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BNP Paribas AM has ended primary market bond purchases from companies active in oil and gas exploration and production, a move Reclaim Finance views as a landmark step toward 1.5°C alignment. However, the policy contains gaps: it does not explicitly address passively managed index funds that may buy these bonds on the secondary market, and it excludes midstream projects, including liquefied natural gas (LNG) export terminals.

More than 40 civil society organizations and 20 experts have called on the European Central Bank (ECB) to update its climate and nature approach. The signatories argue that current monetary policy, including high interest rates and the phasing out of asset purchases, has hampered green investment. They demand a new Climate Roadmap for the 2025 monetary policy strategy assessment, specifically recommending the update of the collateral framework, the tilting of securities in asset portfolios, and the introduction of green lending facilities to align the ECB's mandate with the EU's green transition goals.

A coalition of NGOs and unions, including Reclaim Finance, condemns the French government's reported plan to advocate for the indefinite postponement of the EU Corporate Sustainability Due Diligence Directive (CSDDD) and the raising of its application thresholds. The authors argue that these moves, aligned with business lobby interests, would exclude nearly 70% of targeted companies and undermine European climate and social justice goals.

The statement asserts that oil and gas developers are locking in emissions that threaten the ability to maintain manageable global warming levels. It argues that because major oil and gas companies cannot be expected to lead a transition, financial institutions must stop supporting the development of new oil and gas fields and new liquefied natural gas (LNG) export terminals.

The statement contends that integrated oil and gas majors are not transitioning to sustainable energy and should be excluded from financial support. Citing the Global Oil and Gas Exit List (GOGEL), it highlights that 95% of oil and gas companies worldwide have plans for new projects, with major European firms like BP, Shell, and TotalEnergies increasing production or expanding short-term plans. The author argues that these companies are diverting capital away from clean energy, with the three European majors projected to allocate less than a third of future investments to low-carbon activities, contradicting IEA 1.5°C scenarios.

Reclaim Finance examines the 2020 consultation responses from Crédit Agricole, BNP Paribas, BPCE, Société Générale, and the Fédération bancaire française (FBF) regarding the transition from the Non-Financial Reporting Directive (NFRD) to the Corporate Sustainability Reporting Directive (CSRD). The analysis finds that these banks unanimously supported the need for a new, standardized, and mandatory reporting framework to improve data comparability and reliability. Specifically, they advocated for sector-specific standards, the integration of TCFD principles, the mandatory disclosure of double materiality assessments, and the extraterritorial application of the rules to non-EU companies operating in Europe. The report highlights a contradiction between these early endorsements and current statements from some bank leadership describing the CSRD as a 'bureaucratic delusion'.

The manifesto calls for the ECB to update its 2021 Climate Roadmap by introducing green refinancing operations, greening the collateral framework, and proactively tilting its asset portfolios. It argues that current monetary policies may distort the energy transition and that the ECB should use its toolkit to support a Paris-aligned transition to mitigate 'fossilflation' and systemic financial risks.

Reclaim Finance outlines a comprehensive framework for asset managers to drive real-economy decarbonization. It advocates for the adoption of robust transition plans based on five steps: decarbonization targets, strategy, engagement, reporting/governance, and just transition/biodiversity. The report sets specific phase-out dates for fossil fuel assets—including coal by 2030 in OECD/European countries and 2040 globally—and demands that asset managers use specific databases like the Global Coal Exit List (GCEL) and Global Oil & Gas Exit List (GOGEL) to implement restrictions. It further details an escalation strategy for engagement and strict voting principles, recommending that asset managers vote against director re-elections and executive remuneration if companies fail to publish science-based transition plans or continue fossil fuel expansion.

The report outlines a framework for banks to implement robust climate transition plans and sectoral policies to eliminate support for coal, oil, gas, and unabated power generation. It advocates for a shift in financial flows toward sustainable power supply, recommending a 6:1 financing ratio in favor of sustainable energy over fossil fuels by 2030. The document specifies strict exclusion criteria for 'coal developers' and 'gas power developers,' demands transparent reporting on 'real-world economy' GHG emissions, and calls for a responsible climate lobbying policy aligned with 1.5°C pathways.

