4 _181 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 4 NON-FINANCIAL STATEMENT Sustainable Development Report Scopes 1 and 2: reaching net-zero emissions in the manufacturing operations by 2050 OUR AMBITIOUS OBJECTIVES To help combat climate change, Michelin has been steadily measuring and reducing its CO2 emissions since 2005. The Group aims to achieve net zero carbon emissions from its entire production base (Scopes 1 and 2) by 2050. For 2019, the Group had set the target of reducing emissions from its production plants by 50% by 2030 compared with 2010. Then, in January 2023, the SBTi approved the following new reduction target, which is consistent with the “well below 2°C” global warming scenario: Michelin commits to reducing its absolute Scope 1 and 2 greenhouse gas emissions by 27.5% by 2030 from a 2019 baseline year(1). In January 2024, Michelin submitted to the SBTi a new Scope 1 and 2 emissions reduction target consistent with the “1.5°C” global warming scenario. The new target is much more ambitious, aiming for an absolute reduction of 47.2% over the same 2019-2030 period. However, it is still pending approval and was therefore not reflected in the 2023 reporting exercise. In addition, it encompasses data outside the legacy scope of reporting, described in the Scope of the Report section above: ● it includes recent acquisitions; ● it has been realigned with the 2019 baseline year. In this paragraph, CO2 emissions have calculated for the new boundary and the 2019 baseline. Trends since 2010 are occasionally cited, for information purposes, based on the current scope of reporting. However, the 2010 benchmark is gradually being phased out. Our levers for action: The emissions reduction program is built around two major processes: ● consuming less (energy efficiency)(2); ● consuming better (energy transition)(2). Because the challenge of carbon neutrality can be met only if global energy demand is kept under control, the Group has defined a “prioritizing hierarchy of levers,” applicable to every project impacting energy use in its production plants. THE PRIORITIZING HIERARCHY OF LEVERS APPLIED TO THE NET ZERO EMISSIONS PROGRAM (1) The target boundary includes biogenic emissions and removals from bioenergy feedstocks. (2) See section 4.1.1.4 c) Reducing energy use and greenhouse gas emissions. AVOID RENEW REDUCE REUSE RECYCLE Scrutinize the need (design and size) • Instill an"energy-efficient" culture Energy efficiency levers • Reduce by doing more with less. Use insulation, automation, more energy-efficient equipment • Reuse by closing heat transfer loops Recycle by capturing heat for another application Install dual-flow ventilation and heat pump systems Emission factor levers • Use of renewable energies
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