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The report argues that Brazil's plan to increase oil and gas production by 20% by 2030, largely driven by Petrobras, carries significant economic and climate risks. It finds that a majority of Petrobras' new projects would be economically unviable in a 1.5°C warming scenario and recommends that the government curb expansion, redefine Petrobras' mandate toward a transition plan, and redirect investment to avoid potential stranded asset losses of USD 13 to 36 billion.

The report examines climate governance, targets, monitoring processes, and compliance mechanisms in the UK, EU, Germany, US, Japan, and South Korea. It argues that monitoring frameworks are essential for translating long-term net-zero visions into actionable policies and corrective actions, specifically to support Southeast Asian nations in their energy transitions.

South Africa faces significant trade risks as its carbon-intensive export model clashes with global net zero targets and Carbon Border Adjustment Mechanisms (CBAMs). Approximately 78% of its exports are sold to countries with net zero targets, and hundreds of thousands of jobs are exposed to CBAMs in the EU and UK. High embodied CO2 emissions in the basic metals and automotive sectors, combined with a carbon-intensive electricity grid, threaten competitiveness. However, the document notes South Africa's potential to pivot using its critical minerals and renewable energy resources, provided that international financial commitments like the Just Energy Transition Partnership (JETP) are fulfilled.

The Corporate Climate Responsibility Monitor (CCRM) methodology v5.0 provides a stepwise framework for assessing corporate climate claims across four key areas: emissions tracking, target setting, sectoral transitions, and responsibility for ongoing emissions and removals. The 2025 update introduces revised weightings for scoring, a new progress assessment for five-year emission trends, a full methodological revision of sectoral transition evaluations, and updated scientific insights regarding durable carbon dioxide removal.

Reclaim Finance reports a systemic retreat from climate goals among six major European oil and gas companies. The analysis shows a trend of reducing investments in renewables and low-carbon technologies while increasing oil and gas production targets for 2030. The document highlights that these companies are ignoring the IEA's Net Zero Emissions (NZE) scenario, specifically by planning new LNG export terminals and abandoning scope 3 emission targets. It concludes by calling on financial investors to oppose board re-elections and demand transparency during upcoming general assemblies at Shell and TotalEnergies.

Reclaim Finance critiques PCAF's proposed expansion of avoided emissions reporting and the introduction of Expected Emission Reductions (EER), warning that these counterfactual-based metrics are subjective and prone to greenwashing. The briefing also highlights flaws in the 'financed emissions' formula, noting that it often fails to track real-world emissions due to its sensitivity to corporate value fluctuations. Reclaim Finance recommends that PCAF withdraw these proposed methodologies and instead adopt metrics that reflect actual counterparty performance and physical emissions intensities for target setting.

The Net Zero Banking Alliance (NZBA) has voted to convert mandatory requirements for reducing client emissions into "best practice" guidance, removing the requirement for banks to set targets aligned with the 1.5°C warming limit and the 2050 net zero goal.

Reclaim Finance criticizes BPCE for its failure to implement ambitious exclusion policies for the oil and gas sector, noting that it continues to provide bond financing to major hydrocarbon developers and supports LNG expansion. The report highlights that BPCE is the only major French bank without decarbonization targets to reduce oil and gas exposure and maintains direct financing for gas fields, contrary to emerging European standards.

Reclaim Finance criticizes BPCE for its continued financial support of major oil and gas developers and LNG infrastructure, noting that the bank lacks the ambitious exclusion policies and exposure-reduction targets adopted by other major French banks.

The report finds that none of the 20 largest European and UK banks have developed a robust climate transition plan, with an average score of 41/100. While banks have improved reporting and governance to meet regulatory requirements, they lack concrete decarbonization and engagement strategies, often continuing to finance fossil fuel development. The analysis highlights a significant gap between public net-zero commitments and actual business model shifts, warning that current disclosures are more 'ESG marketing material' than actionable transition plans.

Underground coal mine closures have been the primary driver of fugitive emissions reductions in Australia's coal sector, as a small number of 'super-emitting' mines contribute a disproportionate share of total emissions. While strategic investments in methane capture have helped, most reductions resulted from the closure of older mines or safety-related shutdowns. However, the document warns that 27 proposed projects and recent license extensions, such as for the Narrabri mine, threaten to undermine national and state climate targets.

