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The briefing note critiques the 'net zero' agenda promoted by the UK presidency at COP26, arguing that the concept allows governments and corporations to maintain fossil fuel pathways through deceptive accounting and unproven technologies. It contends that net zero ignores historical responsibility, is inequitable to the global South, and relies on the physical impossibility of natural sinks absorbing all combusted fossil carbon. The author warns that the confusion between carbon removals and offsets is being exploited to create a carbon market potentially worth US$50-100 billion by 2030, which diverts investment from systemic transformation. Friends of the Earth International demands a focus on 'real zero', absolute emissions reductions by 2030, the exclusion of corporate polluters from COP26, and the fulfillment of climate finance obligations by Northern countries.

The document critiques the 'net zero' framework promoted by the UK presidency and the 'Race to Zero' initiative for COP26. It asserts that net zero ignores historical responsibility, relies on physically impossible natural carbon sinks, and serves as a 'Trojan horse' for dangerous geoengineering. The author distinguishes between 'removals' and 'offsets', arguing that the latter maintain the status quo and divert investment from systemic transformation. Friends of the Earth International demands a shift toward 'real zero' (absolute emissions reductions), the exclusion of polluting companies from COP26, and the fulfillment of climate finance obligations by Northern countries to support the Global South.

The 2021 NYDF Progress Assessment finds that national climate pledges for forests meet only 50% of their mitigation potential, and annual government investments of USD 2.4 billion represent only 0.5–5% of the required funding. While some progress in reducing forest loss has been noted, global deforestation and degradation continue, necessitating a whole-of-society approach and the integration of forest goals into macroeconomic policy.

The report evaluates the ambition, investment, and strategic implementation of forest-related climate goals across governments. It finds that national targets in Nationally Determined Contributions (NDCs) significantly underutilize the mitigation potential of forests, and that current financial investments are insufficient compared to the funding required for forest protection and restoration.

The report evaluates progress toward the New York Declaration on Forests (NYDF) and the Paris Agreement, concluding that current efforts are insufficient to end forest loss and greenhouse gas emissions by 2030. It argues that forest mitigation goals are fundamentally conflicted with an economic system based on unlimited production and consumption. To address this, the document outlines six key strategies for governments: strengthening land governance, securing indigenous and local community rights, aligning financial incentives, supporting multi-stakeholder collaboration, improving forest monitoring, and implementing demand-side measures in importing countries.

The report finds that while the Paris Agreement has confirmed the role of forests in the international climate agenda, global efforts to end forest loss and greenhouse gas emissions by 2030 remain insufficient. It argues that current economic systems incentivize forest exploitation and that existing government initiatives—such as REDD+ programs and monitoring systems—have not been enough to counter these drivers. To realize forests' mitigation potential, the authors recommend that governments increase ambition in their Nationally Determined Contributions (NDCs), massively scale up domestic and international finance, and implement six specific strategies: strengthening land governance, securing Indigenous Peoples and local communities' (IPLCs) rights, aligning fiscal incentives, promoting multistakeholder collaboration, ensuring robust monitoring, and expanding demand-side measures in importing countries.

The report concludes that while the Paris Agreement has confirmed the role of forests in the international climate agenda, global efforts remain insufficient to stop deforestation and greenhouse gas emissions by 2030. It argues that current economic systems, driven by infinite production and consumption, contradict climate goals. To address this, the report proposes six core strategies: strengthening land governance, securing indigenous and local community rights, aligning fiscal incentives with mitigation, promoting multi-stakeholder collaboration, ensuring reliable forest monitoring, and implementing demand-side measures in importing countries.

The report finds that while Goal 7 of the NYDF—integrating forests into the international climate agenda via the Paris Agreement—has been achieved, overall progress in ending forest loss and associated greenhouse gas emissions by 2030 remains insufficient. It argues that current mitigation efforts are undermined by an economic system driven by infinite production and consumption of forest-risk commodities. To address this, the document proposes six core strategies for governments: strengthening land-use governance, securing Indigenous Peoples and Local Communities (IPLCs) rights, aligning financial incentives with mitigation goals, promoting multi-stakeholder jurisdictional collaboration, ensuring robust forest monitoring, and expanding demand-side measures in importing countries.

The report finds that while the Paris Agreement has integrated forests into the international climate agenda, current national actions are insufficient to stop forest loss and greenhouse gas emissions by 2030. It argues that governments must increase the ambition of their Nationally Determined Contributions (NDCs), align financial flows with climate goals, and implement six core strategies: strengthening governance, protecting indigenous land rights, aligning incentives, promoting multi-stakeholder collaboration, ensuring robust monitoring, and implementing demand-side measures in importing countries.

Coal producers in the US and Canada plan to invest $4.8 billion USD in 15 new metallurgical coal mines to produce 38 million tonnes annually for export, primarily to Asia Pacific markets. However, Global Energy Monitor argues these projects face high risks of economic and regulatory stranding. The global steel industry is under pressure to shift from coal-based blast furnace-basic oxygen furnace (BF-BOF) processes to lower-emissions alternatives like electric arc furnaces (EAF) and direct reduced iron (DRI) to meet net-zero targets. Major importers such as China, Japan, South Korea, and India have committed to carbon reduction, while domestic steel production in the US and Canada is already declining or transitioning away from coal. Furthermore, existing reserves in North America are sufficient to sustain current production levels until at least 2032, making new capacity largely unnecessary.

