Search Climate Insights Directory

The document argues that the Mozambique LNG project is disastrous, citing fatal human rights failures during the 2021 Palma attack, the displacement of hundreds of families without adequate compensation, and the continued instability in Cabo Delgado. It claims the project offers little economic benefit to Mozambique, utilizes tax avoidance schemes, and threatens local biodiversity and global climate goals by producing billions of tonnes of CO2 equivalent over its lifecycle. The authors call on financing banks and agencies to conduct an independent reassessment and cease support for this and other planned gas projects in Mozambique.

The document argues that the Mozambique LNG project is irresponsible and harmful, citing the failure of TotalEnergies and the Mozambican government to address conflict drivers in Cabo Delgado, the displacement of families, and the project's significant contribution to global greenhouse gas emissions. It calls for financial institutions to cancel their support and conduct independent reassessments.

Reclaim Finance urges financial institutions to avoid supporting the West Cumbria coal mine in North West England, noting it is the first new underground coal mine approved in the UK in 30 years and contradicts IEA Net Zero Emissions scenarios.

The West Cumbria Coal Mine, the first new deep coal mine approved in the UK in 30 years, is developed by West Cumbria Mining Limited and controlled by the private equity firm EMR Capital. The project is projected to emit 8.8 million tons of CO2 annually, totaling approximately 200 million tons by 2049, and may emit fifteen times more methane than claimed. Reclaim Finance asserts the mine is unnecessary as existing metallurgical coal sources can meet global demand through 2050 and steelmakers can transition to electric arc furnaces. The project requires at least £241.7 million for full construction, but only £10.3 million was raised via private share sales in May 2023. Reclaim Finance calls on financial institutions and identified US investors in EMR Capital Resources Fund 1 to withdraw support.

A coalition of NGOs and activists is calling for the appointment of a climate-conscious Governor of the National Bank of Belgium (BNB) to replace Pierre Wunsch. The signatories argue that Wunsch has blocked ambitious climate measures within the European Central Bank (ECB), specifically opposing the introduction of climate criteria for asset purchases and failing to support lower interest rates for energy-efficient building renovations. They contend that the argument of ECB 'neutrality' is invalid given the bank's past interventions in financial crises and its own admission that 'neutral' asset purchases can exacerbate pollution and global warming.

Reclaim Finance analyzed 40 bond packages issued by 13 fossil fuel companies in 2023, totaling US$45 billion, to expose the financial institutions facilitating fossil fuel expansion. The report highlights a significant policy gap where banks and asset managers continue to provide corporate-level financing and bond structuring for oil and gas developers despite public net zero commitments. It specifically notes that some fossil fuel bonds have been included in ESG funds and marketed as 'sustainability-linked bonds'.

The Eurosystem Collateral Framework (ESCF) currently exhibits a 'carbon bias' by granting eligibility and low haircuts to assets from high-carbon companies, including fossil fuel developers, which creates favorable financing conditions for these entities. While the European Central Bank (ECB) announced in July 2022 that it would integrate climate considerations, the document notes that the ECB returned haircut valuations to pre-pandemic levels in December 2022 without climate adjustments. The brief argues that a risk-focused approach is insufficient due to 'radical uncertainty' and unknown climate tipping points. It recommends that the ECB adopt a 'precautionary' approach—such as the 'Paris decarbonization benchmark'—to link haircuts directly to greenhouse gas emissions and exclude assets from companies developing new fossil fuel projects.

The 2023 Scorecard on Insurance, Fossil Fuels and the Climate Emergency finds that while more insurers are adopting coal exit policies, the industry's overall response to the climate crisis remains inadequate. Most insurers continue to underwrite the expansion of oil and gas infrastructure, and many have abandoned net zero commitments due to political pressure in the United States. The report highlights a contradiction where insurers withdraw cover from climate-affected regions while continuing to fund the fossil fuel industry.

The report highlights a systematic loophole in financial institution policies that exclude thermal coal but continue to fund metallurgical coal, which is essential for primary steelmaking. Despite the International Energy Agency's finding that existing mines are sufficient to meet demand through 2050, 118 companies are planning new projects with a total capacity of 406 Mtpa. Between 2016 and June 2023, banks provided over US$557 billion to the 50 largest metallurgical coal developers. The document argues that technological advances in green hydrogen and electric arc furnaces make a phase-out possible by the early 2040s and urges financial institutions to immediately end dedicated financing and insurance for new metallurgical coal projects.

