EMEA Sustainability "Sustainability Brief vol. 11" Fruitiere

Research evidence excerpt

EMEA Sustainability "Sustainability Brief vol. 11" Fruitiere

Global Research

26 June 2026ab

EMEA Sustainability Equities

Europe including UKSustainability Brief vol. 11

Global Sustainability

Charles Fruitiere

Analyst

Investor feedback charles.fruitiere@ubs.com

+44-20-7567 4123

Grid investment: Investors continue to highlight the grid as a central pillar of Alisa Dudchak

Europe’s electrification pathway. While there is strong recognition of its Analyst

importance, questions remain around the scale of required investment. Based on alisa.dudchak@ubs.com

+44-20-7567 0844 top-down estimates from the European Commission, of the c. €600bn annual

clean energy capex needed to meet the EU’s climate objectives through 2030, Victoria Kalb

roughly one quarter to one third is expected to be directed towards grid Analyst

infrastructure. This implies an annual investment requirement in the region of vicki.kalb@ubs.com

+65-6495 4584 €150–200bn, underlining both the scale of the opportunity and the execution

challenge ahead.

Inclusion of TotalEnergies and Porsche in Decarbonisation Ideas: We also received ESG

recurring questions on the inclusion of certain names, most notably TotalEnergies Environmental

Social

and Porsche, in our Decarb Ideas list. While these may appear surprising at first glance, both companies exhibit clear transition characteristics: GovernanceM

TotalEnergies combines a relatively low lifecycle carbon intensity (compared with

peers) today with one of the more ambitious 2030 targets among peers, and is

already progressing ahead of its stated trajectory. This is supported by a

meaningful and sustained capital reallocation, with close to 30% of investment

directed towards low-carbon technologies. This positioning reinforces its role as a