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An open letter from Reclaim Finance and other signatories calling on the European Central Bank (ECB) to specify and strengthen the criteria for 'tilting' its corporate bond holdings toward better climate performance. The authors propose four key requirements: excluding coal and new fossil fuel projects, prioritising climate neutrality over market neutrality, requiring science-based emission targets aligned with the EU Climate Law, and making climate-related disclosures mandatory for eligibility.

The report analyzes how 'climateflation', 'fossilflation', and 'greenflation' impact price stability and proposes that the ECB align its operations with EU climate goals, implement green lending facilities for building renovation, and coordinate with the EIB and European Commission to fund a just energy transition.

The document analyzes the role of major US banks in financing the global coal industry, highlighting a gap between their public climate pledges and their actual financial activities. It argues that weak corporate financing policies allow funds to continue flowing to coal developers despite net-zero commitments.

The report contends that Europe's rapid expansion of LNG import capacity in response to the Russian gas crisis is disproportionate and environmentally damaging. It argues that new terminals will not address short-term energy needs due to long construction timelines, will create carbon lock-in, and increase methane emissions, particularly from US shale gas. The author asserts that existing capacity is sufficient to meet demand under net-zero scenarios and that funds should instead be diverted to renewable energy and energy efficiency to avoid worsening energy poverty and impacting the Global South.

The text acknowledges a personal statement by three GFANZ leaders calling for an end to new coal project financing but argues that this must be converted into an official GFANZ position. It further asserts that GFANZ sector-specific sub-alliances should update their guidelines to align with the Race to Zero requirement to phase out support for unabated fossil fuels.

Reclaim Finance argues that net-zero commitments must be aligned with a 1.5°C temperature goal, requiring an immediate cessation of investment in new oil, coal, and gas projects. The submission emphasizes that at least 90% of reductions should be achieved by stopping emissions at the source, with carbon removals reserved only for residual emissions. It calls for absolute interim targets—specifically a 50% reduction in CO2 by 2030—and transparent transition plans that include meaningful sanctions for non-compliance. The document also warns against the use of fossil gas as a transition fuel and the practice of selling high-emitting assets to avoid decarbonization targets.

The three largest Japanese banks—Mizuho, MUFG, and SMBC—are criticized for slow progress toward net-zero goals, specifically for continuing to finance companies expanding coal, oil, and gas capacities despite their membership in the Net-Zero Banking Alliance.

The report by Reclaim Finance criticizes Mizuho, MUFG, and SMBC for their continued role as major financiers of the coal industry. While the banks have introduced restrictions on project financing for new coal, the document asserts these are insufficient because the vast majority of financing occurs through corporate loans and underwritings. Between January 2019 and November 2021, these banks provided billions of dollars to coal developers, including entities like China Huaneng Group and Adani Group. The author concludes that the banks are lagging behind international peers and must adopt stricter corporate-level exclusion criteria to align with the Net-Zero Banking Alliance and IEA pathways.

Reclaim Finance argues that the Powering Past Coal Alliance's (PPCA) current Finance Principles allow members to continue supporting coal expansion. The organization recommends updating the global phase-out deadline to 2040, removing the term "unabated" to ban all coal power, expanding the scope to include the entire coal value chain (including mining), banning general financial services to companies planning coal expansion, and implementing a sanction mechanism to exclude non-complying members.

Reclaim Finance argues that the proposed updates to the French ISR label are 'minimalist' and designed to ensure existing funds retain their label rather than drive a real energy transition. While the label may introduce exclusions for coal and unconventional energy, the organization warns that revenue-based thresholds could allow major oil and gas companies like TotalEnergies, BP, Shell, and ExxonMobil to remain eligible. Reclaim Finance specifically calls for the exclusion of companies developing new oil and gas fields to align with a 1.5°C trajectory and carbon neutrality by 2050.

The document discusses the potential of the EU's CSRD and CSDDD to hold corporations accountable for their negative sustainability impacts through a 'double materiality' approach. It warns that the International Sustainability Standards Board's (ISSB) focus on financial materiality poses a risk to these ambitions and outlines Reclaim Finance's recommendations to EFRAG for strengthening climate-related reporting standards.

The statement evaluates a GFANZ report on the managed phaseout of high-emitting assets, agreeing with the necessity of early retirement of fossil fuel infrastructure to meet 1.5°C goals but warning against 'paper decarbonization' where assets are sold rather than shut down. It criticizes the report's dismissal of divestment and the suggestion of using carbon credits to finance retirements, which could negate emissions benefits.

Reclaim Finance calls for GFANZ to include specific, stringent criteria in its net-zero transition plan recommendations for financial institutions, including a 50% emissions reduction by 2030 and an immediate end to fossil fuel expansion support.

Reclaim Finance has submitted comments to the Glasgow Financial Alliance on Net Zero (GFANZ) regarding its draft recommendations for net-zero transition plans. The organization argues that the current draft lacks sufficient emphasis on critical requirements, such as an immediate end to financing fossil fuel expansion and a commitment to a "fair share" of the 50% global emissions reduction needed by 2030. Reclaim Finance further suggests that GFANZ should implement stricter accountability measures, including the delisting of members who fail to adopt credible plans and ensuring that engagement with clients prevents the sale of high-emitting assets to other operators.

Reclaim Finance argues that the GFANZ consultation draft lacks sufficient rigor and clarity, specifically regarding 2030 emission reduction targets, the cessation of fossil fuel expansion, and the definition of net zero. The organization advocates for the adoption of Race to Zero (RTZ) criteria, including a 50% reduction in financed emissions by 2030 and the requirement for permanent carbon removals (at least 1,000 years) to neutralize residual emissions. Reclaim Finance further challenges the classification of fossil gas as a transition fuel and calls for more stringent accountability mechanisms, such as the exclusion of financial institutions from alliances if they fail to implement credible, RTZ-aligned transition plans.

The statement argues that SCOR is adopting a double standard by reducing its exposure to natural catastrophe contracts to protect profitability while continuing to cover fossil fuel companies, despite global climate disruption and recommendations to limit damage.

Reclaim Finance criticizes SCOR for inconsistencies between its investment strategies and its insurance underwriting, specifically noting that while its asset management subsidiary SCOR IP avoids oil and gas investments, the parent company continues to insure new gas fields and allows exceptions for oil projects.

Reclaim Finance calls for the strengthening of French sustainable finance labels to combat greenwashing. The organization proposes that the ISR label introduce minimum exclusions for companies developing new fossil fuel projects or those significantly involved in coal and unconventional hydrocarbons. Simultaneously, it argues that the Greenfin label must remain a strict reference for green activities by continuing to exclude fossil fuels, nuclear energy, and biomass, regardless of political shifts in the EU taxonomy.

Reclaim Finance advocates for the revision of France's ISR and Greenfin labels to include specific criteria and minimum exclusions for fossil fuel companies, aiming to protect investors from greenwashing.

Reclaim Finance evaluates Amundi's 2022 climate performance, noting a lack of transparency regarding its own climate strategy and inconsistent voting patterns. While Amundi showed progress by voting against some coal developers like Glencore, it continued to support the climate plans of oil and gas majors such as Repsol and BP despite their ongoing fossil fuel expansion.