Goldman Sachs GS SUSTAIN: ESG of the Future Corporate emissions vs. Consumer emissions: Where could initial impact be the greatest? We believe consideration of emissions intensity of corporates vs. emissions intensity of countries can be helpful to determine where investors and policy-makers should prioritize resources to drive the greatest impact. As we have written, we are seeing a greater focus of regulation in Europe, the US and Asia on disclosure of Scope 1, 2 and 3 emissions. There is an intense focus among policymakers, investors and other stakeholders in lowering corporate emissions. This has in part led to, as we have written, a transition catalyzed by lower supply that leads to underinvestment and higher prices of commodities. We believe greater focus on consumer demand can also play an important role in driving decarbonization. We believe an all-in approach towards lowering consumer and corporate emissions will be needed to achieve Net Zero goals — focused on finding ways to mitigate both corporate and consumer emissions. At the same time, our analysis suggests the initial weighting of focus on corporate vs. consumer emissions may drive greater impact if varied by country, depending on whether the outsized emissions intensity lies with corporates or consumers. Electricity consumption per capita is highest in the US, followed by Japan and EMEA with China on the rise. Overall electricity demand on a per capita basis is greatest in developed countries, but even among developed countries the US is meaningfully above Japan which is meaningfully above EMEA. The global weighted average is meaningfully lower, a function of many countries and populations with more limited access or affordability for electricity consumption. We believe advancement towards No Poverty Sustainable Development Goals likely means that the global average for electricity consumption per capita will be on the rise in future years. This is another reason for financial market and policymaker consideration for corporate vs. consumer emissions. For some countries like Canada, the higher electricity consumption per capita is in part driven by severe weather — i.e., a greater number of population-weighted heating and cooling degree days. This is less the case based on IEA data for the US and Japan.