The document assesses the proliferation of gas power plants, pipelines, and LNG terminals across East, South, and Southeast Asia. It contends that these investments, totaling $380 billion, risk becoming stranded assets as renewable energy costs plummet and climate targets necessitate a rapid shift away from fossil fuels. The report highlights the significant carbon budget impact of these projects and the continued role of public finance in supporting gas expansion despite net-zero pledges.

The report argues that the planned $379 billion expansion of gas infrastructure in Asia threatens the global goal of limiting warming to 1.5°C and risks creating stranded assets. It highlights that the region is planning 320 GW of new gas-fired power and 452 mtpa of LNG import capacity, which could emit up to 117 Gt CO2-eq over their lifespans. The document contends that renewable energy is now a more cost-effective and reliable alternative, and calls for the redirection of public finance away from gas to support net-zero goals.

The report identifies a massive planned expansion of gas infrastructure in Asia, totaling US$379 billion, which includes 320 GW of power plants, 63,000 km of pipelines, and 452 mtpa of LNG import capacity. It argues that this expansion would consume approximately one-quarter of the global carbon budget required to limit warming to 1.5°C and warns that these projects are economically risky compared to cheaper renewable alternatives. The document highlights the role of public financing from institutions like the Export-Import Bank of China and the Asian Development Bank in sustaining this growth, while urging a shift toward clean energy portfolios.

The document argues that to meet the 1.5°C climate goal, new coal infrastructure must stop immediately and most existing plants must be retired by 2030. It provides a framework for financial institutions to assess corporate coal exit plans, emphasizing that credible plans must include facility-by-facility closure dates, a prohibition on selling assets to new owners, and a ban on converting plants to other fossil fuels or biomass. The briefing also highlights the necessity of funded just transition plans and the cessation of anti-climate lobbying and legal challenges via investor-state dispute settlement mechanisms.

The document argues that to limit global warming to 1.5°C, all coal assets must be closed by 2030 in OECD and European countries and by 2040 globally. It outlines a comprehensive framework for financial institutions to phase out coal support, combining immediate exclusion criteria for new projects and high-exposure companies with a structured engagement process for remaining portfolio companies to ensure the actual closure, rather than the sale, of coal assets.

The report finds that most G20 and Eurosystem central banks lack credible sustainable investment policies for their non-policy portfolios, often relying on opacity or weak ESG criteria to mask continued support for fossil fuel companies. While the Banque de France is highlighted as a leader for its fossil fuel restrictions, the majority of analyzed banks either have no public SRI policy or use 'tricks' such as investing in green bonds without excluding major polluters. The document recommends that central banks adopt strict exclusion policies for coal and new fossil fuel projects to align with a 1.5°C warming trajectory.

The report analyzes the European Central Bank's (ECB) corporate asset purchases during the Covid-19 pandemic, specifically under the Corporate Sector Purchase Program (CSPP) and the Pandemic Emergency Purchase Program (PEPP). It finds that the ECB increased its holdings of bonds from five oil and gas majors—Shell, TotalEnergies, Repsol, Eni, and OMV—between April 2020 and September 2021. The author argues that these companies' investment plans are incompatible with 1.5C or 2C warming limits, as they continue to expand fossil fuel production and invest in liquified natural gas (LNG) and unconventional sources. The report criticizes the ECB's July 2021 climate roadmap for being 'dangerously imprecise' and for delaying the implementation of climate criteria for asset purchases until 2023. It concludes that the ECB must immediately exclude fossil fuel developers from its corporate purchases and collateral framework to avoid supporting 'stranded' assets and systemic climate risk.

The report argues that current GHG accounting systems rely too heavily on approximations and are unsuitable for comparing scope 3 emissions between companies. To resolve this, RMI proposes a framework consisting of unified accounting principles that prioritize primary data, a technical architecture based on distributed ledger technology to track embodied carbon at the product level, and the creation of "digital twins" of carbon emissions to enable emissions to function as a unit of trade. This system aims to transform climate intelligence into actionable business intelligence and support the development of a global carbon market under Article 6 of the Paris Agreement.

The document examines the limited role of African countries and LDCs in G20 decision-making and proposes mechanisms to enhance their agency. It highlights how the COVID-19 pandemic exacerbated vulnerabilities in these regions, leading to the worst economic outcome in thirty years for LDCs. The author suggests creating a formal outreach mechanism with longer-term representation to ensure continuity and mainstreaming LDC inputs across G20 workstreams, including climate and finance. Key priority themes identified include rethinking vulnerability metrics beyond per capita GDP, ensuring a 'just transition' that balances green recovery with immediate social needs, and reforming the financial architecture to provide more fiscal space and fairer capital market access.

The report examines the application of just transition principles across various sectors in developing and emerging economies to ensure social justice and sustainable development. It specifically analyzes the impacts of policy instruments on employment and identifies ways for the German Development Cooperation to support these efforts. The study covers sectors including coal phase-out, fossil fuel subsidy reform, renewable energy, circular economy, and sustainable agriculture, utilizing case studies from countries such as Bangladesh, Colombia, India, Indonesia, Nigeria, and South Africa.