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The global steel sector is not on track to halve CO2 emissions by 2030 or fully decarbonise by 2050. Analysis of the top 60 steel producers shows that while 26 have set targets, only 8 provide detailed implementation plans. Even if all existing targets are met, emission intensity reductions by 2050 (54-63%) would fall far short of the 90-100% reduction required for a 1.5°C trajectory. The report identifies three supply-side priorities: ending new blast furnace investments unless they support deep reductions, commercialising deep reduction technologies, and increasing scrap steel recycling.

The document argues that Canadian oil producers are highly vulnerable to declining global demand and falling prices. While the heavy reliance on U.S. refineries provides a temporary buffer, this will not shield Canada from global price volatility or the long-term decline in petroleum consumption. The author contends that ESG credentials and production costs will not allow Canada to compete against lower-cost Middle Eastern producers in a shrinking market. Consequently, the brief warns of an existential threat to the sector, including job losses and reduced tax revenues, urging the Canadian government to diversify its economy.

The report examines the Ichthys LNG project in Australia, highlighting its high carbon intensity and the risks its expansion poses to climate targets and biodiversity. It identifies numerous global insurers that provided coverage for the project's initial construction and argues that continuing such support, particularly for the planned 2C expansion, contradicts the net-zero pledges of many of these firms.

The aviation sector contributes 2% of global CO2 emissions, with projections suggesting these could triple by 2050 without policy intervention. While Sustainable Aviation Fuels (SAFs) are the primary current solution, the report argues that the term is imprecise and that relying solely on biofuels would require quadrupling global production by 2030 and quintupling it by 2040, posing severe risks to land use, biodiversity, and food security. To meet projected global energy demands of 15.9 quads in 2030 and 21.5 quads in 2050, the report advocates for a shift toward scalable zero-emission fuels (SZEFs)—including hydrogen and synthetic fuels created via direct air capture (DAC)—and electric propulsion. It provides specific policy recommendations for the U.S. and EU, including RD&D investments, carbon intensity standards, and the phasing out of free emission allowances.

The EU is phasing out Russian oil, which accounted for over 25 percent of its 2021 imports. While replacing these streams is technically complex due to refinery design requirements regarding sulfur and density, the report argues that the EU can reduce its carbon footprint by sourcing lower-emissions crudes. For example, Saudi Arab Light is identified as a potential substitute for Russian Urals crude that could lower emissions. Additionally, the report suggests that using hydrotreated intermediates could reduce EU refinery hydrogen demand, which currently represents nearly 10 percent of EU natural gas imports from Russia.

British Columbia’s Low Carbon Fuel Standard reduced transportation emissions by an average of 6% annually from 2010 to 2020 and is projected to drive 31% of the province's 2030 reduction targets. The document proposes expanding the regulation to include jet and marine fuels, as well as direct air capture with permanent storage, to address hard-to-abate sectors and negative emissions. To maximize effectiveness, the author recommends closing the incentive gap that currently favors renewable diesel over low-carbon jet fuel, incorporating indirect land-use change (ILUC) into carbon footprint measurements to support advanced biofuels, and allowing direct air capture credits for projects located outside British Columbia to accelerate technology deployment.

The Clean Air Task Force (CATF) outlines four primary criteria for successful clean hydrogen hubs: minimizing greenhouse gas intensity across the production value chain, prioritizing hard-to-abate end-use sectors, committing to environmental justice and community engagement, and delivering immediate local environmental benefits. These recommendations are directed at the U.S. Department of Energy (DOE) following the authorization of $8 billion under the Infrastructure Investment and Jobs Act of 2021 to establish at least four regional hubs.

The study compares the levelised cost of hydrogen (LCOH) for different carriers and transport methods to Rotterdam. It finds that pipeline imports from Norway (2030) and Algeria (2040/2050) offer the lowest LCOH. Among marine carriers, cracked ammonia is the most cost-effective for delivering liberated hydrogen, while uncracked ammonia is the cheapest overall if used directly as fuel. Saudi Arabia is identified as the most economical export location for all marine carriers due to low natural gas prices and favorable construction costs. Carbon emissions are lowest for liquid hydrogen (LH2) among liberated hydrogen chains, but uncracked ammonia is the least carbon-intensive overall. The report also details the technical, safety, and infrastructure challenges associated with each carrier, noting that while ammonia has mature transport infrastructure, large-scale cracking technology is still in development.

The report analyzes BP's decarbonization targets and investment strategies, claiming they are insufficient to meet 1.5°C goals. It highlights that BP's scope 3 emission targets cover only a fraction of total emissions and that the company continues to invest in new oil and gas fields, including unconventional sources. The author recommends that shareholders vote against BP's advisory 'Say on Climate' vote, support a shareholder resolution for Paris-aligned targets, and vote against the reelection of the Board of Directors.

