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The report finds that Repsol's investment strategy prioritizes oil and gas and shareholder returns over renewable energy, with 2030 production targets projected to be 65% higher than those required for NZE alignment. While the company is diversifying into renewables and hydrogen, these remain marginal, with oil and gas expected to constitute over 70% of its energy mix by 2030. Additionally, the report notes that Repsol's scope 3 emission targets are less ambitious than its scope 1 and 2 targets, and its carbon intensity target for 2030 is 21.9% higher than the NZE.

The report concludes that TotalEnergies' strategy prioritizes oil and gas expansion and shareholder returns over the energy transition. It finds that the company's 2030 production targets and LNG capacity expansions significantly overshoot NZE limits, while its renewable energy growth relies primarily on acquisitions rather than organic development. Furthermore, the report argues that TotalEnergies' diversification into gas power, blue hydrogen, and bioenergy is unsustainable and that its emissions targets rely heavily on unproven carbon capture and offset technologies.

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 provides a submission to the Federal Department of Climate Change, Energy, the Environment and Water (DCCEEW) regarding the review of the Coal Mine Waste Gas (CMWG) method. Ember argues that the CMWG method is a critical supplementary incentive for decarbonising the resource sector, particularly for metallurgical coal, and should be extended beyond 2025. The submission specifically advocates for expanding the method's eligibility to include open cut mines, as current regulatory frameworks like the Safeguard Mechanism may perversely reward lower-emitting open cut mines. Ember also suggests improving measurement and verification by moving away from state-based emissions factors toward site-specific measurements and top-down verification. Additionally, the document proposes that the CMWG could help manage increasing electricity demand in the mining sector by using waste gas to 'firm' renewable energy output and could potentially incentivise the mitigation of abandoned mine methane.

The report evaluates nine voluntary carbon neutrality standards and initiatives (VCNSIs) using the CARE (Coverage, Assurance, Responsiveness, and Engagement) methodology. While performing relatively well in Coverage and Assurance, the analysis reveals significant gaps in Responsiveness and Engagement. Key issues include the inconsistent inclusion of Scope 3 emissions, a lack of stringent mitigation targets aligned with 1.5°C pathways, and limited board diversity. The report recommends shifting from static 'neutrality' labels to dynamic progress-monitoring systems and suggests the creation of an oversight body to harmonize standards and prevent greenwashing.

The report analyzes the landscape of voluntary standards and initiatives for carbon management (VSICMs), categorizing them into four types: GHG inventories, carbon offsets, disclosure platforms, and carbon-neutrality certifications. It details the corporate carbon management cycle—from leadership decisions and inventorying to mitigation and offsetting—and identifies key drivers for adoption, including regulations, investment strategies, and consumer pressure. The document benchmarks 35 leading VSICMs and highlights challenges such as a lack of harmonization and the risk of greenwashing.

Reclaim Finance establishes a comprehensive framework to identify insufficient or greenwashed corporate climate transition plans. The report outlines five essential steps for a robust plan: setting science-based absolute emission targets, developing a detailed decarbonization strategy (including financial alignment and fossil fuel phase-outs), implementing a value-chain engagement strategy, integrating reporting and governance, and addressing just transition and biodiversity. It further maps these criteria to the EU's European Sustainability Reporting Standards (ESRS) and the European Central Bank's (ECB) supervisory expectations to help companies and financial institutions meet regulatory obligations.

Carbon Market Watch (CMW) reports an estimated 2024 GHG footprint of 39.37 tCO2eq, overshooting its retrospective annual target of 22.61 tCO2eq by 74%. The organization's emissions increased from 34.03 tCO2eq in 2023, primarily due to aviation. Scope 2 emissions, largely from remote work and office energy, are the largest source, while aviation is the second largest. CMW has fully implemented several operational policies regarding ground travel, catering, and sustainable procurement, and maintains an internal carbon levy that raised 3,543 in 2024 to support climate advocacy in the global south.

The 'Business Action Checklists' by the We Mean Business Coalition offers a practical framework for companies to decarbonize core operations within two to five years. It focuses on three primary areas: logistics, fleet management, and business travel, providing step-by-step guidance from initial energy measurement and auditing to the implementation of zero-emission vehicles (ZEVs) and sustainable travel policies. The document emphasizes a 'start now, improve over time' approach, prioritizing the reduction of energy demand and the continuous improvement of data quality to manage transition risks and enhance competitiveness.

The report finds that ADNOC's climate strategy is not aligned with a 1.5°C pathway, characterized by significant oil and gas expansion and insufficient transparency. ADNOC has the highest absolute short-term expansion overshooting the IEA NZE scenario worldwide, with 8,343 mmboe from fields with Final Investment Decisions (FID) after 2021. The company plans to increase crude oil production capacity by 25% between 2020 and 2027 and intends to expand its LNG capacity through new terminals in the UAE, India, and the Netherlands. Low-carbon investments represent only 10% of its 2023-27 CAPEX, and renewables are projected to make up less than 7% of its energy mix by 2030. Furthermore, ADNOC lacks scope 3 emission targets and does not provide detailed financial statements or production forecasts for 2030, hindering a full assessment of its transition risks.

