CLIMATE ACTION COMMITMENTS AND PLANS 35 Message from our CEO In 2020, we committed to maintain carbon We have adopted a Climate Action Policy, Investments Stakeholders Report Highlights neutrality at our corporate operations and, which is summarized below and formalizes We are committed to assessing the To further support the awareness of climate in 2022, we accomplished this for the third the abovementioned climate-related goals, decarbonization efforts and net-zero reduction goals, including net-zero emissions About Franco-Nevada consecutive year. targets and commitments relating to all alignment of operators and operations by 2050 or sooner, we: aspects of our business. Our Climate Action when making investment decisions. We In 2023, we set a goal to achieve net-zero Policy also establishes the measures that we are also committed to engaging with new • Ensure that our external consultants are Responsible emissions relating to our global corporate will implement to further these commitments. and existing partners on their efforts to familiar with our support for the goal of Capital Allocation operations (our “Corporate Emissions”) decarbonize and achieve net-zero emissions decarbonization and net-zero emissions by 2050, in line with global efforts to limit Corporate Operations by 2050 or sooner. To achieve this, we: by 2050 or sooner and understand Community warming to 1.5°C (“net-zero emissions by We aspire to achieve net-zero Corporate Franco-Nevada’s commitments under Contributions 2050 or sooner”). While our commitment Emissions by 2050. To reach this goal, we: • Assess the decarbonization commitments, the Climate Action Policy; and to carbon neutrality primarily involves the plans, targets and initiatives of operators, purchase of carbon offsets, our net-zero • Measure and record our Corporate including commitments to or progress • Ensure, before transacting with any Good Governance and aspiration entails a concerted effort to Emissions in accordance with towards achieving net-zero emissions significant provider of goods for our Shareholder Alignment reduce our absolute emissions. the Greenhouse Gas Protocol; by 2050 or sooner in our due diligence corporate operations, that such supplier processes when evaluating new is aligned with the goal of net-zero Diversity, Inclusion In 2024, we adopted emission reduction targets • Have adopted GHG emission reduction opportunities; emissions by 2050 or sooner. and Well-Being for our corporate operations, including a 42% targets for our Corporate Emissions in reduction of our Scope 1 and 2 emissions line with the achievement of net-zero • Monitor operators’ decarbonization efforts We are committed to: Climate Action by 2030 and a 30% reduction of our overall emissions by 2050 or sooner; and progress towards net-zero emissions Corporate Emissions (Scope 1, 2 and 3, by 2050 or sooner and endeavour to Climate Action excluding financed emissions) by 2030, • Maintain carbon neutrality on an annual include contractual provisions requiring • Our goal to achieve net-zero Commitments and Plans each from a 2023 base year. basis for our Corporate Emissions by operators to provide us with sufficient Corporate Emissions by 2050 purchasing high quality carbon offsets information in order to do so; or sooner Overall Carbon Footprint Our greatest impact in addressing climate for those Corporate Emissions that • Achieve our emission reduction Corporate Footprint change is through deploying capital to cannot be eliminated; and • Measure and record our attributable targets relating to our global responsible operators and operations emissions from our royalty and stream Corporate Emissions by 2030 Investment Footprint committed to reducing carbon footprints • Report on our progress and provide interests in accordance with the • Assess the decarbonization efforts and environmental impacts. Accordingly, climate-related disclosures aligned Greenhouse Gas Protocol and other and net-zero alignment of operators Transparency and we have also committed to assess the with the recommendations from the leading supplementary guidance; and and operations when making Guiding Principles decarbonization efforts and net-zero alignment, Task Force for Climate-related Financial investment decisions including with respect to the commitments, Disclosures (TCFD) and regulatory • Explore options on how we may assist • Engage with new and existing About this ESG Report plans, targets and initiatives, of operators and requirements applicable to our company. operators’ energy transitions, climate-related operators on their efforts to operations when making investment decisions community and other initiatives, and/or decarbonize and achieve net-zero emissions by 2050 or sooner Appendices and to engage with new and existing partners other activities aimed at decarbonization • Further awareness of and support on their efforts to decarbonize and achieve Related Policies and achieving net-zero emissions by 2050 for climate reduction goals, including net-zero emissions by 2050 or sooner. and Statements: or sooner. net-zero emissions by 2050 or sooner, • Climate Action Policy with our stakeholders