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Reclaim Finance asserts that Repsol's climate targets are inadequate, noting the company will overshoot its carbon budget by 78.7% by 2050. The statement highlights that Repsol plans to maintain oil and gas production at approximately 650 kboe/day through 2025 and allocate over 65% of CAPEX to fossil fuels, including high-risk projects in the Arctic and fracking. Despite goals for 20 GW of renewable capacity by 2030, the author argues this does not offset the lack of absolute emission reductions. Consequently, the document recommends shareholders vote against the 'Say on Climate' advisory vote and the reappointment of four directors responsible for fossil expansion.

The Corporate Climate Responsibility Monitor 2022 assesses 25 multinational companies, finding that most 'net zero' pledges are ambiguous and lack deep emission reduction commitments. The report highlights a systemic reliance on low-quality carbon offsets and renewable energy certificates (RECs) that often fail to provide additional climate benefits. While a few companies demonstrate leadership in renewable energy procurement and value chain engagement, the overall integrity of corporate climate strategies remains low, with many targets falling short of the 1.5C Paris Agreement goal.

The document argues that Total SE's carbon neutrality ambitions are 'window dressing' because they exclude global Scope 3 emissions and forecast increased hydrocarbon production. It highlights the contradiction between the climate pledges of major French banks and insurers and their continued financing of Total SE, including controversial projects like the East African Crude Oil Pipeline (EACOP).