投行报告-自然与生物多样性：通过新的自然数据工具分析风险和机遇（英）

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group, Inc.For the full list of authors, see inside.Madeline Meyer +44 20 7774-4593madeline.r.meyer@gs.comGoldman Sachs InternationalShubham Jain +1(332)245-7652shubham.jain@gs.comGoldman Sachs India SPLEvan Tylenda, CFA +44 20 7774-1153evan.tylenda@gs.comGoldman Sachs InternationalRachit Aggarwal +1(212)934-7689rachit.aggarwal@gs.comGoldman Sachs India SPLEQUITY RESEARCH | August 29, 2024 | 3:58 AM BSTNature & BiodiversityAnalysing risks and opportunities through a new Nature Data ToolAs more companies focus on Biodiversity and Nature to both meet corporate sustainability strategies and manage business risks, we see rising interest by corporates and Sustainable investors to quantify Nature-related performance, risk and enablement. With this report we introduce the GS SUSTAIN Nature Framework, a new dataset that looks to better quantify 1) corporate exposure and relevance, 2) transparency and strategy, and 3) performance on four different drivers influencing nature outcomes. As Nature and Biodiversity is early in its emergence as a theme investors are looking to quantify at the company-specific level, we would hesitate to draw strong conclusions about Nature's current impact on equity valuation, though we may see greater divergence over time. We do, however, find that companies with stronger relative Nature Performance (based on our Nature Framework) trade at modest premiums to laggard peers, while more Transparent companies tend to trade at discounted valuation vs less transparent peers. We believe this supports the view that the market may be more willing to reward favourable performance-driven outcomes from companies, rather than just disclosure alone, consistent with our views on broad ESG integration and Climate Transition. Note: The following is a redacted version of the original report published August 29, 2024 [73 pgs]. Madeline Meyer +44(20)7774-4593madeline.r.meyer@gs.comGoldman Sachs InternationalCONTRIBUTING AUTHORSEvan Tylenda, CFA+44(20)7774-1153evan.tylenda@gs.comGoldman Sachs InternationalShubham Jain+1(332)245-7652shubham.jain@gs.comGoldman Sachs India SPLRachit Aggarwal+1(212)934-7689rachit.aggarwal@gs.comGoldman Sachs India SPLGrace Chen+44(20)7774-5119grace.j.chen@gs.comGoldman Sachs InternationalBrian Singer, CFA+1(212)902-8259brian.singer@gs.comGoldman Sachs & Co. LLCDerek R. Bingham+1(415)249-7435derek.bingham@gs.comGoldman Sachs & Co. LLCBrendan Corbett+1(