The report highlights a critical loophole in financial sector policies where metallurgical coal is often excluded from coal phase-out commitments. Despite the IEA stating that existing mines can meet demand until 2050, 118 companies are planning new projects with a combined capacity of 406Mtpa. Between 2016 and June 2023, banks provided over $557 billion to 50 major metallurgical coal developers, with Japanese banks accounting for 29% of this support. The document identifies a lack of specific metallurgical coal policies among 100 analyzed financial institutions, with only five banks having such policies. It advocates for a total cessation of financial services for new projects and the adoption of a just transition plan for workers and communities.

Reclaim Finance recommends that French life insurers implement a Climate/Energy policy across all asset classes to end support for fossil fuel expansion. The guide details specific implementation paths for 'fonds euro' (general funds) and 'unités de compte' (unit-linked accounts), proposing a phased timeline from 2024 to 2026 to pressure asset management companies (SdG) into compliance through divestment threats and strict selection criteria.

Reclaim Finance strongly opposes the GFANZ proposal to introduce 'Expected Emission Reductions' (EER) as a metric for transition finance. The organization argues that EER relies on subjective, unprovable counterfactual baselines—similar to the failed logic of carbon offsets—which would allow financial institutions and polluters to manipulate data to justify continued funding for fossil fuels. While Reclaim Finance supports the concept of 'Expected Cumulative Emissions' (ECE) to track alignment with net zero, it warns that 'avoided emissions' metrics are generally unsuitable for climate solutions, except in the specific case of managed phaseouts of high-emission infrastructure like coal plants. The document concludes that instead of creating complex new metrics, financial institutions should improve financed emissions methodologies and adopt robust transition plans including strict exclusion criteria and an end to fossil fuel expansion finance.

Over 60 figures from civil society, economics, and academia call for the French government to adopt ambitious exclusion criteria for the ISR label, specifically targeting companies expanding fossil fuel production, to align the label with climate goals and avoid misleading investors.

Over 60 representatives from academia, business, and various organisations have urged the French government to ensure the socially responsible investment (SRI) label does not include oil and gas companies with expansion strategies that conflict with France's climate goals.

A coalition of financial actors, academics, and NGOs calls on the French government to ensure the credibility of the reformed ISR label by excluding companies developing new fossil fuel projects. The signatories argue that allowing such investments constitutes greenwashing and contradicts national and international climate goals, specifically the 1.5°C target. They support the Label Committee's proposal to exclude non-conventional fossil fuels and advocate for a broader exclusion of conventional hydrocarbon projects to align private savings with the ecological transition.

Reclaim Finance critiques the IEA's "clean energy" scope, asserting that several included technologies—such as CCUS, nuclear power, and solid biomass—are unsustainable due to high costs, environmental damage, or continued reliance on fossil fuels. The organization advocates for a narrower definition of sustainable power focused on solar, wind, ocean, and geothermal energy, as well as modernized grid infrastructure, and calls for banks to disclose detailed inventories of their energy transition financing.

The document asserts that reducing anthropogenic methane emissions by 40% by 2030 is essential to avoid 0.3°C of warming by 2050. It highlights that the energy sector, specifically fossil fuels, is the primary source of these emissions and possesses the most affordable opportunities for reduction. According to the IEA's Net Zero Emissions scenario, fossil fuel methane emissions can decrease by 75% by 2030, with one-third of this reduction coming from production cuts and the remainder from operational mitigation like leak detection and ending non-emergency flaring. The author calls on financial institutions to make funding contingent on companies adopting ambitious methane reduction plans.

The document highlights the necessity of reducing human-made methane emissions to limit global warming, noting that affordable solutions could reduce these emissions by 40-45% by 2030. It specifically emphasizes the role of fossil fuels and the need for financial institutions to push companies toward production cuts and operational emission reductions.

Methane is identified as the second largest contributor to human-induced warming, responsible for 30% of the increase since the pre-industrial era. Due to its high warming power over a 20-year period, the document recommends that financial institutions and companies establish separate targets for methane and CO2 emissions to avoid irreversible climate thresholds.

Reclaim Finance argues that TotalEnergies' claims of diversification are misleading, as the company intends to increase oil and gas production through 2028 and expand its liquefied natural gas (LNG) capacity. The report highlights that the company's renewable energy growth is largely driven by acquisitions of existing projects rather than new construction, and that its 'clean' hydrogen and electricity goals still rely heavily on fossil gas. A specific case study on the Papua LNG project illustrates the potential for significant carbon emissions and human rights violations, while the report concludes by urging financial institutions to stop supporting new fossil fuel projects.