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BNP Paribas, bras armé des majors pétrolières et gazières expansionnistes
Reclaim Finance criticizes BNP Paribas for continuing to finance the expansion of oil and gas despite a pledge to reduce its exposure by 10% between 2020 and 2025. The organization argues that this target is inadequate given the climate emergency and is undermined by the bank's previous funding surges and the exclusion of equity and bond issuances from the commitment. Furthermore, the document highlights that BNP Paribas remains a top financier for majors like Shell, BP, Eni, and Total, contributing to the growth of high-risk sectors such as oil sands, shale gas, and Arctic drilling.
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Document type: Statement
JPMorgan bad on football, worse on climate
Reclaim Finance assesses JPMorgan Chase's (JPMC) 2030 portfolio targets, concluding that while the inclusion of underwriting and the setting of interim targets are positive, the oil and gas targets are unacceptably weak. The document highlights that JPMC provided $317 billion in fossil fuel finance between the Paris Agreement's adoption and the end of 2020. It argues that JPMC's reliance on emissions intensity metrics rather than absolute emissions reductions allows for continued support of fossil fuel expansion, citing JPMC's financing of Total and ExxonMobil as examples.
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Document type: Statement
Société Générale : des engagements climat de façade
Reclaim Finance criticizes Société Générale for maintaining high levels of fossil fuel financing despite public pledges to exit coal and reduce oil and gas exposure. The document highlights the bank's continued support for Arctic extraction, shale gas, and liquefied natural gas (LNG), as well as its use of semantic loopholes to fund coal-heavy entities like EPH.
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Document type: Statement
Solidarité internationaliste avec le peuple Colombien
Friends of the Earth International and 81 other organizations condemn the Colombian government's use of military and police force against peaceful protesters. The statement links social unrest to economic inequality, the failure to implement FARC-EP peace accords, and an extractive development model that prioritizes capital accumulation over nature and human rights. It calls for an end to human rights violations, the cessation of aerial glyphosate spraying, and the implementation of comprehensive agrarian reform.
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Document type: Statement
20210512_joint-ngo-ec-letter-misleading-info-re-overfishing-4c87338e489b830f.pdf
The document challenges the European Commission's claim that 99% of fish bought by consumers come from sustainable sources, arguing this figure focuses on landing volumes rather than the number of stocks. It cites STECF data showing that 43% of North East Atlantic and 83% of Mediterranean stocks are overfished, and notes that the number of stocks outside safe biological limits in 2019 (17) is the same as in 2013.
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Document type: Statement
Understanding the cost of the Drax BECCS plant to UK consumers
Ember estimates that Drax's proposed BECCS plant would cost UK energy bill-payers £31.7 billion over a 25-year lifetime, adding approximately £16 annually to each household's energy bill. The report warns that the project's ability to provide negative emissions is highly uncertain due to the carbon neutrality assumptions of woody biomass, which may instead result in net emissions in worst-case scenarios. It argues that relying on BECCS for the UK's net-zero targets constitutes a serious policy risk and recommends tightening biomass regulations and exploring alternative negative emission sources.
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Document type: Report
Engie s’enfonce dans les fausses solutions
Reclaim Finance argues that Engie is failing its climate ambitions by converting coal power plants to gas and biomass rather than transitioning to sustainable renewables. The document highlights specific conversions in Chile and a proposed gas project in Italy as evidence of a lack of strategic vision, while noting that Engie's current SBTi-certified target of 2°C is insufficient compared to the required 1.5°C trajectory.
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Document type: Statement
Bencana yang Diundang
A report by Trend Asia published in 2021 arguing that Indonesia is unprepared for disasters due to government policies favoring extractive industries, mining, and coal, despite facing multiple crises including climate change and the pandemic.
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Document type: Report
Canada's half-measures are not a healthy response to climate change
The Canadian Association of Physicians for the Environment (CAPE) and a coalition of 800 health professionals criticize Prime Minister Trudeau's commitment to reduce emissions by at least 40% below 2005 levels by 2030. They argue this target is inadequate compared to a proposed minimum of 60% reduction and falls behind the goals of other wealthy nations like the US and UK. The statement calls for a strengthened Bill C-12 and the reallocation of fossil fuel subsidies to ensure a healthy future for children and global climate stability.
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Document type: Statement
En finançant EPH, la Société Générale mine son plan de sortie du charbon
Reclaim Finance criticizes Société Générale for participating in a 1 billion euro loan to the EPH group, alleging that the bank uses semantic loopholes in its exclusion policy to continue financing coal-heavy entities. The document highlights that EPH produces 40 million tonnes of coal annually, far exceeding the bank's 10 million tonne threshold, yet avoids exclusion because the policy targets extraction entities rather than parent companies. The author warns that this approach could also allow the financing of other mining giants like Glencore and notes that other banks in the EPH consortium, such as UniCredit and ING, may be acting inconsistently with their own coal exit schedules.
