Goldman Sachs GS SUSTAIN: ESG of the Future European countries focusing more on the corporate than the consumer. In Exhibit 15 we have created an indicative index where policy/investor focus may initially be better directed towards the corporate vs. the consumer or equally to both. Exhibit 15: Our indicative index that divides country emissions intensity per $ of GDP by corporate emissions intensity per dollar of revenue suggests potential greater initial impact from focusing decarbonization efforts on consumers in the US and Japan and on corporates in India and other emerging markets Country emissions intensity index / corporate emissions intensity index, 2019 2.5 sity2.0 Consumer intenindex) emissions s ssion1.5 emi Corporate / corporate emissions rate 1.0 intensity orpo index / C0.5 ntry(Country u o C 0.0 y a d s y n ill E e y a e nddaia n ia n ea m l co ca nd nd na reia il US a UKin u ncea i ri az bi bia pana nd i It f den l ral or g a pai uga UA rwa ndia Ja a ustria ChusselaKrlal r urkey S Brt olaentie apones ChI ana r w Ara C ustA R I h e BeF T Mex orhailaGreecPgS No i olom A itzerlandP T r ng Germ th A i ndo C out w outh A S I aud New Ze S Ne S S S Index values calculated by dividing a countrys overall/corporate emissions intensity values by the median values of the comparison set. Dark blue bars represent developed countries, light blue bars represent developing countries, and stripped bars represent countries with more than 3500 degree days in 2019. Source: Goldman Sachs Global Investment Research