The path to net zero has never been more complicated as businesses and governments look to balance short-term energy demands with long-term sustainability goals.

So what will it take to make that transition?

If you look at the numbers of potential investment

required to achieve the UN Sustainable Development

Goals or global climate goals, you're in the trillions,

you're not in the millions or the billions.

I'm Allison Nathan, and this is Goldman Sachs exchanges.

The global transition to net Zero is a decades long effort that requires trade-offs between investing in carbon-intensive projects and increasing investments in clean energy technologies.

To help us understand the path to achieving this balance,

I'm sitting down with Goldman Sachs's research is

Michaela Delavina, head of Natural Resources Research in Emia,

and Karaman Gone, global head of Climate Strategy, whose team recently released Goldman Sachs's

2022 Sustainability Report that takes a deep dive into these topics.

Michaela, Kara, welcome back to the program.

Thank you, Edithan. Thanks, it welcome back to the program. Thank you, Edison.

Thanks, it's great to be here.

So let's start with the fact that we are obviously in a complicated macroeconomic environment.

Businesses are putting sustainability goals on the back burner as they deal with high interest

rates and a slowing economy. How has the economic uncertainty affected the pace of the energy

transition? Michaela, maybe you can start.

And listen, it's a great place to start and as you were saying before, it's a very complicated

period with a lot of conflicting changes in the economic environment. I think in many ways renewables and clean tech has moved away from a pure ESG consideration and has taken on relevance from the point of view of energy affordability and energy security.

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