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ClientEarth argues that UK auditors are systemically failing to apply existing accounting and audit standards to climate-related financial risks. Citing the FRC's own 2020 Climate Thematic Review and a report by Carbon Tracker and the Carbon Accounting Project, the letter claims that auditors frequently ignore climate-sensitive assumptions and fail to ensure financial statements are Paris-aligned. ClientEarth calls on the FRC to move beyond monitoring and take meaningful enforcement action, including public investigations into the 'big four' firms (EY, Deloitte, KPMG, and PwC) and stricter oversight of Recognised Supervisory Bodies (RSBs).

The research explores how climate impacts in countries of origin can cause subsequent impacts in the EU through international markets, migration, and capital flows. While the analysis finds significant uncertainty regarding the exact dynamics of these cross-border impacts, it identifies specific 'hotspots' of risk, such as regions producing materials for EU consumption or those holding EU financial investments. The paper emphasizes that the interaction between these domains creates complex risk exposure, complicating the development of effective policy responses.

ClientEarth criticizes the ECB's 2021 Climate Roadmap as being too vague and slow to address the carbon bias in its Corporate Sector Purchase Programme (CSPP) and Pandemic Emergency Purchase Programme (PEPP). The organization argues that the ECB continues to subsidize greenhouse gas-intensive companies and fails to meet its legal obligations under EU treaties. ClientEarth calls for the immediate exclusion of bonds from companies involved in coal, unconventional oil and gas, and new fossil fuel exploration, as well as the requirement for issuers to adopt credible Paris-aligned transition strategies by January 2023.

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 document outlines a methodological plan to evaluate the effectiveness of adaptation finance in sub-Saharan Africa, specifically focusing on projects funded by multilateral climate funds and bilateral donors from the UK and Sweden. It proposes a theory of change to link financial inputs and project design to outcomes such as reduced climate risk and vulnerability. The protocol details a multi-pronged search strategy across academic and grey literature, and a synthesis approach combining meta-analysis, framework synthesis, and qualitative comparative analysis. However, the authors note that funding for the review was discontinued in March 2021, and the review will not be completed as described.

The Agriculture and Climate Risk Enterprise (ACRE) provides index insurance to smallholder farmers in Africa, utilizing mobile technology and solar-powered weather stations to trigger rapid payouts for yield loss. By 2018, the program insured over 1.7 million farmers in Kenya, Tanzania, and Rwanda, covering crops such as maize and coffee against drought, storms, and excess rain. The model relies on a 50% premium subsidy shared between farmers and agribusiness partners, and leverages mobile money platforms like M-PESA to reduce operational costs and accelerate claims settlement. The document identifies critical success factors for scaling, including robust local climate data, progressive regulation, and the high adoption of mobile money across Africa.

Commercial banks in Africa face significant climate-related credit risks, with 49 banks across 14 countries exposed to USD 218 billion in risks. While these institutions lack developed climate strategies and remain risk-averse due to fiduciary duties, they possess the networks and capacity to mainstream resilience through partnerships with development banks and the adoption of adaptation taxonomies. Pan African Banks (PABs), such as Ecobank Transnational and Standard Bank, offer further potential for financial innovation and capital mobilization, despite a current lack of specific climate commitments.

Large financial institutions are increasingly acquiring smaller firms specializing in environmental, social, and governance (ESG) expertise to improve their analytical capabilities regarding climate risk. This trend is driven by the need for high-quality data and the ability to integrate forward-looking climate scenarios into risk frameworks, partly spurred by the TCFD recommendations. The author predicts a similar wave of M&A activity will shift toward 'climate alignment'—the process of aligning portfolios with 1.5°C targets—as financial firms seek the proprietary data and technology necessary to meet net-zero commitments.

The document argues that while the European Central Bank's (ECB) revised monetary strategy acknowledges climate threats, its concrete actions and implementation timeline are insufficient. Reclaim Finance, Greenpeace, 350.org, and Koala Kollektiv recommend that the ECB immediately stop supporting companies incompatible with EU greenhouse gas reduction goals, specifically by excluding fossil fuel project developers from asset purchases and the collateral framework, and accelerate its implementation schedule to address climate risks.

