Credit Suisse ESG Research 28 April 2021 Can the US Halve Emissions by 2030? Equity Research US DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Table of Contents Executive Summary 3 The US’ Climate Challenge Ahead 5 Government’s Role 11 Power Sector Decarbonization 16 Transport Sector Decarbonization 22 Building, Industrial and Methane 28 Stock Implications 34 Appendix 39 28 April 2021 2 Executive Summary . Biden administration has its work cut out with new aggressive emissions reduction target: At last week’s climate summit, the US