Goldman Sachs GS SUSTAIN: ESG of the Future Exhibit 7: Absolute Scope 1 emissions are projected to decrease for 4 of the 7 key sectors Exhibit 8: Among Americas companies where our analysts are estimating future greenhouse considered — Steel, Oil & Gas, Mining & Metals and Utilities — by 2025E vs. 2019, and to gas emissions, Scope 1 emissions from Oil & Gas, Construction Materials and Utilities are increase for the remaining 3 — Airlines, Chemical and Construction Materials forecast to decline meaningfully Overall Scope 1 emissions for the seven sectors considered, indexed to 2019 as base-year Trajectory of Scope 1 emissions for Americas companies in our analysis, broken down by sector. Indexed vs. 2019 base. 130% 130% Steel 120% Chemicals 120% Mining & Construction Metals 110% Materials Airlines 110% Steel Airlines 100% Mining & 100% Chemicals 90% Metals 90% Total 80% Total 80% Oil & Gas Oil & Gas 70% 70% 60% 60% Utilities Utilities Construction 50% 50% Materials 40% 40% 30% 30% 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E As not all analysts model through 2025, 2024E and 2025E reflect the weighted average yoy change for companies where the As not all analysts model through 2025, 2024E and 2025E reflect the weighted average yoy change for companies where the covering analysts have submitted data. The same applies for 2019 and 2020 weighted average estimates. Sectors are de“ned based covering analysts have submitted data. The same applies for 2019 and 2020 weighted average estimates. Sectors are de“ned based on GS SUSTAIN sector classi“cation — Oil & Gas includes Oil & Gas Producers and Oil Re“ners, Utilities includes Electric Utilities, on GS SUSTAIN sector classi“cation — Oil & Gas includes Oil & Gas Producers and Oil Re“ners, Utilities includes Electric Utilities, Gas Utilities, Multi-Utilities and Water Utilities Gas Utilities, Multi-Utilities and Water Utilities Source: Company data, Thomson Reuters, Bloomberg, Goldman Sachs Global Investment Research Source: Company data, Thomson Reuters, Bloomberg, Goldman Sachs Global Investment Research