Goldman Sachs

InfluenceMap Score
for Sustainable Finance Policy Engagement
D
Performance Band
46%
Organization Score
46%
Relationship Score

Sector:
Financials
Head​quarters:
New York, United States
Brands and Associated Companies:
Goldman Sachs Asset Management
Official Web Site:
Wikipedia:

Sustainable Finance Lobbying Overview: Goldman Sachs appears to have had limited and unclear direct engagement with sustainable finance policies, while communicating some support for regulated corporate ESG disclosures and opposition to stringent ESG taxonomies and standards.

Top-Line Messaging on Sustainable Finance Policy: Goldman Sachs has stated support for the Paris Agreement including action to keep temperature rise to 1.5C, and in October 2021 it joined the Net Zero Banking Alliance, signaling support for the goal of a net zero economy. CEO David Solomon has stated support for the goals of the Paris Agreement but in October 2021 stated support for continued financing of fossil fuel companies. In a 2018 blog post Goldman Sachs suggested that a market-led response to sustainable finance would be more effective than regulation, and its 2018 and 2019 CDP responses appear to support some regulation on sustainable finance while emphasizing a market-driven response. In both its 2021 CDP response and 2021 Sustainability Report Goldman Sachs mentions engaging with policymakers on greening the financial system, but details of this engagement are unclear. A Goldman Sachs Asset Management insights report from August 2022 suggests support for certain sustainable finance regulations to incentivize the transition to a low-carbon economy.

Position on Regulated Corporate ESG Disclosure: In April 2022, Goldman Sachs Asset Management's global head of stewardship told the Wall Street Journal that Goldman's voting framework is "very supportive of the SEC's proposed climate risk disclosure rules," suggesting support for the proposal. An insights report from February 2022 appears to support the need for policy to enhance disclosures in APAC to keep up with international ESG policy developments. A September 2022 memo regarding a meeting between banks and the Securities and Exchange Commission (SEC) suggests that Goldman Sachs does not support aspects of the SEC’s proposed climate disclosure rule, outlining concerns with implementation and cost.

Position on Taxonomies and ESG Standards/Labels/Benchmarks: Goldman Sachs appears to have a more negative position on taxonomies and ESG standards. In a 2021 webinar Goldman Sachs stated support for the common language an EU Taxonomy would create but warned against it being overly stringent. In a January 2022 insights report, Goldman Sachs supported the weakening of EU Taxonomy criteria to include natural gas and in a February 2022 insights report it suggested that concerns of greenwashing following the inclusion of gas in the taxonomy were “overdone.”

Position on Incorporating ESG Factors Into Investor Duties: Goldman Sachs’ 2021 CDP Report states support for government action to push institutional investors to integrate ESG factors into investment decision-making. However, Goldman Sachs’ position on and engagement with specific policies to achieve this, including the EU’s Sustainable Finance Disclosure Regulation and the US Department of Labor’s proposed Prudence and Loyalty rule, is unclear.

Industry Association Governance: In its Statement on Policy Engagement and Political Participation, Goldman Sachs discloses just three trade associations to which it holds membership. Goldman Sachs Asset Management lists other memberships in reports across its website. Neither Goldman Sachs nor its asset management arm describe the sustainable finance policy positions of these associations or any details of their policy engagement.

QUERIES
DATA SOURCES
NS0NSNSNS0NS
211NS-10NS
010NSNS1NS
1NSNS-11NSNS
-1NSNSNS0NSNS
0NSNSNSNSNSNS
0NS1NSNS0NS
NS0NS-1NSNSNS
-1NANANANANANA
0NANANANANANA
Strength of Relationship
STRONG
 
 
 
 
 
 
 
WEAK
 
54%
 
54%
 
37%
 
37%
 
41%
 
41%
 
44%
 
44%
 
58%
 
58%
 
40%
 
40%
 
48%
 
48%
 
54%
 
54%
 
49%
 
49%
 
30%
 
30%
 
46%
 
46%
 
60%
 
60%
 
60%
 
60%
 
53%
 
53%
 
47%
 
47%
 
N/A
 
61%
 
82%
 
82%

How to Read our Relationship Score Map

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.