投行报告-高盛可持续发展报告-为客户提供基于市场的解决方案（英）

Goldman Sachs Sustainability Report Delivering Market-Based Solutions for Our ClientsDECEMBER 2025Table of Contents3 Letter From Our Chairman and CEO4 About Goldman Sachs and This Report5 Historical Sustainability Timeline6 Our Approach to Sustainable Finance7 Our Approach to Sustainable Finance8 Our Sustainable Finance Activity10 Delivering Market-Based Solutions for Our Clients14 Areas of Opportunity for Our Clients and Firm15 Advancing Innovative Technologies and Solutions21 Supporting Resilient Infrastructure and Ecosystems27 Unlocking Economic Opportunities in Our Communities31 Managing Our Firm32 Governance34 Managing Our Businesses37 Managing Our Operations and Supply Chain38 Managing a Complex Regulatory Landscape39 Appendix40 Operational and Supply Chain Metrics43 Tracking Our Sectoral Portfolios44 Sustainability Accounting Standards Board Index49 Sustainability Issuance Reporting52 Report of Independent Accountants53 Environmental & Social Due Diligence Guidelines57 DisclaimerOn the cover: Hydrostor’s Goderich Energy Storage Centre2GOLDMAN SACHS SUSTAINABILITY REPORTDavid Solomon Chairman and Chief Executive OfficerLetter From Our Chairman and CEOSince the publication of our last sustainability report, geopolitical developments, surging AI-driven power demand, and the onshoring of domestic manufacturing have underscored the critical importance of energy reliability, security, and affordability. In the US alone, Goldman Sachs Research projects US power demand will grow by 2.6% annually through 2030, a significant increase after a decade of limited growth.1 Meeting this demand will require an abundance of energy sources, including traditional energy as well as new and innovative technologies.Governments are grappling with how to address the implications of these accelerating trends. We urge policymakers and regulators globally to support the innovation and investment needed to both meet soaring energy demand and adapt their economies to the realities of the changing climate.This includes reducing regulatory sustainability reporting burdens and harmonizing any regulatory requirements that significantly diverge across different markets to reduce unnecessary burdens and obstacles to progress. These reforms will enable private sector participants to more effectively deploy capital and resources toward advancing solutions that contribute to sustainable economic growth and bolster resilience.Our clients have a wide range of preferences and commercial interests on this topic. At Goldman Sachs, our priority is meeting our clients where they are and having the commercial capabilities and insights to help them deliver on their distinct strategic priorities. This means we will continue financing and advising our clients in carbon-intensive industries, which economies are still dependent on, and investing in the innovative energy technologies and solutions critical to decarbonization.In this year’s report, we highlight the progress we are making