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The report finds that TotalEnergies' investment strategy heavily favors fossil fuels, with 4.8 dollars invested in oil and gas for every dollar spent on integrated power in 2025. The company's 2030 production targets are projected to be at least 59% higher than levels required for NZE alignment. While diversifying into renewables, the report notes this is largely through acquisitions and remains marginal, with oil and gas expected to represent 83% of the energy mix by 2030. Additionally, the company is expanding its LNG capacity and gas power production, while relying on CCUS and offsets to meet emissions targets it has recently modified, including a statement in 2026 that it could no longer commit to a 'net zero' objective.

Reclaim Finance reports a systemic retreat from climate goals among six major European oil and gas companies. The analysis shows a trend of reducing investments in renewables and low-carbon technologies while increasing oil and gas production targets for 2030. The document highlights that these companies are ignoring the IEA's Net Zero Emissions (NZE) scenario, specifically by planning new LNG export terminals and abandoning scope 3 emission targets. It concludes by calling on financial investors to oppose board re-elections and demand transparency during upcoming general assemblies at Shell and TotalEnergies.

The document reports a decline in Chinese crude oil consumption and LNG imports, alongside significant economic and regulatory volatility in the US oil and gas sector. It highlights corporate shifts at Shell and BP, the risk of USD 2.3 trillion in stranded fossil fuel assets, and various international developments in LNG and carbon capture.

The report finds that while regenerative agriculture is widely adopted in the communications of 24 out of 30 analyzed multinational food and agriculture companies, it lacks a common definition and scientific rigor. The analysis suggests that companies often conflate emission reductions with removals, overstate the potential of soil carbon sequestration, and use 'regenerative grazing' to justify unsustainable livestock production levels. Ultimately, the report argues that current corporate applications of regenerative agriculture lack the ambition to significantly impact climate mitigation and often serve as a layer over business-as-usual practices rather than a systemic redesign of food production.

Reclaim Finance calls on ArcelorMittal shareholders to use the April 30, 2024, annual general meeting to oppose the company's continued investment in coal-based blast furnaces and its lack of a clear decarbonization strategy. The organization highlights that ArcelorMittal continues to extend the life of existing coal furnaces and invest in new ones, specifically in India via a joint venture with Nippon Steel. It further notes that less than half of the company's decarbonization projects can produce steel without fossil fuels, and expresses concern over the viability of green hydrogen projects in Europe due to cost. Reclaim Finance recommends that investors integrate climate concerns into routine strategic votes, including director re-election and executive remuneration, to hold management accountable for fossil-fuel-based plans.

Reclaim Finance argues that TotalEnergies' claims of diversification are misleading, as the company intends to increase oil and gas production through 2028 and expand its liquefied natural gas (LNG) capacity. The report highlights that the company's renewable energy growth is largely driven by acquisitions of existing projects rather than new construction, and that its 'clean' hydrogen and electricity goals still rely heavily on fossil gas. A specific case study on the Papua LNG project illustrates the potential for significant carbon emissions and human rights violations, while the report concludes by urging financial institutions to stop supporting new fossil fuel projects.

Reclaim Finance argues that TotalEnergies' claims of diversification are misleading, as the company intends to increase absolute oil and gas production by 2030 and is aggressively expanding its liquefied natural gas (LNG) portfolio. The report highlights that the company's renewable energy growth relies heavily on acquisitions rather than new capacity and criticizes the Papua LNG project for its projected climate and human rights impacts.

Reclaim Finance criticizes TotalEnergies for denying responsibility for scope 3 emissions and opposing a shareholder resolution to set reduction targets for these emissions. The organization argues that TotalEnergies influences fossil fuel demand through lobbying and investment and maintains a "climaticide" strategy by planning hydrocarbon production for 2030 that is 81% higher than the level required for a 1.5°C scenario. Reclaim Finance highlights that international standards, such as the SBTi and CSRD, increasingly require scope 3 reporting and targets, and notes that TotalEnergies plans to allocate at least 67% of its 2030 capital expenditures to fossil fuels.

Reclaim Finance asserts that Shell's climate strategy is fundamentally flawed, predicting the company will overshoot its 1.5°C carbon budget by 40.9% by 2050 and exhaust it entirely by 2034. The organization criticizes Shell's reliance on carbon intensity metrics, nature-based offsets, and continued expansion into new oil and gas fields, including unconventional sectors like the Arctic and fracking. Consequently, it recommends that shareholders vote against the company's climate resolution, support a shareholder-led resolution for Paris-aligned targets, and vote against the reelection of 10 Board Directors.

The briefing examines ENEL's climate commitments, noting that while the utility has announced a coal phase-out by 2027 and a gas exit by 2040, it continues to plan new gas projects and the potential revival of an LNG terminal in Sicily. It urges shareholders to use the upcoming Annual General Meeting to demand a more robust transition plan that avoids selling or converting coal assets and accelerates the gas exit in EU/OECD countries to 2035.

The document analyzes the gap between Total SE's public climate ambitions and its actual business strategy, which continues to prioritize fossil fuel expansion. It highlights the role of French banks and investors in supporting this model and calls for a shift toward absolute emission reductions and the cessation of new fossil fuel projects.

The report argues that the plastics industry employs a 'corporate playbook' of delay, distraction, and derailment to protect its business model. It analyzes voluntary commitments from major polluters, finding them lacking in accountability and ambition. Through case studies in 15 countries, it demonstrates how companies lobby against mandatory collection systems like Deposit Return Systems (DRS) and promote 'false solutions' such as chemical recycling and bioplastics to shift responsibility onto consumers.

The document details Weyerhaeuser Company's transition from a 'cut and run' timber operation to a global leader in 'High Yield Forestry' (HYF). It describes the company's investment in genetics, seedling nurseries, and silvicultural research to maximize softwood production, while simultaneously developing 'Weyerhaeuser Forestry' to address stakeholder concerns and environmental regulations. The text analyzes the global softwood market, the impact of endangered species like the Northern Spotted Owl, and the company's strategic shift toward sustainable stewardship and international expansion.

The document examines Weyerhaeuser Company's strategic shift toward a forestry-centric model, prioritizing high-value softwood timber over pulp and paper manufacturing. It highlights the company's competitive advantage derived from a 50-year investment in softwood genetics and land management, which has resulted in yields significantly higher than unmanaged forests. The text discusses the company's approach to sustainable forestry through high-yield plantations and stakeholder engagement, while identifying future strategic risks including vertical integration costs, environmental certification, and the complexities of operating on Crown lands in Canada and in the Russian Far East.

The document provides a comprehensive analysis of carbon pricing mechanisms, specifically carbon taxes and emissions trading systems (ETS), within the Brazilian context. It evaluates international experiences, such as the EU ETS, to demonstrate that while short-term costs increase, long-term benefits include fostered innovation and business growth. The report details various macroeconomic studies on Brazil, suggesting that the negative impacts of emission restrictions can be minimized through revenue recycling and technological progress. It emphasizes the importance of Monitoring, Reporting, and Verification (MRV) and recommends that the Brazilian government establish a transparent climate governance structure. For companies, it suggests incorporating climate change into corporate strategy and adopting internal carbon pricing as a risk management tool.