Goldman Sachs GS SUSTAIN: ESG of the Future emissions intensity is among the lowest. Japans overall emissions are slightly below the global average, while its corporate emissions are among the lowest. Only Switzerland and Ireland have among the lowest both corporate emissions and overall emissions intensities, while Russia, South Africa and Saudi Arabia are among the higher emissions intensities on a corporate and overall basis. Exhibit 14: Overall country emission intensity of GDP is greatest in lower-income resource-producing countries CO2 emissions intensity per $ of GDP and GDP per capita by country, 2019; top 10 countries based on GDP are bold 0.9 Turkmenistan GDP 0.8 $ of 0.7 South Africa Ukraine Kazakhstan 0.6 Iran Bahrain (KgCO2) per 0.5 Russia issions China 0.4 Saudi Arabia Canada Qatar India Australia CO2 em0.3 Japan US Total UAE Germany 0.2 Italy Netherlands UK Denmark Norway Ireland 0.1 Brazil France DR Congo Sweden Singapore Switzerland 0.0 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 GDP per capita (US$) Source: World Bank, United Nations, Global Carbon Atlas, Goldman Sachs Global Investment Research We believe this suggests the initial focus of investors and policy-makers towards decarbonization should be varied depending on the country to have the greatest impact. Our analysis suggests that there may be greater impact focusing in the United States and Japan on the consumer vs. the corporate, while there may be greater impact in India and Eastern