American Express: American Express : 2023-2024 ESG Report (AXP 2023 2024 ESG Report)

2023-2024 Environmental, Social, and Governance Report INTRODUCTION OUR APPROACH TO CORPORATE SUSTAINABILITY FINANCIAL CONFIDENCE CLIMATE SOLUTIONS DIVERSITY, EQUITY, & INCLUSION GOVERNANCE & OPERATING RESPONSIBLY SUPPORTING DATA 2 Table of Contents Introduction 3 About this report 3 A Message from our Chairman and CEO 4 Highlights of our Progress in 2023 5 Our Approach to Corporate Sustainability 6 ESG Governance 7 Our ESG Strategy and Goals 8 $100 Million Grant Initiative to Back Small Businesses 9 Our $1 Billion Sustainability Financing 10 Awards & Recognitions 11 Diversity, Equity, and Inclusion 42 Diversity, Equity, and Inclusion 43 Progress on our Diversity, Equity, and Inclusion Goals 44 Our Workforce 45 Fostering Connection through our Colleague Networks 47 Backing Service Members & Veterans 48 Disability Inclusion 49 Supporting Underrepresented-owned Businesses 50 Backing Equal Futures in Communities 53 Building Resilient Changemakers at the American 55 Express Leadership Academy Financial Confidence Financial Confidence Progress on our Financial Confidence Goals Backing Small Businesses Globally through Shop Small® Backing Small Grants Supporting Economic Growth and Resilience in Communities Enhancing the Financial Security of Small Businesses Supporting Cash Management for Small Businesses Empowering Individuals to Enhance Financial Confidence Protecting Our Customers' Data Privacy and Financial Security Cybersecurity Oversight and Risk Management Climate Solutions Climate Solutions Progress on our Climate Solutions Goals Moving Toward Net-Zero Emissions Managing Climate Risks & Opportunities Supporting our Customers in the Transition to a Low-Carbon Future Building More Resilient & Sustainable Communities Engaging Colleagues through Green2Gether Helping Small Businesses Build Resilience Small Business Disaster Recovery 12 Governance and Operating Responsibly 56 Our Corporate Governance Framework 57 13 Risk Management 58 14 Our Business Ethics 58 15 Serving Our Customers Responsibly 59 18 Operating a Responsible Global Supply Chain 60 19 Policy Engagement 60 20 Supporting Data 61 21 22 Our Commitment to Sustainability 62 25 Aligning with the United Nations Sustainable 65 Development Goals (SDGs) 26 Climate Solutions 66 Limited Assurance Statement of GHG Emissions 69 27 Diversity, Equity, and Inclusion 70 28 Colleague Career Growth and Development 72 29 Supporting Our Colleagues' Holistic Health 73 30 and Well-being Governance and Operating Responsibly 74 35 2023-2024 TCFD Index 75 36 2023-2024 SASB Index 82 38 2023-2024 GRI Index 86 39 40 41 INTRODUCTION OUR APPROACH TO CORPORATE SUSTAINABILITY FINANCIAL CONFIDENCE CLIMATE SOLUTIONS DIVERSITY, EQUITY, & INCLUSION GOVERNANCE & OPERATING RESPONSIBLY SUPPORTING DATA 3 About this report This report covers the calendar year 2023 and provides certain qualitative and quantitative information about our objectives, goals, and initiatives in sustainability, also known as Environmental, Social, and Governance (ESG). In some cases, we also share highlights from initiatives that were launched in early 2024 to provide more up-to- date information. When we use the terms "American Express," "company," "we," "us," or "our" in this report, we mean the American Express Company and its subsidiaries, on a consolidated basis, unless we state, or the context implies, otherwise. The use of the term "partner" or "partnering" in this report does not mean or imply a formal legal partnership, and is not meant in any way to alter the terms of American Express' relationship with any third parties. Any reference to our support of, work with, or collaboration with a third-party organization within this report does not constitute or imply an endorsement by American Express of any or all of the positions or activities of such organization. Reporting guidelines and content This report follows the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and Task Force on Climate-related Financial Disclosures (TCFD) reporting guidelines (with SASB and TCFD now both part of the International Sustainability Standards Board (ISSB)) with respect to our priority ESG issues. GRI, SASB, and TCFD indexes can be found in the Supporting Data section of this report. In this report, the use of the term "materiality" and other similar terms is intended to reflect our priority ESG issues. We are not using such terms as they are used under the securities or other laws of the United States or any other jurisdiction, or as these terms are used in the context of financial statements and financial reporting. We report on ESG issues that pertain to us through