The briefing finds that Saudi Aramco's climate strategy lacks transparency and is misaligned with 1.5°C pathways. The company plans to increase oil and gas production capacity through 2030, resulting in production levels significantly above the IEA Net Zero Emissions (NZE) scenario. Investment remains heavily skewed toward upstream fossil fuel activities, with renewables expected to constitute less than 1% of its energy mix by 2030. Furthermore, the company does not disclose scope 3 emissions or targets, making a full GHG trajectory projection impossible.

The RMI Aluminum GHG Emissions Reporting Guidance establishes a framework for product-level emissions reporting in the aluminum sector. It defines fixed system boundaries—benchmarking and full—to ensure comparability regardless of a producer's vertical integration. The guidance emphasizes the use of primary data, provides specific calculation procedures for primary and recycled aluminum, and outlines a hierarchy for sourcing renewable energy to drive sectoral decarbonization.

The guide outlines a five-step process for corporates to issue transition-linked bonds: building a credible transition plan, selecting a thematic label, creating a sustainable financing framework, executing the bond issuance, and conducting post-issuance reporting. It emphasizes the necessity of science-based, 1.5°C-aligned decarbonisation pathways and the integration of social safeguards to ensure a just transition. The document details the differences between Use of Proceeds (UoP) bonds and Sustainability-Linked Bonds (SLBs), providing criteria for selecting material Key Performance Indicators (KPIs) and Sustainability Performance Targets (SPTs). It also highlights market trends, such as the 'greenium' (cheaper pricing for labelled debt), and warns against greenwashing risks associated with non-transparent frameworks or carbon lock-in activities.

The document analyzes the Abu Dhabi National Oil Company (ADNOC), highlighting a significant misalignment between its aggressive production expansion plans and the 1.5°C global warming limit. It details how ADNOC is increasingly relying on international equity, bonds, and bank financing, thereby exposing global investors to transition and litigation risks. The brief maps these financial connections across upstream, midstream, and downstream operations and recommends that investors and banks push for greater transparency and a cessation of new fossil fuel infrastructure to mitigate these risks.

The guidance introduces the 'Triple A' framework (Ambition, Action, and Accountability) and five specific 'Hallmarks' to evaluate corporate transition plans. It emphasizes that credible plans must feature science-based, time-bound targets covering all material GHG emissions (Scopes 1, 2, and 3), detailed financial plans, and strong board-level governance. The document warns against the over-reliance on carbon offsets and the use of national NDCs as a substitute for sectoral science-based pathways, while advocating for annual third-party verification to ensure transparency and accountability.

The briefing finds that the global steel industry is not on track for net zero by 2050, as only a third of the top 50 producers have set 2050 targets. It highlights a critical gap in transparency regarding emission scopes and a concerning trend where planned capacity for coal-based blast furnaces significantly outweighs that of low-emissions projects.

The report finds that companies purchasing voluntary carbon credits are generally climate leaders who outperform non-buyers in emissions transparency, target ambition, and direct decarbonization investments, suggesting credits are used as a supplement to, rather than a replacement for, internal emissions reductions.

The report positions the Chief Financial Officer (CFO) as a pivotal figure in the low-carbon transition, responsible for integrating climate risks and opportunities into a company's financial framework. Based on a survey of 50 respondents from 32 entities, it argues that early adoption of decarbonisation strategies provides a competitive advantage and recommends building robust business cases that quantify the cost of inaction. The document highlights the use of sustainable finance instruments, such as green and sustainability-linked bonds, to mobilise capital and signal commitment. Key challenges identified include the calibration of science-based targets and the difficulty of tackling scope 3 emissions, which often represent the majority of a company's carbon footprint.

The report evaluates the CCIA for the Tetra4 Cluster 2 gas field expansion, which includes up to 400 test wells and 300 production wells. The author argues that the CCIA fails to meet South African legal requirements for a full life-cycle emissions assessment, specifically citing the omission of Scope 3 emissions from the final impact determination and several errors in Scope 1 calculations. Key technical failures identified include the use of outdated global warming potential (GWP) values, unrealistic flaring efficiency assumptions, and the omission of methane emissions from well drilling and operational gas production. Additionally, the report finds that the CCIA provides an unsupported claim that the project's LNG will replace more GHG-emitting fuels, while failing to account for the transport of 40% of the produced LNG.

The document analyzes border carbon adjustments (BCA) as tools to prevent carbon leakage and support domestic carbon pricing. It details a 'decision tree' of design options, including trade flow coverage, geographic exemptions, emission scopes (Scope 1, 2, and 3), and methods for calculating embedded emissions. The brief highlights the tension between environmental objectives and industrial protectionism, noting that fragmented national BCA regimes could create a 'spaghetti bowl' of conflicting requirements that increase administrative burdens for exporters and strain international trade and climate cooperation.