2024年气候适应投资：物理风险、财务风险及机遇分析报告（英文版）-高盛

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Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that

the ﬁrm may have a conﬂict of interest that could affect the objectivity of this report. Investors should consider this report as only a single

factor in making their investment decision. For Reg AC certiﬁcation and other important disclosures, see the Disclosure Appendix, or go to

www.gs.com/research/hedge.html. Analysts employed by non-US afﬁliates are not registered/qualiﬁed as research analysts with FINRA in

the U.S.

The Goldman Sachs Group, Inc.

EQUITYRESEARCH | January , 2024| !:0¹¶ EST

Derek R. Bingham

+1 415 249-7435

derek.bingham@gs.com

Goldman Sachs & Co. LLC

Brendan Corbett

+1 415 249-7440

brendan.corbett@gs.com

Goldman Sachs & Co. LLC

Rachit Aggarwal

+1 212 934-7689

rachit.aggarwal@gs.com

Goldman Sachs India SPL

Brian Singer, CFA

+1 212 902-8259

brian.singer@gs.com

Goldman Sachs & Co. LLC

Carly Davenport

+1 212 357-1914

carly.davenport@gs.com

Goldman Sachs & Co. LLC

Evan Tylenda, CFA

+44 20 7774-1153

evan.tylenda@gs.com

Goldman Sachs International

ADAPTATION

Physical risk, Financial risk, Opportunity

We believe Adaptation – proactive or reactive measures to

mitigate impacts of rising temperatures – will become a growing

theme even if global temperature rise is limited to 1.5 degrees

Celsius, the most bullish scenario in the Paris Agreement. We

believe investors and corporates will focus on Adaptation

through the lens of physical risk, nancial risk, and revenue

opportunity. In our report, we segment proactive and reactive

drivers of Adaptation investment – to fully address Adaptation

challenges, $400 bn per year of proactive investment would be

required this decade in our view. We map Adaptation revenue

streams and assess risk exposure to nine dierent potential

hazards.

Dan Duggan, Ph.D

+1 212 902-4726

dan.duggan@gs.com

Goldman Sachs & Co. LLC

Note: The following is a redacted version of the original report published January 10, 2024 [44 pgs].

AUTHORS

Brian Singer, CFA

+1(212)902-8259

brian.singer@gs.com

Goldman Sachs & Co. LLC

Brendan Corbett

+1(415)249-7440

brendan.corbett@gs.com

Goldman Sachs & Co. LLC

Rachit Aggarwal

+1(212)934-7689

rachit.aggarwal@gs.com

Goldman Sachs India SPL

Dan Duggan, Ph.D.

+1(212)902-4726

dan.duggan@gs.com

Goldman Sachs & Co. LLC

Carly Davenport

+1(212)357-1914

carly.davenport@gs.com

Goldman Sachs & Co. LLC

Derek R. Bingham

+1(415)249-7435

derek.bingham@gs.com

Goldman Sachs & Co. LLC

Evan Tylenda, CFA

+44(20)7774-1153

evan.tylenda@gs.com

Goldman Sachs International

Alex Scott, CFA

+1(212)902-9592

alex.scott@gs.com

Goldman Sachs & Co. LLC

John Miller

+1(646)446-0292

john.y.miller@gs.com

Goldman Sachs & Co. LLC

Marly Reese

+1(212)357-1956

marly.reese@gs.com

Goldman Sachs & Co. LLC

Grace Chen

+44 20 7774-5119

grace.j.chen@gs.com

Goldman Sachs International

Ingrid Tierens, Ph.D.

+1 212 357-4410

ingrid.tierens@gs.com

Goldman Sachs & Co. LLC

Emma Jones

+61 2 9320-1041

emma.jones@gs.com

Goldman Sachs Australia Pty Ltd

Madeline Meyer

+44 20 7774-4593

madeline.r.meyer@gs.com

Goldman Sachs International

Varsha Venugopal

+1 415 393-7554

varsha.venugopal@gs.com

Goldman Sachs & Co. LLC

Xavier Zhang

+852 2978-6681

xavier.zhang@gs.com

Goldman Sachs (Asia) L.L.C

PM Summary: Adaptation Opportunity and Risk 3

Adaptation investment and where investment is likely to be directed 8

Measuring Physical Risk exposure: Nine areas of focus 17

How insurance companies are responding to physical risk 25

Why Adaptation will likely be a rising theme regardless of climate outcome 27

Adaptation through EU Taxonomy lens 30

How GS SUSTAIN can help 31

Disclosure Appendix 33

10 January 2024 2

Goldman Sachs GS SUSTAIN

Table of Contents

Applying our SDG tool 14

The following is a redacted version of GS Research’s report “GS SUSTAIN: Adaptation: Physical risk, Financial risk,

Opportunity" originally published January 10, 2024 (44 pages). All company references in this note are for illustrative

purposes only and should not be interpreted as investment recommendations.

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GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheﬁrmmayhaveaconﬂictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertiﬁcationandotherim...

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