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The European plastic industry is facing a structural decline characterized by falling production and facility closures due to overcapacity and weak demand. While the industry blames EU regulations for a loss of competitiveness, the document argues that reducing production is the most sensible economic approach. It urges the EU to use its leadership role in the Global Plastics Treaty negotiations to advocate for primary plastic production limits and a managed phasedown to sustainable levels, while avoiding new petrochemical buildouts.

The document analyzes various treaty flexibility mechanisms—such as reservations, differentiated timelines, and optional annexes—to recommend an approach for the future plastics treaty that balances broad adoption with environmental effectiveness. It argues against using optional annexes for chemicals of concern, suggesting instead a system of general and specific exemptions similar to those in the Minamata and Stockholm Conventions.

By the end of 2024, China's cumulative aligned GSS+ volume reached USD 555.5 billion, making it the fourth largest source globally. While green bonds continue to dominate, representing 80% of cumulative aligned volume, the market saw a 4% decrease in total aligned volume in 2024 to USD 84.6 billion, largely due to a 33% drop in issuance from financial corporates. The report highlights a significant growth in aligned social and sustainability (S&S) volumes, which rose 316% year-on-year to USD 15.7 billion. However, sustainability-linked bonds (SLBs) face severe integrity challenges, with only three Chinese deals achieving alignment with Climate Bonds methodology. The document also spotlights the Guangdong-Hong Kong-Macau Greater Bay Area as a key region for GSS+ growth and details recent policy shifts, including the February 2025 Sovereign Green Bond Framework and the Multi-Jurisdiction Common Ground Taxonomy.

The report argues that Japan's continued reliance on imported liquefied natural gas (LNG), as outlined in its 7th Strategic Energy Plan, creates significant geopolitical security risks and threatens its 2050 net-zero target. It recommends a five-step acceleration of decarbonisation, focusing on grid modernisation, domestic renewable energy expansion, and methane abatement in the LNG supply chain.

The report examines Japan's Green Transformation (GX) strategy, highlighting the risks of continued reliance on imported liquefied natural gas (LNG) amidst geopolitical instability. It advocates for a shift toward domestic renewables, grid modernization, and aggressive methane emission reductions to ensure energy resilience and climate leadership.

The EU agriculture sector is a primary source of methane emissions, yet progress in reduction has stalled, with only a 4% decline between 2005 and 2022. The report identifies a critical 'definition gap' where the lack of clear net-zero aligned agricultural practices and transition pathways prevents banks and investors from identifying green activities. This is compounded by the exclusion of agriculture from the EU Taxonomy and the Green Asset Ratio (GAR). The report argues for repurposing the EUR 57.5bn annual Common Agricultural Policy (CAP) budget, introducing livestock emissions taxes, and implementing demand-side policies to reduce herd sizes. It emphasizes a 'just transition' to protect small farms and high-emission regions, particularly in France, Germany, and Ireland.

The document argues that current fishing opportunities are often set above scientific advice, perpetuating overfishing in the Baltic, Northeast Atlantic, and Mediterranean. It recommends setting Total Allowable Catches (TACs) well below the 'headline' scientific advice from ICES and STECF to account for ecosystem dynamics and climate change. The authors highlight shortcomings in current scientific advice, noting it lacks concrete recovery timeframes and ecological objectives. Key proposals include implementing a quantitative precautionary approach to TAC-setting, increasing transparency in negotiations, and fully enforcing the Landing Obligation.

The document argues that many fish populations not managed by a Total Allowable Catch (TAC) have been exploited unsustainably, despite legal requirements in the EU and UK to apply precautionary and ecosystem-based approaches to all harvested species. It calls for the introduction of effective management measures for all non-TAC stocks, the use of Remote Electronic Monitoring (REM) to improve data, and the implementation of clear criteria for the prohibited species list. Specific urgent actions are recommended for the European eel, including adding it to the prohibited species list and stopping all targeted fishing, and for sea bass, including limiting catches below headline scientific advice to ensure recovery.

The briefing argues that deep-sea fish populations in European waters are either depleted or lack sufficient data for assessment, making them exceptionally vulnerable to over-exploitation due to slow growth and late maturation. It criticizes EU and UK ministers for setting fishing opportunities above precautionary scientific advice from ICES and STECF. The document recommends setting fishing opportunities below single-stock advice, implementing zero-catch Total Allowable Catches (TACs) for endangered species like roundnose grenadier, and enhancing the protection of Vulnerable Marine Ecosystems (VMEs). It emphasizes that these measures are necessary to meet obligations under the EU deep-sea fisheries Regulation 2016/2336, the UK Fisheries Act, and UN General Assembly standards.

The document argues that both the EU and UK consistently set Total Allowable Catches (TACs) above scientific advice, failing to meet legal deadlines for sustainable fishing. It highlights a systemic failure to prioritise the recovery of depleted stocks, often citing 'choke' risks in mixed fisheries as a justification. The briefing calls for a shift toward ecosystem-based management and a quota allocation system that rewards low-impact fishing practices over historical catch data.

