An estimated 41,792 tCO2e are locked-in emissions from the use of GN products sold in 2024, which currently makes up 16% of our total Scope 3 emissions (see page 75). These use phase emissions could still be reduced through firmware updates in the market, but it remains difficult to quantify potential emissions reductions from such initiatives. As these emissions are a result of electricity consumption, we expect significant reduction to take place as a result of the global shift towards renewable energy as part of the transition to a net-zero economy outside GN’s direct control. Given the general duration of use of our products, we don’t expect these locked-in emissions to prevent us from reaching net-zero in 2050, regardless of the pace of the transition to renewable energy.

GN only partners with reputable suppliers and business partners, ensuring that all projects have undergone thorough due diligence assessments to certify quality and integrity. Projects are assessed based on indicators relating to climate impact, co-benefits, integrity, and the outlook of each project to validate the safety and reliability of the carbon storage. All projects, except one, are certified under a recognized quality standard. No projects have been retired during 2024.