MINIMIZING OUR CLIMATE IMPACT We believe we have a role to play in supporting the transition to a low-carbon economy and have been working toward advancing climate solutions on multiple fronts: Advancing climate solutions starts with our own operations. Since 2018, we have been a CarbonNeutral® company, powered by 100% renewable electricity across our global operations. 5 To build on these efforts, in 2021 we committed to net-zero emissions by 2035 in alignment with the Science Based Targets initiative (SBTi). We are also working to enhance the management of our climate-related risks and opportunities across our business and became a formal supporter of the Task Force on Climate-Related Financial Disclosures (TCFD). In 2020 and 2021, we conducted a qualitative climate risk scenario analysis to assess physical and transition risks to our business related to climate change in alignment with the TCFD. We assessed transition risks associated with current and emerging regulations, technology advances, and market and reputational impacts and identified opportunities, including developing new low-carbon products and services for customers. Additionally, ESG risks–in particular climate risk–have been included as an emerging risk for the company, and are part of our Enterprise Risk Management (ERM) framework. Climate-related risks are currently managed as part of our ERM process. The Risk Committee of our Board of Directors provides oversight of our ERM framework, processes, and methodologies, and approves our ERM policy, which governs risk governance, risk oversight, and risk appetite. Read more in the TCFD Index at the end of this report. 5. Achieved carbon neutral operations for Scope 1 (direct emissions from sources owned or controlled by American Express), Scope 2 (indirect and market-based emissions), and Scope 3 (waste and employee business travel) emissions through renewable energy credits, carbon offsets, and reduced GHG emissions. Operations include all our managed facilities, field sites, and data centers). For more detailed data on our consumption of electricity, renewable energy, and Scope 1, 2, and 3 emissions, please see the Environmental Performance Data Summary and Limited Assurance Statement of GHG Emissions in the Supporting Data section. • Minimizing the climate impact of our operations • Managing our climate-related risks and opportunities • Developing new capabilities for our customers and partners • Supporting community programs and initiatives to help build more climate- resilient and equitable communities INTRODUCTION PROMOTING DE&I ADVANCING CLIMATE SOLUTIONS BUILDING FINANCIAL CONFIDENCE OUR ESG GOVERNANCE & OPERATING RESPONSIBLY SUPPORTING DATA OUR COMMITMENT TO ESG 41