HEWLETT - PACKARD LIMITED

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

HPE has set climate-related targets including sourcing 50% renewable electricity in operations by 2025 (which it surpassed ahead of schedule for two consecutive years) and committing to achieving 100% renewable electricity in operations by 2030. HPE monitors and manages natural capital-related risks through initiatives such as advancing the transition to renewable electricity. Renewable electricity procurement supports HPE's broader net-zero by 2040 ambition with interim 2030 targets across the value chain.

No narrative on durable removals approach in the firm's most recent reports.

• Direct liquid cooling technology for AI infrastructure decarbonisation

  HPE is investing in technologies like fanless direct liquid cooling that power its largest AI systems, which delivers superior performance and efficiency for high-performance computing and AI workloads. These next-generation server solutions are designed to enable AI inference engines with lower energy consumption relative to conventional cooling approaches.

• Eco-label certifications for products to meet global environmental regulations

  To enable market access globally and aid customers in selecting more sustainable IT solutions, HPE products are certified by eco-labels such as the Electronic Product Environmental Assessment Tool (EPEAT), Energy STAR, China SEPA, and the China Energy Conservation Program. HPE proactively evaluates and replaces materials in products and supply chains, taking into account published lists of substances of concern, new and upcoming legal requirements, and customer preferences.

• Circular economy / product lifecycle management

  HPE seeks to maximize environmental and financial savings across the IT lifecycle by designing products with longevity, dematerialization, and waste minimization. HPE Technology Renewal Centers and trusted partners took in approximately 3.4 million end-of-use assets in 2024, refurbishing approximately 83% for reuse. Programs include HPE Certified Pre-Owned products, HPE Asset Upcycling Services, and HPE GreenLake's as-a-service portfolio, which reduces customers' need for over-provisioned and idle equipment.

• Energy-efficient product design

  HPE delivered on an environmental metric objective defining the roadmap to design products that consume less energy to drive reduction in HPE's carbon footprint. HPE's high-performance computing technologies are designed to accelerate climate solutions by powering research related to clean energy sources and climate modelling. The October 2024 launch of 100% fanless direct liquid cooling systems architecture exemplifies energy-efficient design for AI workloads.

• Living Progress sustainability strategy as competitive advantage and ESG governance

  Living Progress is HPE's business strategy for creating sustainable and responsible IT solutions. Sustainability performance is described as a core business discipline with the Board, CEO, and Executive Committee overseeing the strategy. HPE's sustainability credentials and eco-labels support market access globally. Hewlett Packard Labs has sustainability as one of its key research focus areas alongside AI and edge-to-cloud.

• Net-zero by 2040 with SBTi-approved interim 2030 targets across value chain

  HPE aims to become a net-zero enterprise by 2040 with interim targets set across its value chain for 2030, approved by the Science Based Target initiative and aligned with the latest climate science. HPE's Net-Zero Roadmap defines the levers to prioritize to deliver near- and long-term carbon emissions reduction targets. The Board of Directors provides oversight of the Living Progress strategy and its integration with core business strategy.

• Direct liquid cooling innovation for AI and HPC infrastructure

  HPE invests in direct liquid cooling technologies that power large-scale AI systems, including some of the world's largest supercomputers. This technology reduces energy consumption associated with traditional air cooling and is being integrated across HPE's server and HPC portfolios. It is positioned as a key sustainability differentiator in AI infrastructure markets.

• Energy-efficient server products to reduce customer IT carbon footprints

  HPE's largest sustainability lever lies in the use-of-sold emissions: the majority of HPE's greenhouse gas emissions result from customers' use of its products and solutions. HPE is committed to delivering products and solutions that may help customers minimize the electricity consumption and carbon footprints of their IT estates. For instance, the latest generation HPE ProLiant Gen 12 Servers enables customers to consolidate and grow compute capabilities while potentially lowering power and cooling costs.

• HPE GreenLake cloud and as-a-Service consumption models for sustainable IT

  HPE's Financial Services business helps customers achieve sustainability goals by refurbishing technology assets for reuse through Technology Renewal Centers, and HPE GreenLake provides consumption-based IT that eliminates capital and operating expenses tied to infrastructure over-provisioning, enabling more efficient resource utilization across customer estates.

• Use-of-sold-products: energy-efficient IT solutions

  HPE states that customers' use of its products contributes the largest portion of its environmental footprint. As such, HPE is bringing to market edge-to-cloud offerings that help reduce the environmental impact of customers' IT estates. This includes 100% fanless direct liquid cooling systems architecture for next-generation AI systems, delivering cost and energy-efficiency benefits. Seven of the top 10 most energy efficient supercomputers worldwide were engineered by HPE in fiscal 2024.

• Supply-chain GHG reduction via SCR program

  Through HPE's Supply Chain Responsibility (SCR) program, HPE has set a science-based supply chain greenhouse gas emissions reduction goal. HPE requires suppliers to publicly report water consumption and withdrawal in annual sustainability reports and disclose corporate-wide GHG emissions annually through the CDP supply chain program. HPE was among the first technology companies to set science-based targets to reduce GHG emissions across the value chain.

• Customer use-of-sold products: enabling customers to reduce IT carbon footprints

  In 2024, the majority of HPE's greenhouse gas emissions resulted from customers' use of its products and solutions. HPE recognizes the opportunity to innovate technologies for a carbon-constrained world and is committed to delivering products and solutions that empower customers to reduce the carbon footprints of their IT estates. For instance, HPE ProLiant Gen 11 Servers enable customers to consolidate and grow compute capabilities while lowering the cost of power, cooling, floor space, and licensing. Many products are certified by eco-labels such as EPEAT, Energy STAR, China SEPA and the China Energy Conservation Program.

• Financial Services Technology Renewal Centers: refurbishing technology assets for reuse

  HPE's Financial Services segment operates Technology Renewal Centers that refurbish technology assets for reuse, helping customers achieve their own sustainability goals. FS helps customers create investment capacity to free up capital, capture value from older assets, achieve sustainability goals, and meet Circular Economy objectives. This extends product life cycles and reduces waste across the technology value chain.