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The report finds that Equinor is prioritizing oil and gas expansion and shareholder returns over renewable energy investments, backtracking on previous low-carbon capital expenditure and production targets. Its projected 2030 production levels and planned LNG and gas power capacities are identified as inconsistent with the IEA's Net Zero Emissions by 2050 Scenario.

The document argues that TotalEnergies' 2022 climate plan is incomplete and incompatible with a 1.5°C pathway, citing a lack of short-term absolute Scope 3 targets and continued investment in oil and gas expansion. It recommends that investors vote against the management-sponsored 'Say on Climate' resolution and oppose the reappointment of specific Directors to signal disapproval of the company's fossil fuel strategy. The briefing also highlights legal and reputational risks associated with the EACOP project in East Africa, greenwashing lawsuits, and the company's continued assets in Russia.