Goldman Sachs GS SUSTAIN: ESG of the Future Exhibit 9: Among EMEA companies where our analysts are estimating future greenhouse Exhibit 10: Among Asia Pacific companies where our analysts are estimating future gas emissions, the Construction Materials, Mining & Metals, Oil & Gas, Utilities and Steel greenhouse gas emissions, the Mining & Metals sector is forecast to have declining Scope sectors are forecast to have declining Scope 1 emissions by 2025E 1 emissions by 2025E Trajectory of Scope 1 emissions for Europe companies in our analysis, broken down by sector. Trajectory of Scope 1 emissions for Asia Pacific companies in our analysis, broken down by sector. Indexed vs. 2019 base. Indexed vs. 2019 base. 130% Airlines 130% Gas Utilities 120% 120% Oil & Gas 110% Construction 110% Construction 100% Materials 100% Materials Mining & Chemicals 90% Metals 90% 80% Total 80% Total 70% Oil & Gas 70% 60% 60% Mining & Metals Steel Utilities 50% 50% 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. Airlines and Steel sectors not depicted due to no estimates/limited estimates. Source: Company data, Thomson Reuters, Bloomberg, Goldman Sachs Global Investment Research Source: Company data, Thomson Reuters, Bloomberg, Goldman Sachs Global Investment Research