PURSUE AN AGGRESSIVE

CLIMATE STRATEGY

ENGIE has an ambitious climate plan as part of its strategy to accelerate the transition to Net Zero Carbon.

It should result in the reduction of its greenhouse gas emissions across all scopes, by following

a trajectory in line with the Paris Agreement and by developing renewable capacities.

ENGIE has set itself the goal of achieving

Zero Net Carbon Emissions by 2045

across its three scopes. For this,

the Group will follow a decarbonization

trajectory compatible with a warming

limit well-below 2°C, certified by SBTi,

between now and 2030, supported

by various decarbonization targets.

Several levers will be used to achieve

these targets: a total coal phase-out,

accelerated development of

the renewable electricity fleet,

battery storage and full conversion

of networks to renewable gas.

ACHIEVING NET ZERO EMISSIONS

BY 2045

With its Net Zero Emissions ambition,

the Group is focusing between now and

2045 on reducing its greenhouse gas

emissions and offsetting the residual

emissions, which should by then be as

low as possible.

This is an ambitious strategy because:

• it covers scopes 1, 2 and 3 defined

by the GHG Protocol, i.e. the direct

and indirect emissions produced by

the company, its subsidiaries and

its value chain: suppliers, customers

and companies in which ENGIE has

a minority interest;

• the target year of 2045 is an ambitious

deadline for a company with a strong

gas DNA. While pure electricity

companies are encouraged to set NZE

targets from now to 2040 companies

that still hold fossil assets rarely

commit to targets before 2050

By targeting 2045 ENGIE is confirming

its desire to act as quickly as possible

for clean safe and affordable energy

Beyond this ambition ENGIE is

contributing to a reduction in its

customers emissions with a target of

45MtCO

2

eq of avoided emissions

targeted each year from 2030 without

reducing the Groups carbon footprint

COMMITTED TO A WELLBELOW 2C

TRAJECTORY

Among the many objectives for

implementing this trajectory

two objectives correspond to the

Group’s main GHG emissions items –

energy production and gas sales:

• Energy production: not to exceed

43 Mt CO

2

eq. between now and 2030

(compared with 106 in 2017 and 60 in

2022) on its scopes 1 and 3, with the

energy produced including electricity,

heating and cooling from centralized

units, at customer sites or on urban

networks.

• Gas sales to end customers:

not to exceed 52 Mt CO

2

eq. between

now and 2030 (compared with 79

in 2017 and 61 in 2022).

To comply with the Paris Agreement,

the Group asked the SBTi initiative

to certify the compatibility of its

trajectory, which is no longer only

for warming limited to +2°C

(obtained

in 2020) but well below +2°C.

This certification was obtained in

February 2023. This required the Group

to set three additional targets to be met

by 2030, namely:

• the carbon intensity for energy

production (Scope 1) and energy

consumption (Scope 2) must be lower

than 110 g CO

2

eq. per kWh,

• the carbon intensity of energy

sales produced (Scopes 1 and 3)

and purchased (Scope 3) must be

lower than 153 g CO

2

eq. per kWh,

• the other GHG emissions, including

scope 3 from procurement capital

goods and the upstream of purchased

fuels and electricity scopes 31 32 33

in Mt CO

2

eq should be less than

85 Mt CO

2

eq

At this stage ENGIE has chosen not

to follow a trajectory compatible

with warming limited to 15C

The target for the reduction in the

carbon intensity of the Groups energy

production is currently 66 for the

period 20172030 This goes beyond

the strict certification requirement of

wellbelow 2C 55 It should be 78

to comply with 15

o

C A reduction on

this scale could not be achieved without

a significant sale of thermal assets

the closure of which would jeopardize

the security of the electrical system

to which they are connected.

They will therefore continue to emit GHG.

ENGIE considers it more virtuous to

retain these assets while committing

to their decarbonization. Several

technologies make this possible

(biomethane, carbon capture and

– depending on technological

developments – hydrogen) and

their regulatory framework is in the

process of evolving (particularly in

the European Union) to enable the

associated investments to be triggered.

However, it will take about 20 years

to fully industrialize these technologies

and achieve decarbonization by

2040-2045.

SEVERAL DRIVERS FOR

THE DECARBONIZATION PLAN

Coal phase-out

Having abandoned all new coal projects

in 2015, the Group is now targeting

a full exit from coal in 2025 for

continental Europe and 2027 for

the rest of the world.

At end-2022, coal represented less than

3% of the Group’s centralized electricity

production capacity. To optimize the

climate impact of this exit, the Group

has chosen to first consider closure,

then conversion and, as a last resort,

disposal to other carefully selected

players

Accelerating development of the

renewable electricity production fleet

ENGIE is strongly committed to

the development of renewable energy

to produce electricity The Group has set

a target of holding 58 of renewable

electricity capacity by 2030 compared

to 38 in 2022

32 - OUR IMPACT

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