04 Sustainability Statement Climate change (E1) ENVIRONMENTAL MATTERS 4.2 CLIMATE CHANGE (E1) Three questions for Pierre-Martin Huet, Vice President, Sustainable Development and Impact “In terms of impact and corporate strategy, the Group’s two core challenges are the climate transition and the adaptation to physical risks.” What can you say about 2024 with regard to your climate commitments? 2024 represented a major milestone in our climate transition plan. Not only did we steadily reduce our emissions in line with our commitments, but we also earned SBTi approval for our new, much more ambitious CO2 targets for 2030. We’re now aiming to cut Scope 1 and 2 emissions by 47.2% versus 2019, i.e., an additional 20 points more than our previous target. This firmly aligns us with a 1.5°C compatible scenario, as defined by the IPCC. What’s more, we’re extending our targets to required Scope 3 emissions (excluding the use phase), with the objective of reducing them by 27.5%. In addition to the Group’s own operations, how are you helping to decarbonize the trucking industry? We’re making a real difference by leveraging our unrivaled expertise in composite materials to supply the market with products that significantly improve our customers’ energy efficiency and reduce their carbon footprint. We’re also continuing to innovate to meet our 2030 target of delivering a further 10% improvement in energy efficiency. The trucking industry accounts for a quarter of all global emissions, this means that Michelin is making a major contribution to the Planet. And how is the Group adapting to climate change? While reducing greenhouse gas emissions is the main thrust of our strategy, we’re also taking a proactive approach to adapting to climate change. In 2024, a diagnosis was carried out of 700 of our production plants, logistics hubs and dealerships around the world, to get a better grasp of their current and future exposure to drought, heat waves, floods and other extreme climate events. We then built on these reviews with on-site audits of a few pilot sites, so that we could begin crafting their initial multiyear adaptation plans. We’ve also got our main suppliers engaged in this process, which we will pursue in 2025. Introduction In line with the Task Force on Climate-Related Financial Disclosures (TCFD), the Michelin Group’s climate strategy is organized around two core 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 impacts of climate change. Both components have already been disclosed in the Group’s prior-year non-financial information statements. 197 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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