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The 2024 Banking on Climate Chaos report reveals that the 60 largest global banks committed $705.8 billion to fossil fuel companies in 2023, with $347.5 billion directed toward companies with active expansion plans. JPMorgan Chase is identified as the worst financier of fossil fuels, while Japanese megabanks like Mizuho and MUFG are prominent in methane gas (LNG) financing. The report highlights significant policy gaps, noting that many banks use intensity-based metrics rather than absolute emissions targets and that some North American banks have rolled back previous exclusions for coal and Arctic oil and gas. It argues that current 'net zero' targets often serve as loopholes for continued investment in fossil fuel infrastructure, particularly in Southeast Asia.

The CSDDD requires large companies to ensure their operations do not have disproportionate impacts on the climate, environment, biodiversity, and human rights. However, the document highlights a critical gap: financial services are excluded from due diligence requirements, meaning financial actors are only responsible for their non-financial activities (e.g., office supplies) rather than their investments in harmful projects. While the directive mandates climate transition plans for all covered entities, including financial actors, the document warns that relying on CSRD reporting standards may result in low-quality, non-prescriptive plans that fail to stop fossil fuel expansion.

Reclaim Finance argues that Barclays' updated climate policies are insufficient and constitute greenwashing, as they lack firm commitments to end fossil fuel expansion and dilute previous energy transition engagements.

The document critiques the current state of financial sector decarbonization targets, arguing that reliance on 'financed emissions' metrics—specifically those using Enterprise Value Including Cash (EVIC)—allows banks to report emissions reductions based on stock market volatility rather than actual decarbonization. It highlights how banks like Deutsche Bank and Crédit Agricole met targets early due to soaring energy stock prices in 2022. The author warns against 'gaming' metrics through concepts like 'energy mix' targets or 'Expected Emission Reduction' (EER) and calls for a comprehensive dashboard of absolute targets, facilitated emissions tracking, and strict exclusion policies for fossil fuel expansion.

Reclaim Finance argues that Crédit Agricole's new climate commitments are insufficient because they do not explicitly ban the financing of new oil and gas infrastructure, such as LNG terminals. While the bank increased its target for reducing financed emissions from oil and gas loans to 75% by 2030, the organization notes that this does not guarantee an end to support for companies developing new fossil projects. The statement highlights specific examples of continued involvement, including the Port Arthur LNG terminal in the US and advisory services for the Papua LNG project, and criticizes the exclusion of only independent extraction companies while sparing integrated oil majors.

The report finds that while CETP signatories have made progress in restricting fossil fuel finance, they have not yet fully prioritized clean energy support. In the first year of implementation, signatories moved USD 6.5 billion out of fossil fuels and USD 5.2 billion into clean energy, which is significantly lower than the estimated annual potential of USD 28 billion. The analysis reveals that most high-income signatories lack CETP-aligned policies that fully prioritize clean energy, and there is a widespread lack of provisions for fair and transformative financing, such as grant-based instruments for the countries most in need.

The briefing critiques the World Bank's Evolution Roadmap, arguing that its reliance on the 'Cascade' approach—which prioritizes private sector investment—perpetuates structural inequalities and debt in the Global South. It calls for a paradigm shift toward 'public sector solutionism,' including the adoption of a human rights policy, the end of fossil fuel financing, and the creation of an independent UN-based debt workout mechanism.

Reclaim Finance criticizes the Royal Bank of Canada (RBC) for becoming the top global financier of fossil fuels, providing US$40.6 billion in financing last year. The organization highlights significant loopholes in RBC's October 2020 coal policy, which excludes only new clients and uses high revenue thresholds (60%) that fail to capture the majority of coal mining and power companies. The document details RBC's continued support for coal developers like Glencore and RWE, as well as utilities in the US and Canada that lack credible coal phase-out plans, urging the bank to adopt a mandatory coal exit by 2030 in the OECD and 2040 globally.