Reclaim Finance asserts that Repsol's climate targets are inadequate, noting the company will overshoot its carbon budget by 78.7% by 2050. The statement highlights that Repsol plans to maintain oil and gas production at approximately 650 kboe/day through 2025 and allocate over 65% of CAPEX to fossil fuels, including high-risk projects in the Arctic and fracking. Despite goals for 20 GW of renewable capacity by 2030, the author argues this does not offset the lack of absolute emission reductions. Consequently, the document recommends shareholders vote against the 'Say on Climate' advisory vote and the reappointment of four directors responsible for fossil expansion.

Reclaim Finance asserts that Equinor's climate plan is insufficient to meet 1.5°C targets, noting that the company will exceed its carbon budget by 2037. The statement criticizes Equinor for continuing to develop new fossil fuel resources, including unconventional and Arctic projects, and for relying on unproven CCUS scalability. It recommends that shareholders reject the company's transition plan and support resolutions calling for absolute GHG reduction targets and a cessation of exploration.

The briefing concludes that BP is not on track for the 1.5°C goal, as its projected emissions will exceed its allocated carbon budget by 2033. Despite pledges to reach Net Zero by 2050, the analysis finds that BP's short-to-medium term carbon intensity remains too high and its capital expenditure continues to favor fossil fuels over renewables.

The briefing concludes that ENI is not on track for the 1.5°C climate goal, as its cumulative greenhouse gas emissions are projected to exceed its allocated carbon budget by at least 13.6% by 2050. The analysis finds that ENI's short-to-medium term plans are incompatible with 1.5°C because the company continues to invest in oil and gas expansion, with production expected to grow until 2025. Furthermore, the report argues that ENI relies unsustainably on carbon offsets and Carbon Capture Use and Storage (CCUS) to meet its targets, while its capital expenditure remains heavily focused on fossil fuels despite claims of diversification.

The briefing concludes that Shell's strategy is not on track to meet the 1.5°C climate goal, predicting the company will exceed its allocated carbon budget by 2034. Despite a net-zero ambition for 2050, the analysis finds that Shell's short-term plans rely on unrealistic offsets and continued investment in oil and gas expansion. The report highlights that Shell remains a top global hydrocarbon developer, with approximately 90% of its 2022 CAPEX allocated to fossil fuels, which contradicts the deep emission cuts required for 1.5°C alignment.

The document argues that TotalEnergies is not on track for the 1.5°C climate goal, as its cumulative greenhouse gas emissions are projected to exceed the compatible carbon budget by at least 31.8% by 2050. It finds that the company's strategy remains driven by oil and gas expansion, with production levels expected to increase by 18.4% by 2030 compared to 2020. The analysis highlights an unsustainable reliance on carbon offsets and a CAPEX allocation that continues to favor fossil fuels over renewables.

The US Strategic Petroleum Reserve (SPR) lacks transparency regarding the greenhouse gas emissions intensities of the oils it stores, which hinders the ability to minimize climate impacts during drawdowns. The document notes that different oils vary significantly in their climate footprints based on production and refining methods, and that a mismatch exists between the SPR's lighter crudes and the deep-conversion refineries in Texas and Louisiana that primarily process them. It suggests that selectively purchasing the lowest climate-intensive oils for the current one-million-barrel daily withdrawal could save an estimated 90 million tons of CO2e.

In 2021, wind and solar generated over 10% of global electricity for the first time, but record-high electricity demand led to a record rise in coal power and the largest absolute increase in power sector CO2 emissions ever recorded.

In 2021, wind and solar power reached a record 10.3% of global electricity generation, but this growth was insufficient to offset a historic surge in electricity demand. Consequently, global coal generation and power sector CO2 emissions both hit all-time highs, with coal meeting 59% of new demand. While 50 countries now derive over 10% of their power from wind and solar, the report warns that the global energy transition is significantly off track from the IEA's net-zero pathway, which requires wind and solar to grow by 20% annually through 2030.

In 2021, global electricity demand grew by 5.4%, the fastest rate since 2010. While solar and wind generation continued to rise, coal generation reached an all-time high, leading to a 7% increase in power sector CO2 emissions. This resulted in the first increase in global electricity carbon intensity since 2011, moving the sector further away from the IEA's 1.5 degree pathway.

Reclaim Finance assesses TotalEnergies' 2022 climate plan as insufficient, noting that the company's emissions are projected to decrease by only 5.8% to 6.7% between 2015 and 2030. The analysis highlights a 'fossil-first' investment strategy where over 70% of CAPEX remains dedicated to oil and gas, and criticizes the East African Crude Oil Pipeline (EACOP) as fundamentally incompatible with climate goals. The document urges shareholders to vote against the management-sponsored climate resolution at the 2022 AGM.