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Document type: Statement
Joint Statement re: 2021 Revisions to Biomass Plan Development Guidelines (Japan’s Feed-in-Tariff)
A coalition of international and Japanese environmental organizations criticizes the April 1, 2021, revisions to Japan's biomass power generation guidelines under the feed-in-tariff. The statement argues that the guidelines lack essential lifecycle greenhouse gas emission limits and fail to implement rigorous sustainability standards for woody biomass. It specifically calls for the removal of palm oil from the feed-in-tariff, citing contradictions in the 'inedible byproducts' rule and the inability of RSPO or RSB certifications to resolve food-fuel competition. The authors also highlight transparency gaps in certification and the negative impact of extending compliance deadlines for sustainability certificates.
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Document type: Statement
Biden Delivers Disappointment on the Dakota Access Pipeline
The Biden administration announced on April 9, 2021, that it would not immediately shut down the Dakota Access Pipeline, despite a court ruling that its water crossing permit was issued unlawfully. The pipeline transports 600,000 barrels of crude oil daily near the Standing Rock Sioux Tribe's reservation, posing risks to drinking water. The U.S. Army Corps of Engineers is conducting an environmental and safety review, expected to conclude in early 2022, to determine if the pipeline should be permanently shut down.
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Document type: Briefing
La BCE contourne l’appel des députés européens à intégrer le climat
The document argues that the European Central Bank (ECB) remains inactive regarding climate risks despite exploratory work. It claims the ECB's 'market neutrality' principle creates a 'carbon bias' that supports fossil fuel companies and warns that the bank's focus on 'green' or 'sustainability-linked' bonds may facilitate greenwashing. Furthermore, the author highlights a lack of transparency regarding the ECB's non-monetary portfolios and their exposure to carbon-intensive sectors.
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Document type: Statement
Muddying the waters: our response to BNP Paribas
Reclaim Finance disputes BNP Paribas' claims that its 2020 fossil fuel financing was an exceptional response to the Covid-19 crisis, arguing instead that the bank is the largest European financier of the industry and the 4th largest globally. The organization contends that the bank's sectoral policies are ineffective against oil and gas majors and that its use of the PACTA methodology should not delay immediate action to halt sector expansion.
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Document type: Statement
L'art de noyer le poisson : nous répondons à BNP Paribas
Reclaim Finance disputes BNP Paribas' claims that its 2020 fossil fuel financing was an exceptional response to the Covid-19 crisis or supported companies in transition. The organization highlights that BNP Paribas was the largest European and fourth largest global financier of fossil fuels in 2020, with $41 billion in funding, and argues that the bank's sector policies fail to restrict funding to oil and gas majors despite their lack of alignment with the Paris Agreement.
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Document type: Statement
Net-Zero Investment Framework: the Paris Aligned Investment Initiative forgets about fossil fuels
Reclaim Finance argues that the PAII Net-Zero Investment Framework is inadequate for achieving a 1.5°C limit because it lacks a mandatory fossil fuel phase-out trajectory and relies on weak engagement strategies. While the framework correctly prioritizes low/no overshoot 1.5°C pathways, it is criticized for allowing targets based on carbon intensity rather than absolute emissions and for failing to address anti-climate lobbying.
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Document type: Statement
BlackRock net zero objective at odds with tar sands investments
Reclaim Finance asserts that BlackRock's goal to align its portfolio with a net zero economy is contradicted by its $75 billion in holdings in 30 major tar sands production companies and $3.7 billion in key pipeline companies. The organization highlights that tar sands emissions are 3.2 to 4.5 times higher than conventional North American oil and calls for BlackRock to stop investing in companies deriving more than 5% of revenue or reserves from tar sands, and to exit those expanding the sector.
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Document type: Statement
Komitmen Baru PLN dan JBIC Belum Cukup Perlu Total Hentikan Pendanaan Proyek PLTU Batubara
Trend Asia and partner organizations criticize PT PLN's commitment to stop coal-fired power plant (PLTU) projects that have not reached financial closing, citing a lack of transparency and the continued risk of projects like PLTU Indramayu 2 and PLTU Tanjung Jati A. The statement also condemns the Japan Bank for International Cooperation (JBIC) for its role in funding the Cirebon 2 expansion, arguing that JBIC's pledge to exit coal is too late and should include stopping disbursements for ongoing projects to align with the Paris Agreement.
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Document type: Statement
Submission by the Budget Justice Coalition to the Select and Standing Committees on Finance
The Budget Justice Coalition (BJC) contends that the 2021 fiscal framework implements austerity measures that reduce government services for the poor, particularly women, and increase economic hardship. The BJC calls on the Select and Standing Committees on Finance to determine if this framework contradicts the constitutional requirement for the state to allocate maximum possible resources toward fundamental human rights and environmental sustainability.
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Document type: Statement
Global Campaign on Military Spending – UK Briefing points in advance of the UK government budget announcement
The document highlights a £24bn increase in UK military spending over four years, primarily for equipment and offensive technologies, while noting a reduction in overseas aid from 0.7% to 0.5% of GNI. It further argues that current spending on reducing carbon emissions is far below the £9bn to £12bn annual level recommended by the Committee on Climate Change.
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Document type: Briefing