The Royal Bank of Canada (RBC) is identified as the top financier of fossil fuels globally, providing $40.6 billion in funding last year. The text argues that RBC's weak coal policy contradicts its membership in the Net-Zero Banking Alliance and demands the bank cease financing coal expansion to align with climate science.

Reclaim Finance reports on the 2023 annual general meetings of six French financial actors, noting a generally hostile reception but highlighting specific outcomes. While Crédit Agricole acknowledged the need to stop increasing fossil fuel capacities to limit warming to 1.5°C, and SCOR committed to stop covering risks for new gas fields, BNP Paribas refused to set 'red lines' for its financing of oil and gas majors. AXA remains the last major European (re)insurer supporting new gas fields, defending the practice via the European taxonomy.

A coalition of 181 organizations calls on G7 leaders to end the promotion of 'false energy transition solutions'—specifically Japan's Green Transformation (GX) policy—and to cease all international public finance for fossil fuels. The statement argues that current G7 commitments are insufficient, citing continued investments in gas and ammonia co-firing in Southeast Asia and Africa, and urges a shift toward renewable energy and fair funding mechanisms for the Global South.

Reclaim Finance argues that major French banks are failing to support the energy transition, continuing to provide significant funding to fossil fuels while lacking transparent perimeters and sufficient targets for sustainable energy investment. The analysis highlights a gap between the banks' public references to the IEA's Net-Zero Emission scenario and their actual financial commitments, which do not meet the required 5:1 ratio of clean energy to fossil fuel investment by 2030.

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.

A coalition of environmental and social organizations urges G7 nations to cease the promotion and financing of fossil fuel-based technologies, such as ammonia and hydrogen co-firing, in climate-vulnerable developing nations. The statement specifically criticizes Japan's Green Transformation (GX) policy and the continued investment in fossil gas in Southeast Asia, arguing that these 'false solutions' risk stranded assets and undermine the 1.5-degree Celsius Paris Agreement goal.

The document is a formal appeal to JPMorgan Chase shareholders to vote in favor of a resolution that would stop the bank from financing fossil fuel expansion. The signatories argue that continuing to fund new oil, gas, and coal infrastructure is inconsistent with the global scientific consensus required to limit warming to 1.5°C and contributes to environmental injustice and economic risk.

The EBRD's new Paris alignment methodology, effective January 1, 2023, expands exclusions to include upstream gas and most midstream and downstream oil. However, it maintains a set of cumulative criteria for midstream and downstream gas projects and allows an automatic alignment exception for projects meeting EU taxonomy criteria. The author argues that to align with the 1.5°C goal and the Glasgow Statement, the EBRD must completely exclude midstream and downstream gas infrastructure.

Recourse criticizes the US nomination of Ajay Banga for World Bank president, highlighting his roles at Exor N.V. and Temasek, which link him to oil, gas, and nuclear investments. The organization argues that Banga's private sector experience promotes a profit-driven development model over genuine climate action and poverty reduction.

The document demands that Japan phase out coal by 2030, end international public finance for fossil fuels, and stop promoting technologies like ammonia co-firing and carbon capture and storage, which the authors claim are ineffective and costly.

In 2021, MDB climate finance to developing countries reached a record $58.9 billion (UNFCCC definition), hitting a collective 2025 target of $50 billion four years early. However, the report highlights significant failures: private sector co-financing rates fell to 25 cents per dollar of public finance, and the share of funding for the most vulnerable countries (SIDS and LDCs) dropped to 19% from 22% in 2020. Additionally, MDBs provided $4.6 billion in fossil fuel financing in 2021, including a $4.5 billion loan for oil and LNG imports from Saudi Arabia to Pakistan. The author urges MDBs to increase adaptation finance, which reached $17.6 billion but remains far below estimated annual costs of $70 billion, and calls for independent verification of self-reported data to improve transparency.

The statement critiques the Glasgow Financial Alliance on Net Zero (GFANZ) for a lack of evidence regarding its impact on member emission trajectories and calls on leaders Mark Carney and Michael Bloomberg to pressure members to stop financing fossil fuels.