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The letter asserts that GFANZ is acting as a "smokescreen" for the financial sector's lack of progress on decarbonization. It highlights a gap between GFANZ's goal of halving emissions by 2030 and the reality that many members continue to fund new coal, oil, and gas projects. The authors demand that GFANZ implement interim milestones, absolute emission targets, mandatory Scope 3 targets for fossil fuel companies, and a ban on using offsets to meet 2030 targets.

The International Finance Corporation's (IFC) 2020 Green Equity Approach (GEA) aims to end equity investments in financial institutions lacking a plan to phase out coal by 2030. However, the Center for International Environmental Law argues the GEA is too narrow and contains loopholes that allow continued fossil fuel expansion. The document proposes ten essentials for reform, including ending support for new oil and gas projects, scaling up sustainable renewable energy, addressing past harms from fossil fuel projects, and integrating gender equality and rights-based approaches to achieve alignment with the Paris Agreement.

The report finds that the world's 60 largest banks provided USD $4.6 trillion in fossil fuel financing from 2016 to 2021, with $742 billion in 2021 alone. It highlights a significant gap between banks' net-zero commitments and their actual lending and underwriting practices, particularly regarding companies expanding oil, gas, and coal production. The analysis identifies JPMorgan Chase as the world's worst banker of fossil fuels over this period. The report also details financing in high-impact subsectors, such as tar sands, Arctic oil and gas, and coal power, while emphasizing the human rights impacts on Indigenous and frontline communities.

Reclaim Finance calls on Crédit Agricole to stop financing Russian coal, oil, and gas companies, specifically highlighting the bank's role as a main banker for Gazprom. The letter demands divestment from a provided blacklist of Russian energy firms and the suspension of support for non-Russian companies still active in Russia, such as TotalEnergies, until they withdraw.

The report argues that 'net zero' initiatives are being manipulated by 'Big Polluters' to create an illusion of climate action while continuing to expand fossil fuel portfolios. It specifically analyzes the Integrity Council for the Voluntary Carbon Market, the UN's High-Level Expert Group (HLEG) on Net-Zero Emissions Commitments of Non-State Entities, and the Race to Zero campaign. The analysis highlights how leadership roles in these bodies are held by individuals and organizations with deep ties to the fossil fuel industry, such as executives from banks that provide billions in fossil fuel financing and lawyers representing oil majors. For instance, the report notes that member banks of the Race to Zero, Net-Zero Banking Alliance, and GFANZ invested over US$500 billion in fossil fuels in 2021, with 25% directed toward new expansion. The document concludes that these initiatives allow polluters to greenwash their business plans and avoid meaningful regulation.

The report analyzes the links between 'Big Polluters' and three major net-zero initiatives: the Integrity Council for the Voluntary Carbon Market, the High-Level Expert Group (HLEG) on Net-Zero Commitments of Non-State Entities, and the Race to Zero. It argues that these initiatives are compromised by leaders and advisors with deep ties to the fossil fuel industry, allowing companies to 'greenwash' their business models while continuing to finance fossil fuel expansion. The document highlights specific instances where financial institutions and corporate executives within these bodies have a history of funding fossil fuels or opposing environmental justice, thereby questioning the credibility of the standards and guidelines these bodies produce.

The report analyzes the Integrity Council for the Voluntary Carbon Market (ICVCM), the UN High-Level Expert Group (HLEG), and the 'Race to Zero' alliance, asserting that these bodies are compromised by ties to the fossil fuel industry. It details how board members and advisors have professional links to companies like ExxonMobil, Shell, and BP, or financial institutions that continue to fund fossil fuel expansion. The document argues that these connections allow polluters to use 'net zero' frameworks as a tool for greenwashing and to avoid regulations that would require actual emission reductions at the source.

Reclaim Finance challenges Crédit Agricole's commitment to net-zero goals, citing the bank's role as a top financier for companies like TotalEnergies and Saudi Aramco. The document questions the bank's failure to stop financing new oil and gas expansion, its inadequate exclusion policies for non-conventional fuels and Arctic projects, and its indirect support for the EACOP project. It also addresses the bank's ties to Russian fossil fuel activities, alleged infractions in its coal policy, and the voting behavior of its asset management subsidiary, Amundi, regarding the climate plans of oil majors.

The Declaration on a Green COVID-19 Recovery argues that current recovery policies are failing by supporting fossil fuels and entrenching inequality. It calls for a mass movement of informed citizens to hold power to account and demands specific transformative measures, including a dedicated green recovery finance package for the global south, the end of fossil fuel subsidies, and the implementation of inclusive governance through citizen assemblies.

Reclaim Finance criticizes Crédit Agricole for maintaining significant financial ties to the fossil fuel industry despite claiming to be a 'green bank'. The organization highlights that the bank provided $64 billion to fossil fuels between 2016 and 2020 and remains a top supporter of TotalEnergies. The text specifically calls for the bank to expand its Arctic exclusion zones, exit non-conventional hydrocarbons by 2030, and align the investment policies of its asset manager, Amundi, with its climate goals.

