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The December 2023 update finds that global warming projections have stalled, with current policies leading to 2.7°C of warming by 2100. Even the most optimistic scenario, including all announced targets, results in 1.8°C, exceeding the 1.5°C Paris Agreement goal. The report highlights a growing implementation gap and warns that reliance on carbon capture and storage (CCS), e-fuels, and carbon offsets are 'false solutions' that delay necessary deep emission cuts. It urges governments to submit 1.5°C-aligned 2035 targets by February 2025 and to commit to a complete phase-out of fossil fuels.

The report finds a significant gap between net zero targets and actual fossil fuel phase-out commitments. While some progress is visible in corporate coal phase-outs and among European entities, the majority of analyzed countries and companies have not committed to ending fossil fuel activities on a timescale consistent with the Paris Agreement. National net zero targets cover 88% of global GHG emissions, but only 7% of those emissions are covered by at least one phase-out commitment.

The We Mean Business Coalition calls for COP28 to establish clear fossil fuel phase-out deadlines, sector-specific targets, and more ambitious Nationally Determined Contributions (NDCs). The coalition emphasizes the need for increased finance for nature-based solutions, support for small and medium-sized enterprises (SMEs), and global financial system reforms to ensure a just transition.

Global climate finance reached an annual average of nearly USD 1.3 trillion in 2021/2022, though this represents only 1% of global GDP. Mitigation finance dominates, particularly in energy and transport, while adaptation finance remains critically underfunded and dominated by public actors. Finance is heavily concentrated in developed economies and China, with significant gaps in least developed countries (LDCs) and emerging markets. The report argues that annual needs must increase at least five-fold to avoid the worst impacts of climate change, recommending reforms to international financial institutions and the mobilization of domestic capital.

The document argues that methane abatement is a cost-effective way to reduce near-term warming but remains severely underfinanced. It identifies a financing gap of USD 34 billion per year to reach a needed USD 48 billion per year by 2030. The brief proposes five priority areas: implementing stringent regulations and fiscal tools, embedding methane abatement in institutional strategies, deepening investment opportunities through concessional finance, funding R&D for scalable technologies, and improving monitoring, reporting, and verification (MRV) capacity. It provides specific action paths for domestic policy makers (e.g., banning non-emergency flaring), international financial institutions (e.g., using blended finance and technical assistance), and private actors (e.g., incorporating methane targets into net zero pledges).

Reclaim Finance analyzed 40 bond packages issued by 13 fossil fuel companies in 2023, totaling US$45 billion, to expose the financial institutions facilitating fossil fuel expansion. The report highlights a significant policy gap where banks and asset managers continue to provide corporate-level financing and bond structuring for oil and gas developers despite public net zero commitments. It specifically notes that some fossil fuel bonds have been included in ESG funds and marketed as 'sustainability-linked bonds'.

Ember urges the Australian government to overhaul its outdated coal mine methane reporting framework, advocating for the adoption of direct, site-specific measurement standards and the establishment of a fossil methane indicator to track progress toward net zero by 2050.

Reclaim Finance criticizes the second phase of Climate Action 100+ (CA100+), stating that the coalition failed in its first phase to secure comprehensive net-zero targets or align corporate capital expenditure with 1.5°C goals. While welcoming new transparency requirements for lead investors, Reclaim Finance argues that the benchmark remains too focused on transparency rather than implementation and lacks systematic sanctions or exclusion mechanisms for non-compliant members and companies.

The study evaluates territorial and consumption-based accounting (CBA) for subnational GHG emissions assessments. It finds that while territorial accounting is best for internal monitoring, CBA is superior for interregional comparisons and understanding global footprints, though it is harder to link to specific spatial planning decisions. The authors argue that using a single net emissions figure for climate targets can be misleading and that both methods are complementary for a thorough understanding of emission patterns.

The Net Zero Stocktake 2023 analyzes net zero pledges across over 4,000 entities, finding that while the number of corporate targets is growing rapidly and national targets are increasingly underpinned by policy, many subnational and corporate entities still lack emission reduction targets or robust strategies, and no major producer has committed to a fossil fuel phase-out.

The Net Zero Stocktake 2023 finds that while the number of entities with net zero targets has grown to 1,475, a significant portion of sub-national governments and large companies still lack any emission reduction targets. While national targets are increasingly underpinned by legislation, there is limited improvement in the robustness of corporate and sub-national strategies, particularly regarding Scope 3 emissions and the use of offsets. Notably, no major fossil fuel producers have committed to phasing out fossil fuels despite having net zero pledges.