Wells Fargo has withdrawn from the Net-Zero Banking Alliance (NZBA) and subsequently dropped its 2030 sectoral financed emission targets and its 2050 net zero goal. While other major North American, Japanese, and Australian banks have also left the NZBA, most have stated they remain committed to their climate goals. Reclaim Finance argues that banks must continue to address financed emissions regardless of their membership in the NZBA.

The document describes Nationally Determined Contributions (NDCs) as the individual climate plans countries use to contribute to the Paris Agreement's goal of limiting global temperature rise to 1.5°C. It highlights the technical and political challenges of formulating NDCs, particularly for developing nations, and explains how these documents signal financial needs to investors and global climate funds. The briefing notes that G20 nations are critical due to their high emissions, while Small Island Developing States (SIDS) use NDCs to lead by example and request 'means of implementation' such as technology transfer and financing.

The report evaluates the health integration of NDCs from several countries, finding that while many recognize the health benefits of climate mitigation, most lack measurable health targets, dedicated funding for health adaptation, and alignment with 1.5°C pathways. It provides specific analyses for countries including Brazil, the UK, and the UAE, and offers recommendations for 'Healthy NDCs 3.0' that prioritize health as a central pillar of climate action.

The briefing argues that the EU does not need new US LNG terminal approvals to replace Russian gas imports. US LNG capacity currently under construction (73 bcm) is over four times the volume of Russian LNG the EU imported in 2024 (17.1 bcm). Furthermore, two US projects that began operating in December 2024 alone provide 58% more capacity than those 2024 Russian imports. The document highlights a projected decline in EU gas demand—forecast to drop 29% by 2030 and 67% by 2040 relative to 2024 levels—warning that new long-term contracts beyond 2035 would create a gas supply glut.

The report finds significant disparities in climate progress across South Africa, with affluent cities and provinces leading in ambition while less wealthy regions lag. It highlights a one-directional influence where provincial strategies shape city policies, particularly in the Western Cape, and notes inconsistent just transition commitments within the private sector.

The report evaluates how national, provincial, city, and corporate entities in South Africa incorporate social justice into their net zero commitments. It finds significant disparities in ambition and implementation, with wealthy urban centres leading and less affluent provinces lagging. While the financial sector and some state-owned enterprises show strong just transition frameworks, many private companies and multinational corporations rely on vague offsetting strategies with limited socio-economic integration.

Reclaim Finance outlines a comprehensive framework for asset managers to drive real-economy decarbonization. It advocates for the adoption of robust transition plans based on five steps: decarbonization targets, strategy, engagement, reporting/governance, and just transition/biodiversity. The report sets specific phase-out dates for fossil fuel assets—including coal by 2030 in OECD/European countries and 2040 globally—and demands that asset managers use specific databases like the Global Coal Exit List (GCEL) and Global Oil & Gas Exit List (GOGEL) to implement restrictions. It further details an escalation strategy for engagement and strict voting principles, recommending that asset managers vote against director re-elections and executive remuneration if companies fail to publish science-based transition plans or continue fossil fuel expansion.

The report outlines a framework for banks to implement robust climate transition plans and sectoral policies to eliminate support for coal, oil, gas, and unabated power generation. It advocates for a shift in financial flows toward sustainable power supply, recommending a 6:1 financing ratio in favor of sustainable energy over fossil fuels by 2030. The document specifies strict exclusion criteria for 'coal developers' and 'gas power developers,' demands transparent reporting on 'real-world economy' GHG emissions, and calls for a responsible climate lobbying policy aligned with 1.5°C pathways.

South Africa's carbon-intensive export model is increasingly vulnerable as 78% of its exports are sold to countries with net zero targets. The report highlights acute risks in the basic metals, automotive, and agricultural sectors due to high embodied CO2 emissions compared to global competitors. While the EU's CBAM and shifting US trade policies pose immediate threats, South Africa's reserves of critical minerals and renewable energy potential offer a strategic path toward 'carbon competitiveness'. The report argues that success depends on decarbonising the national electricity grid, implementing the Climate Change Act 2024, and securing international support through the Just Energy Transition Partnership (JETP).