ClientEarth argues that current Solvency II Pillar 1 capital requirements do not adequately capture financial risks from climate change, including transition risks for fossil fuel assets and systemic disruption risks. The document highlights the UK Government's review of Solvency II, which acknowledges that the solvency capital requirement (SCR) and matching adjustment may need amendments to better reflect long-term climate risks and stranded assets. ClientEarth calls on the European Commission to implement similar enhancements to ensure the resilience of EU insurers and maintain a level playing field with the UK.

The document critiques proposals by conservative European Central Bank (ECB) members, including Bundesbank President Jens Weidmann, to limit climate integration to TCFD-compliant disclosures and climate-risk ratings. It argues that these measures do not directly reduce support for polluters, ignore EU climate objectives, and fail as risk management tools because financial markets do not efficiently integrate such information. The author contends that the ECB must actively reduce its support for polluting activities, specifically by excluding fossil fuel companies not aligned with the Paris Agreement, to fulfill its mandates of price stability and support for general economic policies.

A joint statement by Reclaim Finance, Urgewald, and BlackRock’s Big Problem criticizing BlackRock for voting in support of weak climate plans at Total and Shell during the 2021 European shareholder season, despite the firm's public rhetoric on climate risk.

The document introduces a practitioner's guide designed to help government economic advisers use climate economic modelling to assess the costs, benefits, and trade-offs of climate risks and adaptation. It provides a framework with nine indicative entry points for integrating these models into economic development processes.

The report examines the green infrastructure landscape of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), highlighting significant investment needs across sectors such as low-carbon transport, renewable energy, and green buildings. It details the role of green finance, specifically green bonds and asset-backed securities, in bridging the funding gap between public budgets and the capital required for climate-resilient infrastructure. The document provides a sample pipeline of 70 green and potentially green projects and offers six strategic recommendations to unlock private capital, including the harmonisation of green definitions and the promotion of local government green bonds.

The report warns that the 11 largest banks in the eurozone hold over 530 billion euros in fossil fuel assets, which represent 95% of their total equity on average. This overexposure creates a significant risk of 'stranded assets' as the world transitions to meet Paris Agreement goals. The authors argue that current 'green finance' is largely a greenwashing tool and that voluntary bank commitments are insufficient. They propose a two-step solution: first, implementing strict regulations and reforming European Central Bank (ECB) monetary policy to stop new fossil fuel funding; second, establishing a public 'fossil bank' under the ECB to buy back and gradually phase out these risky assets to protect financial stability and enable the ecological transition.

Mighty Earth responds to fatal mudslides at the Batang Toru hydroelectric dam site in Indonesia, calling for a moratorium on development. The organization highlights warnings about landslide risks due to terrain and rainfall, the project's threat to the critically endangered Tapanuli orangutan, and the withdrawal of major international financiers.

ClientEarth argues that the ECB's Corporate Sector Purchase Programme (CSPP) and Pandemic Emergency Purchase Programme (PEPP) exhibit a structural bias toward greenhouse gas-intensive companies, which undermines EU climate targets and increases systemic financial risk. The organization asserts that the ECB has legal obligations under EU treaties and the Charter of Fundamental Rights to integrate environmental protection into its monetary policy. ClientEarth proposes three specific actions: the immediate exclusion of bonds from companies incompatible with Paris Goals (including coal and unconventional oil and gas), requiring companies to adopt credible net-zero transition strategies by January 2023, and implementing annual TCFD-aligned reporting starting in 2022. The letter challenges the ECB's 'market neutral' approach, claiming it locks in high-carbon business models and fails to account for climate-related financial risks.

The document argues that the European Central Bank (ECB) remains inactive regarding climate risks despite exploratory work. It claims the ECB's 'market neutrality' principle creates a 'carbon bias' that supports fossil fuel companies and warns that the bank's focus on 'green' or 'sustainability-linked' bonds may facilitate greenwashing. Furthermore, the author highlights a lack of transparency regarding the ECB's non-monetary portfolios and their exposure to carbon-intensive sectors.

The global sustainable debt market reached USD 1.7 trillion by the end of 2020, with USD 700 billion issued during the year. While green bonds remain the largest segment, social and sustainability bonds saw dramatic growth in 2020, largely driven by pandemic-related funding. The European Union has emerged as a global leader, integrating GSS bonds into its climate neutrality goals for 2050 and developing comprehensive taxonomies and standards to ensure market integrity.