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The report finds that The Carlyle Group invested in 91 energy companies owning 972 assets between 2011 and 2021, with 90% of these being fossil fuel investments. These assets emitted an estimated 277 million metric tons of CO2e, with emissions growing at an average annual rate of 95%. The analysis highlights a significant disparity between Carlyle's fossil fuel investments ($22.4 billion) and its renewable energy commitments ($1.4 billion). Furthermore, the report documents that 84% of Carlyle's downstream US assets are located in areas with higher concentrations of low-income residents or people of color than state averages, and 47% of these plants have a record of environmental violations.

The GCF is the largest multilateral climate finance contributor to African states, but its portfolio is heavily weighted toward mitigation (59%) over adaptation (41%), despite urgent regional needs. While the GCF has effectively leveraged co-financing, particularly through Multilateral Development Banks, it faces significant challenges in direct access, with only 18 Direct Access Entities (DAEs) accredited across 13 countries. The evaluation highlights cumbersome and rigid procedural barriers, including an English-only policy and high transaction costs, which hinder access for Least Developed Countries (LDCs) and Fragile, Conflict, and Violence (FCV) states. Gender-related co-benefits are growing, but engagement with indigenous peoples remains limited. The report recommends shifting the portfolio toward adaptation, streamlining accreditation and fee structures, and increasing regional presence in Africa.

The GCF's direct access modality, primarily operationalized through institutional accreditation, has largely failed to enable a diverse range of national entities to access funding at scale. While the number of Direct Access Entities (DAEs) has grown, the portfolio remains highly concentrated among a few well-resourced financial institutions, with 63% of DAEs having no approved projects. The report finds that the high transaction costs of accreditation and project design favor high-capacity institutions, while support mechanisms like the Readiness and Preparatory Support Programme (RPSP) and Project Preparation Facility (PPF) have not effectively leveled the playing field. Implementation challenges for DAEs are similar to those of International Accredited Entities (IAEs), though DAEs show better adaptability to national governance disruptions. The report recommends diversifying access pathways beyond accreditation, clarifying the strategic vision for direct access, and enhancing implementation support.

The document examines the gap between scientific recognition of transboundary climate risks and the current local focus of multilateral adaptation finance. It proposes a shift toward 'systemic resilience' to address risks that cross borders via shared ecosystems, trade, and financial flows.

The 2022 Private Equity Climate Risks Scorecard evaluates eight major private equity firms, finding that most maintain significant fossil fuel holdings and lack transparency. The Carlyle Group ranked lowest (F), while TPG earned a B due to a smaller fossil fuel portfolio. The report advocates for five primary demands, including alignment with 1.5°C warming targets and full disclosure of emissions and fossil fuel exposure.

The Private Equity Climate Risks Scorecard 2022 evaluates eight major private equity firms on their fossil fuel exposure, downstream emissions, and alignment with science-based climate targets. The analysis finds that most of these firms maintain significant fossil fuel holdings and lack transparency, with The Carlyle Group ranking lowest (F) and TPG Capital ranking highest (B). The report argues that private equity firms often acquire polluting assets shed by public markets, thereby increasing climate and financial risks while operating with minimal regulatory oversight. It concludes with five primary demands for the industry, including aligning with 1.5°C warming targets and disclosing full fossil fuel exposure.

The GCF has approved USD 2.73 billion in forest finance, split between REDD+ (USD 851.1 million) and JMA (USD 1.73 billion). The report highlights that these two approaches are complementary, with significant overlap in readiness and implementation phases. The GCF aims to leverage both public and private finance to scale up deforestation-free supply chains and high-quality carbon credits.

The GCF's private sector strategy aims to mobilize institutional finance and private capital for climate adaptation and mitigation in developing countries through a four-pronged approach: promoting conducive investment environments, accelerating innovation, de-risking market-creating investments, and strengthening domestic financial institutions. The report reviews the PSF's performance, noting a co-financing ratio of 3.25:1 and a heavy initial reliance on concessional loans. To meet its updated Strategic Plan targets, the GCF proposes expanding its use of equity and guarantees, improving the accreditation process via a project-specific assessment approach, and implementing a private sector outreach plan.

The report assesses the GCF's network of 113 accredited entities (AEs), evaluating their capacity to deliver on the Fund's strategic priorities. While the network is diverse and expanding—particularly in private sector and direct access entities—significant gaps remain in the ability of direct access entities (DAEs) to manage high environmental and social (E&S) risk projects and large-scale adaptation programming. The analysis highlights a low AE-to-project ratio, which may disincentivize institutional capacity building, and notes that GCF's internal processing capacity is currently insufficient to meet the growing volume of new and re-accreditation applications.

