GN has set Board-approved science-based GHG emission reduction targets to manage our climate-related impact and risks by decarbonizing in line with the scientific consensus on the urgency of addressing climate change and the degradation of nature. We are committed to reduce absolute GHG emissions (metric tons CO2eq) in Scope 1 and 2 by 80% and in Scope 3 by 25% by 2030 from a 2021 baseline. GN is also committed to reaching net-zero GHG emissions by 2050 at the latest, meaning 90% reduction with neutralization of unabated emissions to reach net zero. These targets cover all GHGs stipulated in the GHG Protocol and all activities in GN’s own operations and value chain globally. Our near-term targets have been set using the Science Based Targets initiative’s (SBTi) Criteria v5.0 with the absolute contraction approach and the cross-sector pathway, which is based on the P1 scenario in the IPCC Special Report on Global Warming of 1.5°C. It has been assumed that GN’s core business activities will not change by 2030. We have aligned our net-zero target to the SBTi’s cross-sector absolute reduction method for long-term targets.

To meet our Scope 1 and 2 target of 80% reduction in emissions by 2030, we focus on:

• Renewable energy: We plan to continue sourcing renewable energy for our HQ and key production sites. We expect to source renewable energy for additional sites in 2025, further reducing market-based Scope 2 emissions.
• Energy efficiency: We expect to save approximately 140 tCO2eq in location-based Scope 2 emissions per year from the implemented energy efficiency initiatives.
• Fleet electrification: Reducing the number of fossil fuel cars in our fleet will lead to an increasing annual reduction of our Scope 1 emissions, the majority of which come from car fuels.

To meet our Scope 3 target of 25% reduction in emissions by 2030, we prioritize:

• Product and packaging design: We have increased the use of lower carbon materials in new product development, particularly in the Enterprise division. From having used less than 1% recycled or renewable plastic in our products in 2021, we have increased the proportion of recycled or renewable plastics and synthetic fibers out of total weight of plastic and synthetic fibers to 11.4% across our product portfolio in 2024.
• Decarbonization of transport and logistics: Reducing air freight is a significant decarbonization lever for GN. In 2024, we reduced the share of air freight (by tonkm) from the global to regional distribution hubs in our Enterprise division from 94% in 2021 to 22%, which was the main driver for the absolute reduction of 50,313 tCO2eq in Scope 3 category 4 (14% of total Scope 3 emissions in 2021).
• Renewable energy in the supply chain: To reduce emissions from outsourced manufacturing we track our suppliers’ share of renewable energy consumption and will engage them to increase where necessary in support of our long-term targets.