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The report argues that while ENGIE has ambitious renewable energy targets, its overall climate plan is not aligned with a 1.5°C trajectory due to continued investments in fossil gas infrastructure, long-term LNG contracts for fracked US gas, and a reliance on immature technologies like CCUS and large-scale renewable gas. It highlights a lack of precise intermediate absolute emission targets and insufficient methane reporting as key governance failures.

The report finds that TotalEnergies' 2030 oil and gas production targets and carbon intensity are significantly higher than those required by the IEA's 1.5°C-aligned Net Zero Emissions (NZE) scenario. It highlights a substantial investment gap, noting that in 2022, the company invested more than three dollars in oil and gas for every dollar invested in its Integrated Gas, Renewables and Power division, while distributing over four dollars to shareholders for every dollar invested in that same division. The analysis concludes that the company's reliance on carbon capture and offsets, combined with continued expansion into unconventional resources like Arctic and ultra-deep water, poses a material risk to its ability to meet decarbonization targets.