NEW YORK, December 16, 2021 – The Goldman Sachs Group, Inc. (“Goldman Sachs”) today published Accelerating Transition, its 2021 Task Force on Climate-Related Financial Disclosures (TCFD) Report. The report provides an update on the firm’s comprehensive framework for addressing the impacts of climate change and transition to a low-carbon economy. In addition to detailing Goldman Sachs’ own climate risk management policies and governance, the Accelerating Transition report contains new targets for 2030, in sectors where Goldman Sachs sees opportunities to partner with its clients to drive decarbonization in the real economy.
David Solomon, Chairman and Chief Executive Officer of Goldman Sachs, said:
“As a financial institution, we believe we can achieve the greatest impact in advancing the climate transition by partnering with our clients across our business. Whether it’s by developing new sustainability-linked financing solutions, offering world-class strategic advice, or co-investing in cutting-edge clean energy companies, we’re constantly innovating and expanding new commercial capabilities to accelerate our clients’ transition. This will take time and require thoughtful public policy, along with the private and public sectors working together to achieve a more sustainable future. Our Accelerating Transition report shows our determination to do our part.”
The firm’s approach to advance the goals of the Paris Agreement is grounded in working with clients to drive progress towards net zero ambitions, engaging partners and broader stakeholders and managing the firm’s own climate-related risks, guided by a newly established Firmwide Climate Steering Group. Achieving an inclusive climate transition globally will require unprecedented levels of investment across the public and private sectors. To rise to this challenge Goldman Sachs will leverage its deep market expertise and differentiated risk capabilities to drive capital towards critical or innovative climate solutions, such as its work with Bloomberg Philanthropies and the Asian Development Bank for investment in clean energy projects across South and Southeast Asia or Apple’s Restore Fund, a first-of-its-kind carbon removal initiative launched with Conservation International.
Following Goldman Sachs’ commitment in March 2021 to align its financing activities to a net zero 2050 pathway and its participation in the United Nations-convened Net Zero Banking Alliance, the firm has now established an initial set of 2030 targets for the Oil & Gas, Power and Auto Manufacturing sectors – based on their materiality to global emissions, to Goldman Sachs’ own business, and the availability of sufficient data to engage with clients in a meaningful way. Importantly, these targets cover Goldman Sachs’ corporate lending commitments, debt and equity capital markets financing and on-balance sheet debt and equity investments, presenting a significant opportunity for the firm to help advance the transition and play its part in delivering a more sustainable future for all.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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Contact
Matthew Newton
Goldman Sachs
matthew.newton@gs.com
+44 207 774 4080
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