Capital Markets Winter 2021

II

Emission Reductions Enduring Themes

• The rate of CO 2

emissions is not sustainable in our view

I

• Reducing emissions may provide opportunities in alternative energy sources and in electric vehicles and related products and services

II

CO

Emissions

2

Actual

Needed To Limit Warming

III

10 15 20 25 30 35 40 45 Billions of Annual Tonnes

IV

V

0 5

VI

Source: Robbie Andrews (2019) based on Global Carbon Project & IPPC SR15. Carbon budget based on >66% probability of staying below 2 o C warming, beginning in 2021.

17