These scenarios are dominated by transition risks, whereas in higher-temperature scenarios also physical risks, both acute and chronic, are increasingly present� The pricing of greenhouse gas emissions is at the centre of Fortum's scenarios� In Europe, the EU emissions trading system (EU ETS) is expected to remain the key mechanism in reducing COGlobally, we see a clear need for an increased ambition in both reducing emissions and improving resource efficiency, in order to be in line with the goals of the Paris Agreement� Climate-related risks The management of climate-related risks is integrated into Fortum’s and Uniper's respective risk management frameworks and follows the same governance and processes as other material risks and uncertainties.