4 _177 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 4 NON-FINANCIAL STATEMENT Sustainable Development Report The Group’s climate strategy is organized around two key components: (i) a transition plan comprising both initiatives to decarbonize direct and indirect activities in the value chain (Scopes 1, 2 and 3) and a resilient strategic plan to move towards a low-carbon economy; and (ii) an adaptation plan to prepare for the physical effects of climate change. The strategy is based on three principles: ● achieve net-zero emissions by 2050 by fulfilling our external emission reduction commitments by 2030; ● identify risks and opportunities based on climate change scenarios; ● transparently disclose the information expected by our external stakeholders. 4.1.1.1 a) Transition plan: decarbonizing our operations As part of its decarbonization plan, Michelin aims to reach netzero emissions by 2050(1) in Scopes 1, 2 and 3(2), with initially a priority focus on reducing to as close to zero as possible emissions from: ● all its production plants; ● its supply chain with its raw materials and components suppliers; ● its transportation operations. (1) For Michelin, setting course to net zero means (i) reducing carbon emissions from its own operations and the operations of its value chain by 90% and (ii) over the longer term, preparing solutions to capture and store enough carbon to offset each year’s residual emissions. This is aligned with the process defined in the SBTi’s Corporate Net-Zero Standard, October 2021. (2) Scope 3 (excluding the in-use phase): see section 4.1.1.1 a) Transition plan: decarbonizing our operations/Scope 3: reducing emissions from our transportation operations/Scope 3: reducing emissions from purchased raw materials and components/Scope 3: reducing emissions from upstream purchased energy and end‑of-life treatment of sold products. Company’s overall strategy Transition Plan • Decarbonization • Evolving strategy Adaptation Plan for physical risks Climate strategy Climate strategy Company’s overall strategy Transition Plan • Decarbonization • Evolving strategy Adaptation Plan for physical risks
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