The report outlines a comprehensive framework for (re)insurers to decarbonize their business models. It advocates for the adoption of Net Zero Transition Plans (NZTP) based on 1.5°C scenarios and establishes specific restrictions for the coal, oil and gas, and power sectors. Key demands include the immediate cessation of support for fossil fuel expansion, the implementation of time-bound phase-out dates for unsustainable power and hydrocarbons, and the use of rigorous engagement and voting policies to hold portfolio companies accountable.

Reclaim Finance calls on European financial institutions to phase out financing for metallurgical coal, noting that while some banks have project-level restrictions, many others have no commitments at all. The document highlights that the steel sector can become coal-free by the early 2040s and warns that continuing to fund metallurgical coal is a risky investment given the industry's transition toward cleaner alternatives.

Reclaim Finance calls on European financial actors to align their policies with global climate goals by restricting the financing of metallurgical coal, noting that while they led on thermal coal, their current efforts regarding metallurgical coal are insufficient.

The document argues that financial institutions should cease support for the Mozambique LNG project due to severe human rights violations, political instability, and resettlement failures. It highlights reports of a 2021 massacre of civilians by security forces linked to the project and describes a climate of state repression and electoral violence in Mozambique. The authors call for an independent international investigation by bodies such as the OHCHR and demand that financiers withhold further funding until accountability is established.

The document argues that financial institutions shape the future economy and must implement ambitious, robust climate transition plans to avoid continuing destructive climate patterns. Reclaim Finance provides a framework of essential criteria for these plans, covering decarbonization goals, reporting, governance, biodiversity, and just transition, while identifying 'red lines' that signal major deficiencies in current financial transition planning.

The document argues that financial institutions shape the future economy and must use robust climate transition plans to avoid maintaining the current climate-wrecking status quo. It outlines essential criteria for these plans, including decarbonization targets, strategies, engagement, reporting, governance, biodiversity, and the just transition, while identifying 'red lines' that signify major gaps in existing plans.

The report identifies a massive boom in LNG infrastructure, with 156 new terminals planned by 2030, supported by hundreds of billions of dollars from global banks and investors. Despite IEA guidance that new export terminals are unnecessary for net zero, financing has increased, led primarily by US and Japanese banks and US-based investors, with almost no financial institutions effectively restricting services for LNG expansion.

Reclaim Finance identifies banks and investors funding the expansion of LNG terminals, noting that 400 banks provided $213 billion and 400 investors held $252 billion in exposure between 2021 and May 2024. The report highlights that US and Japanese banks, as well as major US asset managers like BlackRock, Vanguard, and State Street, are primary drivers of this growth, which contradicts IEA Net Zero scenarios.

The report establishes a comprehensive framework for banks, investors, and insurers to create climate transition plans aligned with the 1.5°C goal. It details requirements for decarbonization targets, action plans, and engagement strategies, while providing 'red flag' indicators to identify greenwashing. The authors argue that current regulations are too vague and call for mandatory, standardized plans that include an immediate end to financing new fossil fuel production.

The report exposes how 400 banks and 400 investors provided billions in support for LNG expansion between 2021 and 2024, despite IEA warnings that no new export facilities are necessary for a 1.5C pathway. It highlights a significant gap between the net-zero pledges of financial institutions and their actual lending and investment practices, noting that most top funders lack effective LNG-specific policies. The document details the climate risks of methane leakage and the social impacts of LNG projects, while calling for a complete end to financial services for new LNG export and import terminals.

The report finds that Canadian financial institutions are major global contributors to LNG expansion, with nine banks providing US$16.7 billion and 21 investors holding US$15.8 billion in LNG assets between 2021 and May 2024. Despite commitments to a 1.5°C pathway, major banks like RBC and Scotiabank have increased their financing for LNG export development. The document highlights the climate risks of this expansion, including methane leakage and the potential for stranded assets, particularly in Europe. It calls for an immediate end to financial services for new LNG projects and the adoption of transition plans aligned with the IEA's Net Zero Emissions by 2050 scenario.