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The report argues that while MDBs have increased overall climate finance, urban climate investments in L&MICs have plateaued and remain insufficient. It identifies critical gaps in strategy, operating models, and private capital mobilization, recommending a shift from project-by-project approaches to programmatic strategies and increased direct financing for cities to meet global climate goals.

The document reports that global public financial support for fossil fuels reached a record high of over USD 1.7 trillion in 2022, driven largely by USD 1.3 trillion in subsidies. It notes a discrepancy in G7 financing, where USD 20 billion was provided for fossil fuels compared to USD 10 billion for clean energy. The briefing argues that these flows contradict the Paris Agreement and COP 26 pledges, calling for a total phase-out of fossil fuel production and consumption and a shift of public finance toward clean energy and just transition measures.

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.

Between 2017 and 2021, international public adaptation finance for developing countries stayed at or below US$25 billion annually, with a 15 per cent drop to US$21 billion in 2021. The report highlights a lower disbursement ratio for adaptation (66 per cent) compared to general development finance (98 per cent), citing barriers such as low grant-to-loan ratios and limited technical capacity. While grants are more prevalent for Least Developed Countries (52 per cent) and Small Island Developing States (67 per cent), less than 17 per cent of commitments targeted local communities. The document emphasizes that while domestic and private finance are vital, they cannot bridge the gap alone, particularly in low-income countries.

The document examines the risks and inefficiencies of direct air capture (DAC), focusing on Oxy's Stratos project in Texas. It argues that DAC is used as a 'smokescreen' to prolong fossil fuel extraction through enhanced oil recovery (EOR) and to capture public subsidies. The briefing highlights that DAC's projected global capacity is insignificant compared to total emissions and that its resource requirements—including water and toxic chemicals—pose environmental risks. It further critiques the influence of oil executives on COP28 leadership and the use of flawed carbon credits to justify continued pollution.

The document highlights a critical lack of tracked financing for oil and gas methane abatement in Southeast Asia, despite the sector being the region's second-largest methane contributor. It identifies key barriers such as limited technical capacity, data gaps, and underdeveloped regulations. The brief argues that methane abatement offers a low-cost, quick-win opportunity for near-term climate mitigation and suggests that state-owned enterprises and international financial institutions play pivotal roles in scaling these efforts.

Global climate finance reached an annual average of nearly USD 1.3 trillion in 2021/2022, though this represents only 1% of global GDP. Mitigation finance dominates, particularly in energy and transport, while adaptation finance remains critically underfunded and dominated by public actors. Finance is heavily concentrated in developed economies and China, with significant gaps in least developed countries (LDCs) and emerging markets. The report argues that annual needs must increase at least five-fold to avoid the worst impacts of climate change, recommending reforms to international financial institutions and the mobilization of domestic capital.

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 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.

The report argues that technical assistance (TA) from the World Bank Group (WBG) and Asian Development Bank (ADB) creates a 'paradox' by facilitating fossil gas dependency while the institutions claim to align with the Paris Agreement. Between 2016 and August 2023, the WBG allocated nearly $200 million in TA for gas-related sectors across 14 countries, while the ADB committed nearly $11 million from 2016 to 2021. The authors contend that TA has a disproportionate impact on national energy strategies, often locking countries into carbon-intensive infrastructure and creating stranded asset risks. Case studies in Bangladesh, Vietnam, and Pakistan illustrate how TA has been used to prepare LNG projects or gas storage systems rather than accelerating renewable energy transitions. The report recommends that all energy-sector TA be approved at the Board level and redirected toward enhancing Nationally Determined Contributions (NDCs) and renewable energy infrastructure.

The report identifies a fragmented policy environment and significant perceived cost barriers hindering the adoption of net zero carbon buildings in Nigeria. While the country possesses an advanced green bond market and established conventional debt financing, most other financial and policy instruments remain nascent or small-scale. The authors recommend establishing a national net zero carbon building strategy, increasing professional capacity, and ensuring a just transition that links building affordability with local job creation.

The Staple Crops Processing Zone (SCPZ) programme aims to transform agricultural value chains in Togo, Senegal, and Guinea by integrating climate-resilient production with low-carbon processing. The project focuses on four regions: Kara in Togo, the Southern agropole in Senegal, and Boké and Kankan in Guinea. It combines adaptation measures, such as solar-powered drip irrigation and climate-resilient agriculture (CRA), with mitigation efforts, including biogas digesters and agroforestry. The programme targets 1.104 million direct beneficiaries and 5.612 million indirect beneficiaries, with a strong emphasis on women's empowerment. Total financing is USD 271.70 million, with USD 102.79 million requested from the GCF as a mix of grants and loans.

The Climate Bonds Initiative argues that Japan's GX plan requires strengthening in several key areas to be truly 1.5°C-aligned. Key recommendations include prioritizing established renewable technologies, setting a clear phase-out date for unabated coal power by 2035, strictly limiting gas investments, and tightening standards for low-carbon hydrogen and ammonia. The report emphasizes that the success of Japan's planned 20 trillion yen GX Economic Transition Bonds depends on rigorous alignment with scientific pathways to mobilize private capital and avoid stranded assets.

Nigeria faces a significant housing shortage of 17 million units, with a projected need for 700,000 units annually by 2050. The report finds that the policy environment for net zero carbon buildings is fragmented, lacking an overarching national strategy. While some financial instruments like concessional loans and green bonds are well-established, many others remain nascent or unused. The most severe barriers are political (lack of regulations and standards) and financial (lack of affordable finance and awareness of funding). The report recommends five priority areas: embodied carbon and materials, appliances and lighting, cooling, electricity generation, and clean cooking, proposing specific financial and policy pathways to scale these solutions.

The 2023 Forest Declaration Assessment finds the world is off track to eliminate deforestation and forest degradation by 2030. In 2022, global gross deforestation reached 6.6 million hectares, a 4% increase from 2021. While some countries like Indonesia and Malaysia show progress, massive losses continue in tropical Latin America and the Caribbean. The report highlights a critical funding gap, noting that 'gray' public finance (subsidies driving deforestation) vastly outweighs 'green' finance. It also emphasizes the ongoing violence against environmental defenders and the systemic lack of legal recognition for Indigenous Peoples' and local communities' land rights.

The submission critiques the National Treasury's use of IFI loans, highlighting how World Bank conditionalities and IMF variable interest rates restrict policy autonomy and increase financial risk. It specifically warns that the Just Energy Transition Investment Plan (JET-IP) may exacerbate debt dependency. The authors call for mandatory parliamentary oversight, human rights impact assessments, and gender-responsive budgeting for all future IFI lending.

RMI provides recommendations for Indonesia's coal transition based on a model applied to the Java-Bali grid, emphasizing the integration of coal retirement and clean energy deployment to ensure financial feasibility and emissions reductions.

The document argues that Indonesia's long-term Just Energy Transition program will require funding likely exceeding USD 200 billion over 10 to 15 years, far surpassing the USD 20 billion committed via the I-JETP. It proposes a "3+1" strategy to mobilize capital from multilateral development banks, international and domestic private capital, and the domestic public sector, including state-owned enterprises and private mining companies. While international liquidity is deemed sufficient to meet I-JETP targets, the report identifies the lack of bankable clean energy projects as the primary obstacle, calling for increased effort from the International Partners Group (IPG) and the Glasgow Financial Alliance for Net Zero (GFANZ) to build a project pipeline.

This report analyzes international cooperation and development finance for land use in Brazil from 2015 to 2020, detailing the sources, instruments, and beneficiaries of these climate-aligned financial flows.