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Michele Della Vigna, CFA +39 02 8022-2242 michele.dellavigna@gs.com Goldman Sachs Bank Europe SE - Milan branch EQUITY RESEARCH | October 9, 2024 | 6:00PM CESTGoldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group, Inc.The GS net zero carbon scenarios – a reality checkWe update our paths to net zero carbon that we introduced in June 2021, reflecting rising emissions and coal use since the 2022 energy crisis and material changes to our Carbonomics cost curve. We no