Goldman Sachs

InfluenceMap Score
D+
Performance Band
51%
Organisation Score
49%
Relationship Score
Sector:
Financials
Head​quarters:
New York, United States
Brands and Associated Companies:
Goldman Sachs Asset Management
Official Web Site:
Wikipedia:

Goldman Sachs appears to have had limited engagement on sustainable finance policy, though it appears to support urgent action to tackle climate change. Goldman Sachs has stated support for the Paris Agreement and action to keep temperature rise to 1.5C, and in October 2021 it joined the Net Zero Banking Alliance, signaling a commitment to the goal of a net zero economy. In 2019 CEO David Solomon signed a joint letter in support of the Paris Agreement. However, in 2021 Solomon 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 its 2021 CDP response, Goldman Sachs mentions engaging with policymakers on greening the financial system, but details of this engagement are unclear.

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. Previously, Goldman's position on regulated corporate ESG disclosure had been more unclear. In a 2021 webinar a Goldman Sachs representative described efforts by regulators in the EU and US to mandate corporate ESG disclosure but did not take a clear position. In the same webinar, the representative took a similarly unclear position on the EU Sustainable Finance Disclosure Regulation (SFDR) and appeared to caution against an overly restrictive EU Taxonomy. A paper released by Goldman Sachs in 2022 supported the weakening of taxonomy criteria to include natural gas.

Despite stating support for incorporating ESG factors into investor duties in its 2021 CDP response, on its website Goldman Sachs has not taken a clear position on the EU SFDR and US Department of Labor rules that remove barriers to ESG investing. Goldman Sachs has taken a similarly unclear position on incorporating ESG factors into risk management and prudential regulation, describing current and possible future central bank efforts to incorporate climate risk into supervision but not outlining a policy preference.

Some evidence of Goldman Sachs’ positions on sustainable finance policies can be found in articles and reports on its website, but information about engagement with regulators and policymakers is scarce. Goldman Sachs and Goldman Sachs Asset Management disclose trade association membership but with no further detail on indirect influence governance.

QUERIES
DATA SOURCES
NS0NSNSNS0NS
211NS-11NS
-1NS0NSNS1NS
0NSNSNS1NSNS
-1NSNSNS0NSNS
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0NS1NSNSNSNS
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-1NANANANANANA
0NANANANANANA
Strength of Relationship
STRONG
 
 
 
 
 
 
 
WEAK
 
55%
 
55%
 
48%
 
48%
 
42%
 
42%
 
41%
 
41%
 
37%
 
37%
 
42%
 
42%
 
58%
 
58%
 
49%
 
49%
 
39%
 
39%
 
52%
 
52%
 
56%
 
56%
 
56%
 
56%
 
48%
 
48%
 
49%
 
49%
 
43%
 
43%
 
81%
 
81%

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.