Goldman Sachs GS SUSTAIN: ESG of the Future Exhibit 12: While countries with more extreme weather have greater heating and/or cooling needs, this does not fully explain the greater electricity intensity in the US, Japan and Australia as examples Number of population-weighted heating degree days and cooling degree days, 2019; heating degree days based on 16°C, cooling degree days based on 18°C 4,500 Heating degree days s 4,000 Cooling degree days day3,500 ree 3,000 deg 2,500 eighted2,000 w on 1,500 Populati1,000 500 0 E y a a d y il d s y e e l ia da ndi re riaia n n m n d l ilna ndca b reain US a azUK u a i ico den a pan i n nceIt a ri UA rwa India o l g a pain l f uga ussana Araapoe ustnesK Ch Ja urkeyBrl relaar S Chent a A t R C Nohailai w A h Po T BeI F GreecolombiagMexustraliah or T ngS itzerland herl r A P i ndo Germ t C A ud S w I out e out a S S N S S New Ze Source: IEA, Goldman Sachs Global Investment Research Corporate emissions intensity on a revenue basis is greatest in emerging markets or those more dominated by energy-intensive industries. Exhibit 13 shows corporate level Scope 1+2 emissions per dollar of revenue by country. To derive this, we apply a companys overall emissions intensity to a country based on what percent of revenue each company sells in a given country. So if a company sells 50% of its product into country A and 50% of its product into country B, both countries would be allocated half the companys emissions and half the companys revenue towards calculating country-level corporate emissions intensity. Looking at corporate emissions intensity in this way, countries like Saudi Arabia, India and Russia have the highest corporate emissions intensity. Corporate emissions intensity is lowest in Western European