Second-Party Opinion Download

Sustainalytics is of the opinion that the Goldman Sachs Sustainability Issuance Framework is credible and impactful, and aligns with the Sustainability Bond Guidelines 2018. This assessment is based on the following:

USE OF PROCEEDS

The green and social categories eligible for the use of proceeds – (i) Clean Energy, (ii) Sustainable Transport, (iii), Sustainable Food and Agriculture, (iv) Waste and Materials, (v) Ecosystem Services, (vi) Accessible and Innovative Healthcare, (vii) Financial Inclusion, (viii) Accessible and Affordable Education, and (ix) Communities – are aligned with those recognized by the Green Bond Principles and the Social Bond Principles, respectively. Sustainalytics considers that the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDGs 2, 3, 4, 7, 10, 11, 12, 14 and 15.

PROJECT EVALUATION/SELECTION

Goldman Sachs’ Sustainable Asset Working Group (“SAWG”), comprised of representatives from the Sustainable Finance Group, Investor Relations, Corporate Treasury, Legal and Controllers, will review project and asset compliance with the Framework’s eligibility criteria. Sustainalytics considers the project selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

Goldman Sachs’ Corporate Treasury team will be in charge of tracking an equivalent amount of proceeds from green, social and/or sustainability issuances via a separate ledger. Pending allocation, proceeds will be held in the Bank’s general liquidity pool. This is in line with market practice.

REPORTING

Goldman Sachs intends to publish reports on its website within a year of each green, social and/or sustainability issuance and until full allocation. The reports will include a brief description of categories of assets to which proceeds have been allocated, total amount allocated to eligible assets, and unallocated amounts if any. Impact reporting will include expected and realized qualitative and, where feasible quantitative environmental and social impacts. Sustainalytics views the Bank’s allocation and impact reporting as aligned with market practice.