The briefing identifies three primary shortcomings in the ICES scientific advice used by the EU and UK: a lack of focus on rebuilding stocks above sustainable levels (BMSY), insufficient precaution to prevent stocks from falling below biological limits (Blim), and a failure to integrate ecosystem health objectives such as food web integrity. It calls for a formal roadmap to address these flaws and recommends that fishery managers apply additional precaution by setting catch levels below the ICES 'headline' advice until recovery-focused and ecosystem-based advice is available.

The briefing argues that the lack of comprehensive sharing arrangements for fish stocks shared between the EU, UK, and third countries often leads to catch levels exceeding scientific advice. It calls for the adoption of ecosystem-based fisheries management, the implementation of a genuine precautionary approach, and the avoidance of unilateral quota setting. Specifically, it urges the EU and UK to ensure total fishing limits do not exceed scientifically advised levels and to prioritize resolving allocation disputes for pelagic stocks like mackerel, herring, and blue whiting. The document also emphasizes the need for transparency under the Aarhus Convention and the use of ICES scientific advice as the primary basis for management decisions.

The document advocates for a shift from single-stock fisheries management to an ecosystem-based approach in the EU and UK. It argues that current scientific advice from ICES and STECF often fails to account for the needs of predators and the impacts of climate change. The authors recommend setting Total Allowable Catches (TACs) below headline scientific advice to rebuild fish populations well above sustainable levels (BMSY) and to safeguard the food web, particularly for forage fish like sandeel, sprat, and herring.

The document argues that EU and UK fisheries management has historically prioritized profitable stocks over vulnerable ones, leading to a cycle of overfishing and 'choking'—where fisheries must stop operating because they run out of quota for less abundant species despite having quota for target stocks. To break this cycle, the authors recommend that Total Allowable Catches (TACs) for abundant stocks be set below single-stock scientific advice to protect bycatch, and that decision-makers utilize mixed fishery MSY considerations from ICES geared toward rebuilding depleted populations. Additional proposed measures include implementing spatial closures, mandating Remote Electronic Monitoring (REM) for full catch documentation, and requiring the use of the best available technology to improve gear selectivity.

The briefing highlights the failure of EU Member States to reach target fishing mortality by January 2025 under the Western Mediterranean multiannual plan (West Med MAP). It criticizes the lack of transparency in the 'compensation mechanism' used to reclaim fishing days and calls for robust actions, including strengthened fishing mortality reductions, safeguard measures for critically depleted stocks, and enhanced selectivity and control systems.

The document highlights widespread non-compliance with the landing obligation (LO) in the EU and UK, noting that illegal discarding remains 'prolific' and undermines stock assessments. It argues that setting Total Allowable Catches (TACs) based on catch advice while illegal discarding continues allows for unsustainable fishing levels. To remedy this, the authors recommend the swift roll-out of Remote Electronic Monitoring (REM), setting TACs lower than ICES maximum catch advice in the absence of robust controls, and making quota 'top-ups' conditional on demonstrated vessel compliance. The briefing also suggests using precautionary multipliers in catch accounting to incentivise selectivity and promoting quota redistribution to avoid raising overall TACs.

The document argues that EU and UK fisheries management has failed to rebuild depleted fish stocks, often exceeding scientific advice to avoid short-term economic disruptions. It highlights the risk of 'phantom recoveries' where stock assessments overestimate productivity. To break the cycle of overfishing and 'choke' risks in mixed fisheries, the authors recommend setting Total Allowable Catches (TACs) strictly in line with scientific advice, implementing rigorous rebuilding plans with remote electronic monitoring, and reducing TACs for healthy stocks to protect depleted bycatch species.

The report examines the three types of non-deterioration obligations in the Nature Restoration Regulation (NRL): continuous improvement, non-deterioration of good status, and pre-restoration non-deterioration. It argues that these obligations are not merely effort-based but require 'appropriate measures' and are essential for the long-term success of ecosystem restoration. The analysis highlights the interplay between the NRL and the Habitats Directive, particularly regarding Natura 2000 sites, and critiques the uniform National Restoration Plan (NRP) format for providing inadequate guidance on demonstrating compliance with these obligations. It also details the strict criteria for derogations, such as force majeure and overriding public interest, emphasizing that they must be interpreted narrowly to avoid undermining overall restoration targets.

The document outlines a comprehensive framework for tracking global climate finance, focusing on real-economy investments in mitigation, adaptation, and dual-benefit activities. It defines a multi-layered taxonomy covering finance origins (domestic, international, indeterminate), actors (public, private, third-sector), and financial instruments. The methodology emphasizes a conservative approach to avoid double counting and carbon lock-in, utilizing a mix of primary project-level data and secondary market-sizing benchmarks from sources like the IEA and BNEF. Key 2025 updates include the integration of Luxembourg Green Exchange bond data, a new project-level hydrogen investment dataset, and the first-time inclusion of 2- and 3-wheeler electric vehicle sales in China and India.

The report analyzes the complementary roles of VCEFs, MDBs, and NDBs in the climate finance architecture, focusing on financial instruments like guarantees, equity, and local currency lending. It identifies systemic barriers such as complex accreditation and slow approval processes and proposes a framework for non-financial collaboration through country platforms, technical assistance, and the creation of enabling policy environments. The document provides a set of short- and mid-term recommendations to harmonize metrics, simplify due diligence, and unlock the potential of NDBs to increase the flow of climate finance to emerging markets and developing economies.