The report analyzes 57 SEI projects from 2010-2021, finding a heavy concentration in circular bioeconomy, solid waste, and water management, primarily in Europe and Asia. It identifies critical knowledge gaps in impact assessment, just transition, business models, and consumer behavior, recommending a shift toward higher-priority circularity strategies (refuse and rethink) and transdisciplinary, multi-stakeholder collaborations.

Amundi, Europe's largest asset manager, faces significant contradictions between its sustainable finance ambitions and its actual investment practices. The report highlights three primary challenges: the growth of passive management which bypasses coal exclusions, a weak shareholder engagement policy that fails to sanction coal developers, and continued investment in oil and gas expansion, including high-risk projects in the Arctic. Despite joining the Net Zero Asset Manager Initiative, Amundi's policies are described as vague and insufficient to align with the 1.5°C goal of the Paris Agreement.

The report assesses Amundi, Europe's largest asset manager, claiming a gap between its sustainable finance marketing and its actual investments. It highlights three primary climate risks: the growth of passive management which bypasses fossil fuel exclusions, a failure to use shareholder voting to penalize coal developers, and continued financial support for oil and gas expansion, including in the Arctic.

The report analyzes the energy portfolios of ten major private equity firms, finding that 80% of their energy assets are in fossil fuels. It highlights that these investments often yield low returns and disproportionately impact communities of color, while the industry's private nature allows these activities to avoid the public scrutiny faced by publicly traded oil majors.

The Independent Evaluation Unit (IEU) found that the SAP Pilot Scheme has not significantly accelerated project approvals or simplified requirements for proponents. While the SAP has increased access for African States and Least Developed Countries (LDCs), it has failed to attract Small Island Developing States (SIDS) or the private sector. The median time from concept note submission to Board approval for SAP projects is 365 days, only 8% shorter than comparable regular projects. The IEU recommends developing a formal SAP strategy, simplifying review criteria, and delegating approval authority to the Executive Director.

The report examines KKR's energy investment strategy from 2010 to 2020, highlighting a strong preference for fossil fuels over renewables. It details significant financial losses, including negative internal rates of return (IRR) for several funds and bankruptcies of assets like Longview Power and Samson Resources. Additionally, the document links KKR's investments to environmental and social harms, specifically citing Indigenous opposition to the Coastal GasLink Pipeline in Canada and the disproportionate impact of oil and gas operations on Latino and minority communities in Texas and New Mexico.

The GCF's interim ESS and ESMS are deemed 'not fit for purpose' as they rely on IFC standards that focus on risk mitigation ('do no harm') rather than the GCF's mandate to generate positive climate and social value ('do good'). The evaluation identifies critical gaps in human rights, gender equity, and stakeholder engagement. Operationally, the accreditation process is criticized as a 'desk review exercise' that fails to verify actual implementation capacity, particularly for direct access entities (DAEs). Monitoring is severely limited, relying on AE self-reporting via annual performance reports (APRs) without an operationalized monitoring and accountability framework (MAF). Additionally, the REDD+ pilot programme is found to be inconsistent with the Warsaw Framework for REDD+ due to additional safeguard requirements and a binary 'pass/fail' assessment approach.

The report examines the IFC's Green Equity Approach (GEA), which aims to phase out coal investments in financial institutions by 2030. While analysis of 81 high and medium-risk investments between July 2019 and June 2020 shows that 83% explicitly exclude coal, the report identifies significant loopholes. Specifically, it notes that the GEA excludes captive coal plants for industrial use and that debt ring-fencing may be ineffective. A case study of PT Bank KEB Hana Indonesia, the first GEA pilot client, reveals that despite the framework, the bank provided project finance for the Java 9 and 10 coal plants in Indonesia in July 2020.

Reclaim Finance criticizes BlackRock, CalPERS, and CalSTRS for maintaining 'feeble' coal policies that allow continued investment in coal expansion. The statement highlights loopholes in exclusion thresholds and the failure to apply policies to passive investments or the coal power sector, urging these institutions to divest from coal developers.

An analysis of the European Investment Bank's (EIB) transport portfolio since 2015 reveals that approximately half of the investments are aligned with the Paris Agreement. To achieve full alignment and support European transport decarbonisation, the report recommends that the EIB develop a strategic project pipeline focusing on modal shift, rail electrification, shipping decarbonisation, and electric mobility infrastructure, while establishing a negative list of ineligible projects and increasing transparency regarding induced emissions.

The report analyzes the ECB's corporate asset purchase programs (CSPP and PEPP), finding that they provide significant financial support to companies active in coal, oil, and gas. It criticizes the ECB's lack of transparency regarding asset values and argues that the principle of 'market neutrality' creates an anti-climate bias by favoring carbon-intensive sectors. The author recommends that the ECB exclude fossil fuel companies without phase-out plans and align its monetary policy with the 1.5°C trajectory of the Paris Agreement.