We have expanded the list of climate policies we assess company engagement with to incorporate land-use related policy, referring to legislative or regulatory measures to enhance and protect ecosystems and land where carbon is being stored. Assessments under this category are currently underweighted in terms of their contribution to the overall company metrics. This weighting will be progressively increased over the next 6 months.
We adjusted the terminology used to describe the queries running down the left-hand side of our scoring matrix and added additional explanatory text to the info-boxes. This has no impact on the scores and methodology. It has been done following user feedback to improve clarity.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
CEO David Solomon is a member of Business Roundtable
David Solomon
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Goldman Sachs is a member of Business Roundtable
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
CEO David Solomon is a member of Business Roundtable
David Solomon
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Goldman Sachs is a member of Business Roundtable
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Goldman Sachs is an associate member of JBA. Associate member is scored as 5 (Japan Specific).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Goldman Sachs is an associate member of JBA. Associate member is scored as 5 (Japan Specific).
not specified
--no extract--
In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party. In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.
Open PDF file of Data Source
Climate Lobbying Overview: Goldman Sachs appears to have limited engagement with climate policy, with broadly positive top-line messaging.
Top-Line Messaging on Climate Policy: In Goldman Sachs’ Environmental Policy Framework, accessed in April 2022, the company clearly accepts the science of the IPCC, and in its 2021 TCFD Report it states support for limiting temperature rise to well below 2C. Goldman Sachs appears to support some government action to respond to climate change. In 2021, Goldman Sachs signed onto a joint letter calling for the Biden administration and Congress to enact “ambitious” climate solutions and in 2020 Fortune reported that Goldman Sachs had endorsed a report directly advocating for government regulation to respond to climate change. On a Q3 2021 Earnings Call CEO David Solomon stated support for government intervention to make sure carbon is priced into the economy, and in Solomon’s April 2022 letter to shareholders he recognized the need for public policy to decarbonize the economy and urged Congress to pass the climate provisions of the Build Back Better act. Goldman Sachs and Solomon have also stated support for the goals of the Paris Agreement.
Engagement with Climate-Related Regulations: Goldman Sachs appears to have had limited direct engagement with specific climate policies. In a research article from December 2021, Goldman Sachs Global Head of Commodities Jeff Currie called for US policymakers to pass a carbon tax. In his April 2022 letter to shareholders CEO David Solomon appeared to support the methane fee and the clean energy tax credits in the Build Back Better Act.
Positioning on Energy Transition: Goldman Sachs offers overall support for the transition of the energy mix, although it may support a continued role for fossil fuels that is misaligned with IPCC recommendations. In its 2021 Sustainability Report, Goldman Sachs appears to support the transition to a low carbon economy, including the decarbonization of transportation. In an insights report from August 2022, Goldman Sachs states support for policy measures to decarbonize the economy, and its 2021 CDP Report appears to support policy to facilitate the financing of the transition of the energy mix. However, in its Environmental Policy Framework the company appears to support a long-term role for fossil fuels, stating “for the foreseeable future, carbon-intense energy sources will continue to be part of the global energy mix.” Similarly, in a November 2021 Bloomberg report, CEO David Solomon reportedly emphasized that the energy transition will take time.
Industry Association Governance: Goldman Sachs has disclosed a non-exhaustive list of industry associations to which it holds a membership. The company has not described the associations’ positions on climate policies or any engagement activities undertaken. Goldman Sachs did not disclose industry association engagement in its 2021 CDP response. Nevertheless, its CEO is a member of the Business Roundtable, an association that holds mixed positions on US climate policy.