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The report finds that since the 2021 IEA Net Zero roadmap, at least 20.3 billion barrels of oil equivalent (boe) of new oil and gas discoveries have been announced. In 2023 alone, 20 fields were approved for development, sanctioning 8 billion boe. The analysis highlights a significant disconnect between the industry's push for new reserves—particularly in South America and Africa—and climate goals, noting that current production pathways are significantly higher than 1.5 degree compatible scenarios. It specifically criticizes the use of scope one and two emissions claims to justify projects while ignoring scope three emissions.

The document outlines a systemic framework for tracking climate finance in agrifood systems, expanding beyond traditional AFOLU (Agriculture, Forestry, Other Land Uses, and Fisheries) categories to include downstream agro-industries, food loss, waste, and diets. It details the methodology for estimating global annual investment needs—drawing from FOLU, UNEP, and Thornton et al.—and provides a granular breakdown of tracked project-level and company-level investments for 2019/2020. The annexes also include a corrigendum from February 2024 that significantly revises venture capital investment figures upward.