Our long-term growth strategy is rooted in our vision to power the markets of the future and is underpinned by our leading franchises, deep sector expertise, and talent. Our unique and complementary assets enable us to deliver differentiated customer value propositions and strengthen our core businesses in providing leading benchmarks, data and analytics, and workflow solutions.

As a result of our merger, S&P Global now has a greater scale, breadth and depth of capabilities to better serve a global customer base that includes most of the world’s leading companies.

And we are better positioned to serve fast-growing, emerging segments. We now offer a more robust, comprehensive set of solutions covering environmental, social and governance (ESG) factors, climate and energy transition, private assets and SMEs, counterparty risk management, supply chain, trade, and alternative data sets. These additional emerging segments together represent a $20 billion total addressable market, growing at double-digit rates annually.

Continuing to innovate will be critical, which is why we are excited to leverage our unparalleled data assets, coupled with cutting-edge technology provided by Kensho, to support fields such as data science and discovery and distribution platforms, including IHS Markit’s Data Lake.

As we move forward, we plan to invest approximately $130 million in ongoing organic initiatives in key areas we plan to prioritize in the near term. These investments align with the strategy to evolve and grow the core business, expand into transformational adjacencies and build upon our foundational capabilities.

Our 2022 outlook calls for mid-single-digit revenue growth and double-digit EPS growth. With our differentiated capabilities in core segments, as well as high-growth adjacencies, we also have a strong medium-term financial outlook, targeting 6.5% to 8.0% annual organic revenue growth and 200 basis points of annual EBITA margin expansion on average through 2023.

We have the financial discipline and the flexibility to fund investments to accelerate growth.

Our balance sheet continues to be strong, and we expect to generate annual free cash flow exceeding $5 billion in 2023. These factors give us the flexibility to fund investments to accelerate organic growth, pursue strategic M&A, as well as support a robust capital return program with a targeted capital return of at least 85% of free cash flow between dividends and share repurchases.

As a provider of ESG data, analytics and benchmarks, we know as well as anyone the critical need to have our own best-in-class approach to these issues. We continue to strengthen our commitment to ESG matters through our strategies, initiatives and reporting.

For example, last year we were one of the first companies to issue a sustainabilitylinked banking facility in the United States tied to climate action goals and the first such banking facility in the U.S. media and information services sector.

We also announced our plan to achieve net-zero greenhouse gas (GHG) emissions by 2040.

And we provided ways for our people to support their local communities. In 2021, employee volunteerism contributed $1.4 million in economic value to nonprofits around the globe and the S&P Global Foundation distributed $15 million, a 30% increase over the year before, to organizations that support Covid-19 relief, diversity, economicinclusion and environmental sustainability. You can find out more about these programs in our Impact Report.

The world of ESG and impact investing is moving fast. In 2021, a number of events demonstrated there is powerful momentum to build a more transparent and trustworthy investing ecosystem.

At COP26, the IFRS Foundation announced the formation of the International Sustainability Standards Board (ISSB). The ISSB will “develop a comprehensive global baseline of high-quality sustainability disclosure standards.” We welcomed this news.

In addition, the Impact Taskforce (ITF), a private-sector led, independent body supported by the UK’s government under its presidency of the G7, released recommendations focused on driving private financing to promote impact-driven economies and societies. I was privileged to represent S&P Global as chair of the ITF workstream dealing with the steps that are needed to produce greater transparency, harmonized disclosure standards, and better data to facilitate the flow of capital toward projects with positive impact on people and the planet.

These initiatives, as well as others, are healthy developments to achieve more transparency and better comparability and standardization of sustainabilityrelated information.