Goldman Sachs GS SUSTAIN: ESG of the Future Exhibit 29: Emissions intensities for Oil & Gas Producers — referred to Scope 1+2 — are forecast to decline at a 3% CAGR through the forecast period Oil & Gas Producers: profiles 2019-2025E for emissions intensities (calculated dividing Scope 1+2 emissions by energy sold), Scope 1+2 emissions and Energy sold from production and refining. Indexed to 2019 base. 140% 120% 100% 80% 60% 40% 20% 0% Emissions Intensity Mn Ton CO2-eq, Scope 1+2 GJ Energy sold 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. The Oil & Gas Producers sector is as de“ned based on GS SUSTAIN sector classi“cation. Source: Company data, FactSet, Thomson Reuters, Bloomberg, Goldman Sachs Global Investment Research