04 Sustainability Statement Climate change (E1) The following actions planned for 2025 and beyond will support the launch of vulnerability assessments on at-risk Group sites and the preparation of an action plan for suppliers: n reviewing exposure to projected climate conditions in 2030 and 2050 of the still unassessed Michelin sites, Euromaster centers, key customer sites, key transportation infrastructure and key endof-life tire recovery and reuse facilities; n finalizing the method for assessing the climate change vulnerability of Michelin sites and identifying any necessary adaptation measures; n developing and trialing an in-house IT application based on this same method to enable Michelin sites to conduct their own vulnerability assessments and identify any necessary adaptation measures; n prioritizing the Michelin site vulnerability reviews to be performed over the next three years; n defining and rolling out an action plan to get the main raw material suppliers engaged in adaptation programs on their own sites by 2030. By 2030, Michelin sites requiring a vulnerability assessment, based on the findings of the exposure assessments, will have performed such assessments to the appropriate depth and identified any necessary local adaptation measures. Subsequently, the selected actions will be progressively supported by appropriate adjustments to the capital expenditure and operating expense budgets. By 2050, depending on the sites’ exposure to climate-related hazards at that time, the Group intends to finance and implement the necessary on-site adaptation measures and, if need be, to influence or collaborate with external stakeholders to deploy adaptation measures. All these key actions are supporting the operational implementation of Michelin’s adaptation policy. 4.2.13 METRICS AND TARGETS UNDER CONSTRUCTION Targets for tracking implementation of the Adaptation Policy are expected to be defined in 2025. Once completed, the adaptation plan will be integrated into the Group’s strategic process and will evolve in the following years. Its tracking and deployment metrics will be defined with annual and multi-year targets, including milestones for 2030 and 2050. The risk management process offers the guarantee that the commitment is fulfilled, and will ensure that reviews are performed and the adaptation plan is prepared. As part of this process, internal audits will then assess implementation. The supporting metrics remaining to be defined will be tracked by the Environmental Governance body. 4.2.14 ANTICIPATED FINANCIAL EFFECTS: INITIAL ESTIMATES OF THE COST OF ADAPTATION MEASURES As described above, Michelin intends to carry out by 2030 a vulnerability assessment of the sites requiring it and identify any relevant local adaptation measures. These reviews will also help to estimate the anticipated financial effects of the material physical risks, with trigger points for initiatives to support the preparation of on-site projects, as needed and in line with existing safety and security policies for people and property. The Group is reviewing any potential financial effects and based on the pilot reviews, will gradually be able, as from 2025, to prepare an initial estimate of the cost of the adaptation measures. 219 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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