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Reclaim Finance and 14 partners have urged SCOR's new CEO, Thierry Léger, to end the company's underwriting support for new oil and gas fields and midstream infrastructure, including LNG terminals, to align with the IEA's Net Zero by 2050 scenario and the policies of major competitors.

Reclaim Finance and a coalition of 14 organizations have issued an open letter to Thierry Léger, the new CEO of SCOR, urging the French reinsurer to stop supporting the expansion of fossil fuels. The letter highlights that SCOR is the last major European reinsurer still providing coverage for new gas fields. The authors request that SCOR's new strategic plan, to be presented at the general assembly on May 25, include commitments to cease coverage for new oil and gas fields—removing exceptions for companies claiming to be "in transition"—and to stop covering midstream infrastructure, specifically liquefied natural gas (LNG) terminals.

Reclaim Finance argues that French savers struggle to align their investments with ESG preferences due to a lack of transparency. To resolve this, the brief proposes a mandatory three-color indicator for all retail savings products, categorizing funds based on their exposure to controversial activities such as fossil fuels, deforestation, weaponry, human rights violations, and tobacco. The proposal includes specific thresholds for these ratings and suggests legal amendments to the French Consumer Code to mandate this disclosure.

Reclaim Finance criticizes TotalEnergies for denying responsibility for scope 3 emissions and opposing a shareholder resolution to set reduction targets for these emissions. The organization argues that TotalEnergies influences fossil fuel demand through lobbying and investment and maintains a "climaticide" strategy by planning hydrocarbon production for 2030 that is 81% higher than the level required for a 1.5°C scenario. Reclaim Finance highlights that international standards, such as the SBTi and CSRD, increasingly require scope 3 reporting and targets, and notes that TotalEnergies plans to allocate at least 67% of its 2030 capital expenditures to fossil fuels.

Reclaim Finance calls on AXA to align with industry peers by ending support for oil and gas expansion. The organization argues that AXA's current policy, which allows for companies 'in transition' to develop new projects, contradicts IEA science. Specifically, Reclaim Finance demands that AXA exclude new oil and gas fields, new midstream infrastructure including LNG terminals, and coal projects within reinsurance treaties, noting that peers like Allianz and Munich Re have already committed to excluding new oil and gas fields.

Reclaim Finance calls on AXA to align its insurance and reinsurance policies with the IEA's Net Zero by 2050 scenario. The organization demands that AXA exclude new oil and gas fields, remove exceptions for companies claiming to be "in transition," and cease coverage for new LNG terminals and coal infrastructure in reinsurance treaties.

The document urges investors to use the 2023 annual general meeting season to pressure high-emitting companies to improve their climate strategies and transparency. It outlines three types of resolutions for investors to focus on: 'Say on Climate' proposals from management, shareholder-led climate resolutions, and standard governance resolutions (such as director mandates and remuneration) which should now incorporate climate change as a strategic theme. Additionally, the briefing offers sample written questions for companies in the energy, power generation, and finance sectors.

Reclaim Finance advises investors to integrate climate criteria into their 2023 Annual General Meeting (AGM) votes. The briefing argues that 'Say on Climate' resolutions are often used for greenwashing and should be opposed if strategies are incomplete or misaligned with a 1.5°C scenario. It specifically calls for opposition to TotalEnergies' Say on Climate and support for shareholder resolutions at ENGIE and energy majors (TotalEnergies, BP, Shell, Chevron, and ExxonMobil) regarding Paris Agreement alignment. Additionally, it recommends using routine votes on director reappointment, executive remuneration, and financial statements to sanction a lack of climate ambition or risk disclosure.

Reclaim Finance criticizes ENGIE's climate plan for lacking transparency and containing inconsistencies, specifically regarding its reliance on shale gas and the absence of granular investment data. The organization advocates for a shareholder resolution to implement regular consultative votes on the plan's content and implementation to ensure alignment with climate goals.

Reclaim Finance criticizes ENGIE's climate plan, noting it targets a 1.7 °C warming trajectory rather than 1.5 °C and lacks granular data on CAPEX and energy mix. The organization highlights contradictions, such as ENGIE's continued plans for 1.2 GW of new gas plants and long-term contracts for US shale gas, while calling for investor support of a resolution to implement 'Say on Climate' consultations.

