Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 7

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 7
---
 example, the EU has adopted regulation enhancing disclosure
of climate-related matters, including the EU taxonomy classification system (designed to help the EU scale up sustainable investment and
implement the European Green Deal), the Corporate Sustainability Reporting Directive (which mandates disclosure of risks and opportunities
arising from social and environmental issues, and on the impacts of activities on people and the environment) and the Corporate Sustainability
Due Diligence Directive (requiring to identify, prevent, mitigate, and account for adverse human rights and environmental impacts in operations
and supply chains). In addition to laws, regulations and policies aimed at enhancing transparency and promoting sustainability-related
practices, there has been an increase in regulatory activity against climate and diversity-related initiatives, which has led and may
continue to lead to new laws, regulations and policies seeking to limit, discourage or prohibit such initiatives. Failure to comply with
any legislation, regulation or policy, including as a result of good faith interpretations that may differ from those taken by enforcement
authorities in relevant jurisdictions, could lead to substantial fines, regulatory sanctions, reputational damage and operational changes.

We provide products and services to the oil and gas industry, which accounts, directly and indirectly,
for a significant portion of GHG emissions. Existing and future legislation and regulations related to GHG emissions (such as increased
pricing of GHG emissions and enhanced emissions-reporting obligations) and climate change, as well as government initiatives to promote
the use of alternative energy sources and substitute existing products and services with lower emissions options (with many jurisdictions
implementing tax advantages and other subsidies to promote the development of renewable energy sources, or even requiring minimum thresholds
for power generation from renewable sources), and the increased competitiveness of alternative sources of energy, may significantly curtail
demand for and production of fossil fuels, such as oil and natural gas. These initiatives, together with the growing social awareness
regarding climate change and other environmental matters, have resulted in increased investor and consumer demand for renewable energy
and additional compliance requirements for fossil energy projects, which could become more stringent over time and to result in substantial
increases in costs for the oil and natural gas industry, potentially leading to write-offs and early retirement of existing assets. Furthermore,
ongoing technological developments in the renewable energy industry are making renewable energy increasingly competitive with fossil-fuels.
If this trend continues, energy demand could shift increasingly towards more environmentally sustainable sources such as hydroelectrical,
solar, wind and other renewable energies, which would, in turn, reduce demand for oil and natural gas