GS Holdings

GS Holdings has not set any emissions reduction targets. The company should develop a long-term target that aligns with its 1.5°C pathway and covers its scope 1, 2 and 3 emissions. Additionally, the company should set intermediate targets at gaps of no more than five years to incentivise near-term action on longer-term goals.

GS Holdings scope 1 and 2 emissions intensity increased slightly between 2017 and 2022 and is projected to remain static until 2027. This contrasts with the company’s 1.5°C pathway which requires it to reduce its scope 1 and 2 emissions intensity by over 10% annually. The company has not committed to stop oil and gas exploration and expansion. This does not align with the International Energy Agency (IEA) 1.5C Net-Zero Emissions (NZE) by 2050 scenario, which does not allow for any expansion of producing assets beyond those sanctioned earlier than 2022. Consequently, GS Holdings is projected to exceed its scope 3 carbon budget between 2022 and 2050.

The company has neither developed a low-carbon transition plan nor set any emission reduction targets. The company should establish a time-bound action plan that outlines how it will transition to a low-carbon economy. This should include medium and long-term targets, verifiable and quantifiable key performance indicators and financial commitments. The plan should be informed by scenario analysis to ensure that the plan’s ambition is sufficient for a 1.5°C pathway.

GS Holdings shows limited evidence of investment in and development of new low-carbon business areas. The company can support the deployment of these projects by dedicating more of its energy-related capital expenditure (CapEx) and research and development (R&D) spend for their development and expansion.

The company has developed neither a group-wide transition plan nor emission reduction targets to cover all its energy subsidiaries. The company does seek to reduce emissions but it has not set a clear plan for decarbonisation.

The company invests in businesses related to electric vehicles (EV) charging and carbon capture, use and storage (CCUS) technology and some of its subsidiaries are utilizing renewable energy to diversify their energy sources. However, GS Holdings has not developed a plan for a comprehensive low-carbon transition.

GS Holdings does not disclose how much of its financial investment is dedicated to low-carbon research and development (R&D) or low-carbon CapEx. The company also continues exploring for oil.

GS Holdings’ scope 1, 2 and 3 emissions intensity was static between 2017 and 2022, and is projected to remain static between 2022 and 2027. To align with its 1.5°C pathway GS Holdings needs to decrease its scope 1 and 2 emissions intensity by 10%, and scope 1, 2 and 3 emissions intensity by 4% annually.

GS Holdings has not developed a transition plan for its energy businesses or the group as a whole. The company continues exploration for oil through its subsidiaries, even though it is projected to exceed its 1.5°C carbon budget. While some of its subsidiaries are taking actions to reduce their emissions, these plans are disaggregated and lack the necessary level of ambition to align with a 1.5°C pathway. GS Holdings is aiming to reduce its emissions, but it is not committed to transition.

No evidence was found of the company’s commitment to social dialogue or of the categories of stakeholders the company engages with on a just transition. Furthermore, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders. No evidence was found of the company undertaking just transition planning to mitigate the social impacts of the low-carbon transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and with stakeholders in its just transition planning.

No public commitment by the company was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found of the company’s action to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups. Additionally, no relevant disclosure was found of the company’s assessment of employment dislocation risks. No public commitment by the company was found stating its intention to reskill and upskill workers displaced by the transition to a low-carbon economy. Additionally, no evidence was found that the company re-skills and up-skills workers in a way that ensures gender balance and inclusion of vulnerable groups.

No relevant disclosure was found to show if the company identifies impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders. No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.

The company has a grievance mechanism accessible to workers and third parties to raise complaints or concerns related to human rights at the company. However, no other policies or commitments of the company related to respect for human rights were found in the public domain. This includes the necessary policies and systems by which the company can ensure respect for basic human rights in its operations and supply chain.

No evidence of the company s policies or commitments related to key decent work issues were found in the public domain. These issues include the provision of secure, safe and healthy workplaces, where workers are fairly renumerated and have a meaningful say in decision-making.

The company indicates that it has a confidential and anonymous mechanism accessible to all stakeholders to raise bribery and corruption concerns and complaints without fear of reprisals. However, no other policies or commitments were found in the public domain related to personal data protection, tax, bribery and corruption, and lobbying and political engagement. This includes ensuring ethical business conduct throughout its operations and in its relationships with business partners.