Friends of the Earth International views the COP26 pledge to end public financing for overseas fossil fuel projects by 2022 as a positive step but criticizes the exclusion of countries like Japan and South Korea, the continued domestic fossil fuel extraction in the UK and US, and the lack of climate finance for the Global South. The organization advocates for community-based renewable energy systems and denounces 'false solutions' such as net zero and carbon markets, while specifically calling for the UK to end financial support for gas exploitation in Mozambique.

Friends of the Earth International critiques the COP26 pledge by the UK, US, and 18 other nations to end public funding for overseas fossil fuel projects by late 2022. While welcoming the inclusion of oil and gas, the organization highlights the hypocrisy of countries like the UK and US continuing domestic extraction. It further demands a transition to community-owned renewable energy in the Global South, the cessation of 'net zero' loopholes and geoengineering, and specifically calls for the UK to stop financing gas extraction in Mozambique.

The report critiques the GFANZ network, noting that while it represents over a third of the world's investable capital, its guidelines are riddled with loopholes. Key failures include the lack of mandatory absolute emission targets, the omission of fossil fuel restrictions in the Race to Zero criteria, and a reliance on 'analysis paralysis' through complex financed emissions accounting. The author recommends that alliances mandate the cessation of financial services for new fossil fuel supply and require clients to adopt robust phase-out plans for coal, oil, and gas.

The G20 countries account for 84% of global greenhouse gas emissions from fossil fuels and 90% of global GDP, yet their climate commitments and financial contributions remain insufficient. While some G20 nations have submitted enhanced 2030 NDCs and net-zero targets, others, such as Brazil and Mexico, have reduced their ambitions. The document highlights a failure to meet the 2010 pledge of $100 billion annual climate finance for developing countries, noting that finance is often misdirected toward middle-income countries rather than the most vulnerable, and increasingly provided as loans rather than grants. Furthermore, G20 countries have provided more funding to fossil fuels (over $315 billion) than to clean energy (around $280 billion) since the start of the Covid-19 pandemic.

The success of COP26 is heavily dependent on resolving climate finance disputes, specifically the fulfillment of the $100 billion annual goal for developing countries. Beyond this, the agenda includes establishing a post-2025 quantified finance goal, increasing adaptation funding, and addressing loss and damage. Parallel to formal UNFCCC negotiations, private sector initiatives like the Glasgow Financial Alliance for Net Zero and political signals regarding the cessation of fossil fuel investments are expected to influence the outcome.

The Private Equity Stakeholder Project supports the Stop Wall Street Looting Act to curb the negative impacts of the private equity industry. The organization highlights that private equity assets grew from less than $1 trillion in 2004 to over $7.5 trillion, often utilizing high debt levels that are shifted onto acquired companies. The document asserts that this model leads to job losses, substandard healthcare, and the funding of fossil fuel infrastructure, specifically noting $1.1 trillion invested in energy assets since 2010.

The statement criticizes the Net-Zero Asset Owner Alliance (AOA) for its 'The Net in Net Zero' paper, which encourages asset owners to scale investment in offsets and negative emissions technologies. The author contends that this focus shifts attention away from the necessary deep decarbonization and the phase-down of fossil fuel production. The text highlights the failure of previous offsetting schemes, such as the Kyoto Protocol's Clean Development Mechanism (CDM), and argues that current efforts by the AOA and the Task Force on Scaling Voluntary Carbon Markets (TSVCM) will replicate these flaws. It concludes that asset owners should follow the International Energy Agency's (IEA) 'Net Zero by 2050' report by stopping investments in new oil and gas projects.

The Climate Action Tracker (CAT) 2021 rating methodology employs a dual-framework approach, combining 'fair share' principles and 'modelled domestic pathways' to assess government climate action. It evaluates targets (domestic and international), implemented policies, and climate finance to determine an overall rating. The system distinguishes between developed countries, which are expected to provide finance and meet stringent domestic targets, and developing countries, which may require international support to achieve full decarbonisation. The methodology specifically excludes land use, land-use change, and forestry (LULUCF) from main ratings but flags them when they significantly impact a country's emissions profile.

Reclaim Finance argues that the NGFS's June 2021 climate scenarios are unrealistic and risky because they rely too heavily on carbon capture and storage (CCS) and fail to mandate an end to fossil fuel investments. The document warns that these scenarios, which are used by European and British regulators, could lead financial institutions to fund stranded assets and non-sustainable biomass, ultimately pushing global warming beyond 1.5°C. It calls for the NGFS to align with IEA recommendations by requiring an immediate stop to new coal, oil, and gas projects.

Reclaim Finance criticizes the NGFS's June 2021 climate scenarios for failing to provide realistic 1.5°C pathways. The organization argues that the scenarios rely too heavily on carbon capture and storage (CCS) and fail to mandate an end to fossil fuel investments, which could lead to stranded assets and global warming overshoot. Reclaim Finance recommends that the NGFS align its forecasts with an immediate end to new fossil fuel projects and adopt a precautionary approach to biomass and carbon dioxide removal.