GREEN HYDROGEN, RENEWABLES AND BATTERY STORAGE During 2020, Ardian Infrastructure broadened its exposure to the energy transi- tion value chain and appointed a senior executive to lead our work in this area. ‘Green hydrogen’, produced using renewable electricity via electrolysis of wa- ter, is climbing the energy policy agenda thanks to its potential to decarbonize power-intensive sectors such as heavy industry and goods transportation that are difficult to address via other technologies. We established Ardian’s presence in green hydrogen through EWE, our Germany utility company, and began a second green hydrogen venture in Italy via our partnership with A2A. We also made our first investment in battery storage, an important part of the solu- tion to the intermittency of wind and solar power generation, through a new partnership with Enel X in Ontario, Canada. SUSTAINABILITY PLANS We firmly believe that companies with sustainable “We see hydrogen as business models are better equipped to withstand a critical enabler of the shocks and will ultimately attract higher valua- global energy transition. tions. Making progress toward carbon neutrality Estimates advocate it is therefore a critical element of Ardian’s sustaina- could meet about a third bility plans, which we develop hand in hand with of total energy demand all our portfolio companies. by 2050.” — Amir Sharifi During 2020, our Infrastructure and Sustainability teams launched a working group of portfolio companies active in the trans port sector to focus on key sustainability issues, including cutting carbon emissions. CREATING DIGITAL TOOLS FOR CLIMATE AirCarbon, created by the Ardian Infrastructure team, takes automated data feeds from multiple sources and combines the information to calculate emis- sions from aircraft movements, ground operations, terminal buildings and services, and passenger travel to and from the airport. After demonstrating AirCarbon, we are now working on a similar tool, CarCarbon, to measure CO2 emissions from road traffic. 20 STORIES OF IMPACT