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The document asserts that climate change is a systemic financial risk that threatens the global economy and the living conditions of beneficiaries, thereby making climate action an integral part of an asset owner's fiduciary duty. It advocates for a 'systemic approach' that prioritizes long-term stability over short-term gains, urging asset owners to halt capital allocation to fossil fuel expansion, engage aggressively with portfolio companies, influence asset managers, and advocate for ambitious public policies. The report highlights that current risk models often underestimate the potential for catastrophic economic losses, which could reach 50% of global GDP by the end of the century.

The F-List 2026 identifies 1,321 contracts between 802 agencies and 386 fossil fuel clients across 73 countries. The report argues that creative agencies facilitate a 'creative cover-up' by positioning fossil fuels as essential for energy security and economic stability, while often ignoring the 'advertised emissions' generated by these campaigns in their own sustainability reporting. Key findings highlight that Omnicom holds the highest number of fossil fuel contracts ever recorded (118), while Edelman is identified as having the highest financial dependency on fossil fuel income among holding companies at an estimated 5.64% of revenue. The report also notes a trend of using natural gas as a 'driver of progress' in recent campaigns in Japan and Colombia.

Private equity firms continue to finance LNG terminals despite increasing market volatility, geopolitical conflicts, and strong community opposition. The document highlights that these investments face risks from unstable long-term demand, project cancellations, and the incompatibility of LNG expansion with 1.5°C climate goals.

The document argues that TotalEnergies SE has misled investors by claiming alignment with the Paris Agreement while continuing to increase fossil fuel production. It highlights the systemic financial risk climate change poses to global portfolios and asserts that TotalEnergies' disclosures—including claims about the role of natural gas as a transition fuel and the 'substitution' argument for continued extraction—are inaccurate. The authors call for an AMF investigation into potential breaches of the AMF General Regulations, the European Market Abuse Regulation (MAR), and the French Monetary and Financial Code.

The letter argues that high-emitting companies, particularly 'Carbon Majors' like TotalEnergies, provide misleading information to investors regarding their alignment with the Paris Agreement while continuing to expand fossil fuel production. It asserts that climate change poses a systemic financial risk, with potential GDP losses of 50% by 2070-2090, and that current economic models underestimate these damages by ignoring tipping points. The authors highlight a 2025 Paris Judicial Court ruling that TotalEnergies misled consumers and call for ESMA to encourage national authorities to take enforcement action against investor-facing greenwashing to protect market integrity.

ClientEarth, Amis de la Terre France, and Notre Affaire à Tous allege that TotalEnergies SE has misled investors by claiming alignment with the Paris Agreement while continuing to increase fossil fuel production. The report argues that such misinformation obscures systemic financial risks, as climate change threatens global economic stability and asset valuations. It specifically challenges the company's claims regarding the role of natural gas as a 'transition energy' and its 'net zero' ambitions, citing a 2025 Paris court ruling that found the company's consumer communications to be misleading.

Private equity firms have invested nearly $200 billion in data center-related industries since January 2022, driving a strategy of acquiring vertically integrated retail energy utilities and fossil fuel power plants to secure power for AI infrastructure. BlackRock's Global Infrastructure Partners (GIP) has acquired ALLETE Inc. and is pursuing a $38 billion takeover of AES, while Blackstone has invested in the Potomac Energy Center and is seeking to acquire TXNM Energy. The report argues that this expansion risks creating stranded high-emitting assets if AI demand is overestimated, while already causing increased electricity costs for ratepayers—rising up to 267% in some data center hubs—and significant environmental degradation. Organized community resistance has already delayed or blocked $64 billion in data center projects across 24 U.S. states.

The document outlines a strategic framework to transition the global financial system toward deforestation- and conversion-free (DCF) models. It details specific mandates for policymakers to reform fiscal policies and subsidies, for central banks to embed nature-related risks into prudential supervision, and for financial institutions to scale capital toward sustainable land use and regenerative agriculture. The report emphasizes that aligning financial flows is essential to meet climate and biodiversity targets, citing the loss of 6.7 million hectares of tropical primary forests in 2024 as a critical risk to economic stability.

The Private Equity Stakeholder Project argues against the University of California (UC) potentially reversing its 2020 decision to divest from fossil fuels. The letter asserts that fossil fuel investments are financially risky, citing the underperformance of fossil-fuel-heavy portfolios and the volatility of the LNG market. It further highlights the material threats of climate change to California, including astronomical wildfire costs, and warns that demand forecasts for data center power may be overstated, potentially misleading investors.

