Goldman Sachs GS SUSTAIN: ESG of the Future Exhibit 34: Scope 1+2 emissions intensities in the Chemicals sector are forecast to decline Exhibit 35: ...on the back of rising production volumes, which more than offset increasing by 12% in 2025E vs. 2019... absolute emissions. Emissions intensities profile for Chemicals, calculated as Scope 1+2 GHG emissions divided by the Change in Scope 1+2 emissions (left) and volume production index (right) for Chemicals companies production index (referred to 2019 base). Indexed to 2019 base. Weighted average using market in our work — vs. 2019 base. Production indexes reported here are weighted average on market caps as weights. caps. Carbonomics - 1.5C Scenario Carbonomics - <2C Scenario 140% Carbonomics - 2C Scenario Analyst estimates 120% 120% 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% 2015 2025 2035 2045 2055 2065 2075 Mn Ton CO2-eq, Scope 1+2 Volume index As not all analysts model through 2025, 2024E and 2025E reflect the weighted average yoy change for companies where the Source: Company data, Thomson Reuters, Bloomberg, Goldman Sachs Global Investment Research covering analysts have submitted data. The same applies for 2019 and 2020 weighted average estimates. The Chemicals sector is as de“ned based on GS SUSTAIN sector classi“cation. Source: Company data, Thomson Reuters, Bloomberg, Goldman Sachs Global Investment Research