Ballard Power Systems Inc.

Recent Developments

•In 2024, Ballard undertook its first double-materiality assessment (DMA) to align ESG risks and opportunities with financial and impact considerations, informing its next three-year ESG strategy.

•The Company published three key reports related to its ESG activities, including (i) its inaugural Communication on Progress (CoP) report to the United Nations Global Compact (“UNGC”), detailing progress against the ten principles, (ii) the fifth standalone annual ESG report capturing the second year of activities from our ESG strategy and roadmap, and the pursuit of Ballard’s sustainability commitments and supporting initiatives, and (iii) the first annual “Fighting Against Forced Labour and Child Labour in the Supply Chains Act” report to align with recent Canadian legislation. A copy of the ESG Report and Forced and Child Labour Report can be found on the website at www.ballard.com/sustainability.

•As part of the UNGC Network Canada’s Biodiversity Working Group, Ballard collaborated with Canadian industry leaders to develop “TNFD Essentials: A Beginner’s Guide to Nature-Related Financial Disclosures”, released in September. This practical guide provides tools to integrate environmental considerations into business strategies.

•Ballard continued to advance its Mission Carbon Zero initiative, targeting carbon neutrality for corporate emissions by 2030 (corporate emissions include scope 1, scope 2, and some scope 3 emissions, including business travel, employee commuting and telecommuting, and the hydrogen production emissions of hydrogen consumed by the organization in research and development activities). Efforts focused on executing the Carbon Neutral Plan (CNP), a roadmap with six primary goals to reduce the carbon footprint and accelerate emissions avoidance as the business grows.