this report and the American Express Corporate Sustainability website. Additional information about our company can be found in our submissions to the CDP (formerly Carbon Disclosure Project), in our annual, quarterly, and current reports and our proxy statement on file with, or furnished to, the U.S. Securities and Exchange Commission and on the American Express Investor Relations website. Links and references included throughout the report provide direction on where to find additional information. This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are subject to risks and uncertainties. The forward-looking statements, including the company's aspirational sustainability objectives and goals, contain words such as "believe," "expect," "anticipate," "intend," "plan," "aim," "goal," "target," "will," "may," "should," "could," "would," "likely," "potential," "commit," "continue," "objectives," "opportunities," or other similar expressions. Actual results may differ from those set forth in the forward-looking statements due to a variety of factors, including: the amount and efficacy of investments in emissions reduction projects, marketing campaigns to support small businesses, Card Member value propositions to attract new customers, supply chain and sustainability initiatives, and grantmaking; continued stakeholder interest in environmentally and socially responsible products and programs; management's inability to identify suitable suppliers, grantees, partners and community investments and negotiate acceptable terms to execute sustainability programs; greater than expected energy and other resource needs to grow the business and execute on the company's business strategies; the cost and availability of renewable energy, carbon removal and carbon offset projects, energy attribute certificates, recycled and reclaimed plastic cards and responsibly sourced paper; delays in green building development; an inability of cobrand and Membership Rewards partners to set sustainability targets and meet their sustainability targets and obligations to the company; changes in greenhouse gas emissions and other ESG metrics measurement, verification or certification standards; supply chain and market disruption; the actual amount the company spends with suppliers while implementing operating expense control initiatives; management decisions regarding salary adjustments to maintain pay equity; impacts from regulation and litigation; potential M&A activity; severe weather conditions, natural disasters and other catastrophic events; changes in the company's real estate, technology, colleague and community engagement, and risk management strategies or an inability to execute those strategies; competition; brand perceptions and reputation; and changes in economic and business conditions and customer behaviors. A further description of these and other risks and uncertainties can be found in the company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report"), the company's Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2024, and the company's other filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the date on which they are made. We undertake no obligation to update or revise any forward- looking statements and statements regarding the company's future direction and intent are subject to change or withdrawal without notice. Note that many of the standards and metrics used in preparing this report continue to evolve and are based on management assumptions believed to be reasonable at the time of preparation, but should not be considered guarantees. In addition, historical, current and forward-lookingsustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future. The information and opinions contained in this report are provided as of the date of this report and are subject to change without notice. Amounts presented are approximate unless otherwise indicated. This report includes trademarks, such as American Express®, which are protected under applicable intellectual property laws and are the property of the American Express Company or its subsidiaries. Solely for convenience, our trademarks and trade names referred to in this report may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks and trade names. INTRODUCTION OUR APPROACH TO CORPORATE SUSTAINABILITY FINANCIAL CONFIDENCE CLIMATE SOLUTIONS DIVERSITY, EQUITY, & INCLUSION GOVERNANCE & OPERATING RESPONSIBLY SUPPORTING DATA 4 A Message from our Chairman and CEO At American Express, our commitment to support the communities where we live and work in is one of our Blue Box values, which serve as the foundation for how we operate. In 2021, we established our Environmental, Social, and Govern