtuous cycle in which demand has driven product and service innovation, creating new models for success and driving further demand. As a result, our assets under supervision in dedicated ESG strategies have grown significantly, to $6.5 billion by the end of 2016.

Fundamental to this growth is an increased understanding that a disciplined approach to ESG investing can drive competitive risk-adjusted returns — just as with any other investment. Risk/return profiles of ESG portfolios now mirror the markets and span asset classes, fueling the evolution of impact investment strategies that meet conventional risk/return hurdles, but also include social and environmental impacts that are both intentional and measurable.

GROWTH OF ESG AUS

Assets Under Supervision in ESG strategies grew 74% YoY in 2016.

World Resources Institute

How does a research-driven, global institute focused on sustainability manage its portfolio for the long term? One way is by leveraging its own research on trends to more effectively steward their endowment while also using this work to create a model for other institutional investors. Here, the World Resources Institute’s President Andrew Steer and Head of Sustainable Investing Elizabeth Lewis discuss WRI’s objectives and investing approach with Goldman Sachs’ John Goldstein.

MUNICIPAL BONDS:
AN OVERLOOKED
IMPACT INVESTMENT?

As interest grows in achieving positive impacts while generating market-rate returns, investors may forget about the opportunity in their own backyards — municipal bonds. Often focused on financing redevelopment, infrastructure and key community needs for education, health, housing and sustainability, municipal bonds can drive ESG impact in addition to providing clear tax advantages. Senior portfolio manager Ben Barber and research analyst Michael Kashani explain.

READ THE DISCUSSION