The briefing finds that ENGIE's climate disclosures are insufficient for 7 of 11 assessed topics, noting significant gaps in absolute emissions targets, production forecasts, and CAPEX/OPEX granularity. While ENGIE is progressing toward its 2030 renewable capacity targets, the report argues its broader strategy relies on immature 'renewable gas' technologies and continues to invest in fossil gas infrastructure, including new long-term LNG contracts from the US.

Reclaim Finance responds to BNP Paribas' claims that the 'Banking on Climate Chaos 2023' report used a biased methodology and overestimated fossil fuel financing. The organization asserts that its methodology is transparent and consistent since 2016, arguing that the reported figures—including $5.5 billion provided to the 100 largest fossil fuel developers in 2022—are likely underestimated because they exclude bilateral financing. Reclaim Finance rejects the bank's attempt to offset these figures with renewable energy investments, noting that BNP Paribas' ratio of clean energy investment to fossil fuel investment (1.7 to 1 in 2021) falls far short of the IEA's 1.5°C scenario requirement of 9 to 1.

The European Central Bank's (ECB) March 2023 climate disclosures reveal that its corporate asset portfolios have not decarbonized at a pace matching European climate goals, with total carbon emissions increasing by approximately 88% between 2018 and 2022. The report argues that the ECB's 'climate tilting' framework is insufficient because it only applies to reinvestments rather than the existing stock of assets and fails to exclude fossil fuel developers. To align with its 2021 climate roadmap, the author recommends that the ECB extend its climate approach to the stock of corporate bonds and exclude companies inconsistent with the 1.5°C objective.

The document defines key metrics and terminology across finance and energy sectors, specifically focusing on capital expenditure (CAPEX) types, oil and gas operational stages, and renewable energy capacity measures used in the context of 1.5°C climate pathways.

The document argues that ArcelorMittal's current climate strategy is inadequate to limit global warming to 1.5°C, citing a lack of absolute emission targets, a reliance on unproven carbon capture technologies, and a 'two-speed' approach that continues coal-based expansion in the Global South while deploying cleaner tech in Europe.

The report argues that financial institutions are hindering Europe's energy transition by providing hundreds of billions of dollars in support to fossil gas power producers and developers. It highlights a significant gap between the need to phase out gas by 2035 to align with a 1.5°C trajectory and the current trend of developing over 60 GW of new gas capacity. The document identifies a lack of robust sectoral policies among top banks and investors, which allows for continued corporate-level financing of gas-intensive utilities and the development of new base load plants, often as replacements for coal.

The briefing provides a framework for climate-conscious investors to use their voting rights at 2023 AGMs to hold companies accountable for their climate strategies. It recommends voting against the re-election of directors, executive remuneration, and financial statements if companies fail to disclose comprehensive 1.5°C-aligned strategies or continue fossil fuel expansion. The document specifically analyzes the inadequacies of 'Say on Climate' resolutions and provides case studies on companies like TotalEnergies, BP, and BNP Paribas, while offering a set of priority written questions for the energy, utility, and financial sectors.

The briefing argues that ExxonMobil's climate strategy lacks the transparency and ambition required to align with a 1.5°C pathway. It finds that the company's projected 2030 oil and gas production levels significantly exceed IEA NZE requirements, while its financial allocations remain heavily skewed toward fossil fuels with no reported investments in renewable power generation.

The steel sector accounts for 11% of global CO2 emissions, primarily due to the blast furnace-basic oxygen furnace (BF-BOF) route which relies on metallurgical coal. While secondary steelmaking via electric arc furnaces (EAF) and green hydrogen-based Direct Reduction of Iron (DRI) offer cleaner alternatives, coal-based capacity continues to grow, with 80 million tons of annual capacity planned for relining. The document highlights that ArcelorMittal has weakened its 2030 emissions intensity reduction target from 25% to 10% and prioritizes shareholder returns over decarbonization. It calls on financial institutions to adopt corporate-level exclusion policies for metallurgical coal and stop financing the relining of blast furnaces.

Thirty-seven global NGOs are calling on the Net-Zero Banking Alliance (NZBA) to stop financing fracked gas export projects in South Texas, arguing that the Texas LNG and Rio Grande LNG terminals are incompatible with the 1.5°C climate goal and violate Indigenous and environmental rights.