Moreover, our climate reduction initiatives as described on these pages, are anchored within our existing business model and financial planning. This is further supported by the fact that we do not currently have material climate-related financial risks (see page 29), and the fact that GN is not excluded from the Paris-aligned benchmarks.

Throughout 2024, GN has enabled GHG removals from seven climate change mitigation projects outside our value chain. These have been financed through the purchase of carbon credits amounting to the removal of 263 metric tons CO2eq. GN is committed to reaching net-zero emissions by 2050 at the latest, which will require us to neutralize any unabated emissions by the same year. For the scope, methodology, and frameworks applied in setting this target, please refer to E1-4 (Climate change mitigation targets). We plan to expand upon our current carbon removal portfolio and neutralize residual emissions through removal projects occurring outside our own operations and value chain. We monitor the development of the carbon removal market to assess opportunities to maximize the safety and reliability of our carbon credits.