Goldman Sachs GS SUSTAIN: ESG of the Future Exhibit 31: Our analysts estimates point towards a 14% Exhibit 32: The reduction in emissions intensities forecast Exhibit 33: Among companies in our analysis, Coal decrease in emissions intensities for Diversified Metals & originates from a decline in Scope 1+2 emissions at a 1% production is expected to decline by 20% in 2025E vs. 2019, Mining by 2025E vs. 2019 base CAGR pace, combined with CuEq production growing at a while Copper and Nickel volumes are projected to Emissions intensities profile for Diversified Metals & Mining, 2% CAGR in the forecast period increases by 20% and 26%, respectively calculated as Scope 1+2 GHG emissions divided by copper Change in Scope 1+2 emissions (left) and volume production Breakdown of change in production volume by select equivalent total production. Indexed to 2019 base. index (right) for Diversified Metals & Mining companies in our commodity produced in 2025E, indexed to 2019. Based on work — vs. 2019 base. analyst estimates. Carbonomics - 1.5C Scenario Carbonomics - <2C Scenario 140% 130% Carbonomics - 2C Scenario Analyst estimates 120% 120% 100% 100% 110% 80% 80% 100% 60% 90% 60% 40% 80% 40% 20% 70% 20% 0% 60% 2019 2020 2021E 2022E 2023E 2024E 2025E 0% 2015 2025 2035 2045 2055 2065 2075 Mn Ton CO2-eq, Scope 1+2 Production Volume, ton CuEq Copper Aluminum Alumina Iron Ore Coal Nickel As not all analysts model through 2025, 2024E and 2025E reflect the weighted Source: Company data, Thomson Reuters, Bloomberg, Goldman Sachs Global Source: Company data, Goldman Sachs Global Investment Research average yoy change for companies where the covering analysts have submitted data. Investment Research The same applies for 2019 and 2020 weighted average estimates. The Diversi“ed Metals & Mining sector is as de“ned based on GS SUSTAIN Metals & Mining sector classi“cation — ex. Aluminum companies based on GICS 4 categorization. Source: Company data, Thomson Reuters, Bloomberg, Goldman Sachs Global Investment Research