The Net Zero Stocktake 2023 reveals that while net zero targets now cover 92% of global GDP and 88% of global GHG emissions at the national level, the momentum for new national and subnational targets has slowed. In contrast, corporate target-setting continues to grow, with 929 Forbes Global 2000 companies now having targets. However, the report highlights a critical 'integrity gap': fewer than 5% of subnational and corporate targets meet the minimum 'starting line' criteria of the Race to Zero campaign. National targets have seen a significant shift toward formalization, with the share of targets enshrined in law or policy documents rising from less than 10% in December 2020 to 75% in 2023. The analysis also finds that no major fossil fuel producing countries or companies have committed to a full phase-out of fossil fuel extraction or production, and there is a growing but potentially problematic reliance on carbon dioxide removals (CDR) to meet targets.

Ember's analysis suggests that the Lake Vermont mine extension may underestimate its methane emissions by 2.2 to 2.5 times, potentially releasing up to 100 million tonnes of CO2-e by 2055. The report argues that the project lacks a credible emissions reduction pathway and poses a risk to Australia's Safeguard Mechanism and national climate targets.

The paper argues that the MOD is on track to meet its 2025 GGC targets primarily because they are 'weak and undemanding' and benefit from the general decarbonisation of the UK national electricity grid. It highlights that GGCs only cover estate emissions, excluding two-thirds of the MOD's total emissions from military 'capability' such as warships and aircraft. The author recommends significantly higher targets for 2030, including a 90% reduction in overall estate emissions and the inclusion of Service Family Accommodation (SFA) in future targets.

Reclaim Finance criticizes TotalEnergies for denying responsibility for scope 3 emissions and opposing a shareholder resolution to set reduction targets for these emissions. The organization argues that TotalEnergies influences fossil fuel demand through lobbying and investment and maintains a "climaticide" strategy by planning hydrocarbon production for 2030 that is 81% higher than the level required for a 1.5°C scenario. Reclaim Finance highlights that international standards, such as the SBTi and CSRD, increasingly require scope 3 reporting and targets, and notes that TotalEnergies plans to allocate at least 67% of its 2030 capital expenditures to fossil fuels.

The briefing finds that ENGIE's climate disclosures are insufficient for 7 of 11 assessed topics, noting significant gaps in absolute emissions targets, production forecasts, and CAPEX/OPEX granularity. While ENGIE is progressing toward its 2030 renewable capacity targets, the report argues its broader strategy relies on immature 'renewable gas' technologies and continues to invest in fossil gas infrastructure, including new long-term LNG contracts from the US.

Reclaim Finance responds to BNP Paribas' claims that the 'Banking on Climate Chaos 2023' report used a biased methodology and overestimated fossil fuel financing. The organization asserts that its methodology is transparent and consistent since 2016, arguing that the reported figures—including $5.5 billion provided to the 100 largest fossil fuel developers in 2022—are likely underestimated because they exclude bilateral financing. Reclaim Finance rejects the bank's attempt to offset these figures with renewable energy investments, noting that BNP Paribas' ratio of clean energy investment to fossil fuel investment (1.7 to 1 in 2021) falls far short of the IEA's 1.5°C scenario requirement of 9 to 1.

The Climate Bonds Standard 4.0 provides a comprehensive framework for certifying Use of Proceeds (UoP) debt instruments, physical assets, non-financial legal entities, and Sustainability-Linked Debt (SLD). It requires independent verification by accredited verifiers and mandates rigorous disclosure and reporting to maintain certification. For entities and SLDs, the standard emphasizes a 'credible transition' based on five characteristics: alignment with the Paris Agreement, robust planning, implementation of actions, internal oversight, and external reporting. Certification levels are divided into 'Aligned' (already meeting industry standards) and 'Transition' (expected to meet standards by December 31, 2030).

The Climate Bonds Standard version 4.0 provides a science-based framework for certifying Use of Proceeds (UoP) debt instruments, physical assets, non-financial legal entities, and sustainability-linked debt (SLD). It establishes rigorous pre- and post-issuance requirements, including mandatory verification by Approved Verifiers, the development of transition plans, and annual public disclosure of allocation and eligibility. The standard introduces a 'Certification Threshold' for entities and SLDs, requiring 90% of economic activities to be compliant. It also mandates 'Climate Safeguards' for parent groups, including commitments to net zero and the prohibition of fossil fuel expansion after January 1, 2023.

The report indicates that while the global coal fleet grew by 19.5 GW in 2022, this was primarily driven by China, which now accounts for 68% of global developing coal capacity. Outside China, new coal proposals have collapsed by 84% since 2015. However, the current pace of decommissioning is insufficient to meet Paris Agreement goals, with a required average of 117 GW of annual retirements to achieve a 2040 phase-out. In Latin America, development has slowed significantly, though Argentina recently commissioned the Río Turbio plant and Brazil maintains plans for 1.4 GW of new capacity by 2031, despite current project stalls.