The document analyzes the financial burden on Wisconsin Electric Power Company (WEPCO) ratepayers resulting from the early retirement of the coal-fired Oak Creek Power Plant and warns against repeating these mistakes by investing in new natural gas plants. It argues that clean energy alternatives and better regulatory scrutiny of load forecasts can prevent future stranded assets.

The manifesto calls for the ECB to update its 2021 Climate Roadmap by introducing green refinancing operations, greening the collateral framework, and proactively tilting its asset portfolios. It argues that current monetary policies may distort the energy transition and that the ECB should use its toolkit to support a Paris-aligned transition to mitigate 'fossilflation' and systemic financial risks.

The 2025 F-List identifies 1,217 fossil fuel contracts held by 709 advertising and PR agencies. It introduces the Fossil Fuel Income Risk Exposure (FFIRE) index, which finds that Edelman has the highest financial vulnerability to fossil fuel revenue at 5.64%. The report highlights a conflict of interest regarding Edelman's role in the COP30 UN Climate Talks and notes that Omnicom Advertising Group now holds the most contracts on the list following its merger with IPG, being the only network with contracts across all 10 oil and gas majors.

The report examines the push for natural gas as a 'transition fuel' in South Africa, contrasting government plans with the environmental and financial risks of stranded assets. It details the activities and financing of Kinetiko Energy's Mpumalanga Gas Project and Renergen's Virginia gas field, highlighting significant concerns regarding groundwater contamination, methane leakage, and a lack of transparency in governance.

The document argues that the steel sector is no longer 'hard-to-abate' due to advancements in green hydrogen and electric arc furnaces. It challenges the distinction between metallurgical and thermal coal, warns against reliance on CCUS, and highlights the risk of stranded assets. The briefing urges financial institutions to adopt strict sectoral policies to end financing for new blast furnaces and metallurgical coal projects while increasing investment in sustainable alternatives.

The Gavin Coal Plant, owned by Lightstone Generation (a Blackstone and ArcLight Capital Partners joint venture), faces significant financial instability due to declining revenues in the PJM Interconnection market and high debt burdens. The plant is also subject to substantial EPA-mandated cleanup costs for coal ash contamination following a June 2024 court ruling. With the broader U.S. coal industry in decline and institutional investors divesting from thermal coal, the report urges pension funds to pressure owners to retire the plant responsibly to avoid the community and financial losses seen in other coal plant closures.

The report evaluates how nature-related risks impact business profits and credit losses in five African banking systems. It finds that an 'orderly transition' aligned with the Global Biodiversity Framework (GBF) minimizes financial risks, whereas a 'disorderly transition' can lead to significant profit losses and increased credit losses, particularly in agriculture and mining. The analysis highlights that nature-related risks in these sectors are comparable in scale to climate-related risks in emissions-intensive sectors.

Reclaim Finance assesses ENGIE's 2025 climate plan, finding it insufficient for a 1.5°C pathway. The analysis highlights that nearly half of ENGIE's capacity remains fossil gas-based, with no specific exit dates or asset-by-asset strategies. While renewable targets increased to 95 GW by 2030, the company continues gas expansion through new plants and LNG contracts. The briefing recommends that financial institutions demand a halt to gas infrastructure and that shareholders vote against the 'Say on Climate' proposal and the reappointment of CEO Catherine MacGregor.

The Private Equity Stakeholder Project asserts that Global Infrastructure Partners (GIP) faces significant risks through its $3.5 billion investment and at least 46% ownership stake in the Rio Grande LNG Terminal. The document highlights financial risks stemming from volatile gas prices, rising costs, and a projected decline in global equity returns if funds fail to align with Paris Agreement goals. Environmentally, it claims the terminal could emit 163 million tons of carbon dioxide equivalent annually and may be more polluting than coal due to methane leakage. Socially, the project is opposed by the Carrizo Comecrudo Tribe of Texas, the city of Port Isabel, and other local councils in South Texas due to impacts on sacred land and local industries.

A coalition of 50 civil society organisations is urging financial institutions to refuse funding for the Papua LNG project in Papua New Guinea. The group argues the project is incompatible with the 1.5°C warming limit, citing estimated emissions of 220 million tonnes of CO2 equivalent and risks of stranded assets due to projected peaks in global gas demand by 2030. The statement also highlights potential human rights violations, lack of transparent community consultation, and the existence of more affordable renewable energy alternatives for the country.

ClientEarth advises a UK pension scheme's trustees to cease providing bond capital to energy companies unless they have credible net-zero transition plans and enforceable bond covenants. The letter asserts that climate change represents a material financial risk—including physical, transition, and litigation risks—that trustees must manage to meet their legal fiduciary duties and protect beneficiaries' interests.