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Germany invested USD 89.12 billion in clean technologies in 2023, representing 29% of total EU investment. While China dominates wind and solar PV, Germany maintains a leadership position in the EU for battery and heat pump manufacture. The document highlights a significant global investment opportunity, with renewable technologies and battery storage potentially reaching USD 5.68 trillion by 2050. However, Germany faces risks from the aggressive industrial policies of the US (such as the Inflation Reduction Act) and China, which may lead companies like Tesla and Northvolt to scale back German operations. The briefing argues that a more robust industrial strategy is required to prevent a repeat of the collapse seen in Germany's solar and wind sectors around 2012 and 2016.

The report argues that market forces alone cannot guarantee sustainable development from green hydrogen, necessitating a proactive role for multilateral development banks (MDBs). It proposes a framework to move MDB lending beyond 'do no harm' toward prioritizing value addition for producer countries. The analysis includes a Sustainable Development Impact Matrix and evaluations of four specific financing cases: the African Development Bank in Namibia, the World Bank in India, the European Investment Bank’s Green Hydrogen Fund, and Team Europe’s H2Global Instrument.

The report assesses decarbonisation strategies for refineries across four major regions, focusing on Scope 1, 2, and 3 emissions. It evaluates technologies such as carbon capture, blue and green hydrogen, and the transition to biorefineries (specifically the HEFA process) or clean fuels facilities. Regional analysis shows that while the US and GCC benefit from cheap natural gas for blue hydrogen, Europe is trending toward green hydrogen imports and biorefinery revamps. Singapore's strategy is heavily influenced by its status as a global trading hub and its lack of domestic natural gas or carbon storage resources. The report concludes that energy efficiency projects are generally the most immediate and viable, while large-scale carbon capture and hydrogen transitions require significant policy support and infrastructure development to be economically feasible.

The report identifies 2023 as the likely peak for global power sector emissions, forecasting a decline in 2024 driven by record solar and wind additions. While electricity demand is expected to rise due to electrification, data centres, and air conditioning, the growth of clean energy is projected to outpace this demand. The document highlights that tripling renewable capacity by 2030 could halve power sector emissions. It also provides case studies of China, Brazil, and the Netherlands to demonstrate how high-level ambition, incentive mechanisms, and the removal of technical barriers can accelerate the transition regardless of geographic or economic starting points.

Reclaim Finance claims that ArcelorMittal uses the low-carbon recycled steel of the Paris 2024 Olympic flame to mask a global strategy that continues to build coal-fired blast furnaces. The organization highlights that four major French banks—BNP Paribas, Crédit Agricole, Société Générale, and BPCE—provided nearly 13 billion US$ to the company between 2016 and June 2023, urging them to adopt stricter sectoral policies to end financing for new coal-based steel projects and the companies that develop them.

Reclaim Finance criticizes ArcelorMittal for using the Paris 2024 Olympic flame, made from recycled steel, to mask a broader business strategy that relies on coal for 71% of its production and the use of carbon capture technologies. The report highlights that between 2016 and June 2023, four French banks—Crédit Agricole, BNP Paribas, Société Générale, and BPCE—provided nearly $12 billion in financing to the steelmaker. The author calls for these banks to adopt robust sectoral policies to restrict financing for new blast furnaces and companies developing metallurgical coal projects.

The document proposes a shift in South Africa's TVET sector from a jobs-centric model to a 'wellbeing economy' framework to support the emerging green hydrogen (GH2) sector. It advocates for 'skills governance'—integrating foresight, planning, and anticipation—to address unemployment and inequality. Key recommendations include establishing a skills governance working group, creating green economy skills incubator hubs, adopting innovative financing like social impact bonds, and implementing a Universal Basic Dividend (UBD) to redistribute wealth from common resources used in GH2 projects.

The document identifies a critical gap between the technical vocational skills provided by South Africa's TVET sector and the requirements of the emerging green hydrogen economy. It critiques the current reliance on quantitative, top-down skills planning and proposes 'skills foresight' (SF)—a participatory approach that imagines multiple futures—to enhance systemic agility. The authors recommend establishing a dedicated foresight team within the Department of Higher Education and Training (DHET), creating a Cross-Sectoral TVET Advisory Board for Green Transversal Skills, and initiating participatory futures dialogues to co-create a new social compact for education that reduces the perceived inferiority of TVET qualifications compared to university degrees.

The report argues that achieving net-zero aviation emissions by 2050 requires a multi-fuel approach because sustainable biofuels alone cannot meet projected energy demands. It examines synthetic fuels (e-fuels) as a scalable drop-in solution, though currently expensive, and analyzes the potential of hydrogen and ammonia for regional and domestic flights. While electrification is limited to niche urban air mobility, the report suggests a 2050 fuel mix comprising 86% bio- and synthetic SAF and 14% zero-carbon fuels (hydrogen and ammonia) as a plausible path to decarbonization, provided there is massive scale-up of low-carbon hydrogen production and supportive policy frameworks.

Reclaim Finance assesses ENGIE's 2025 climate plan, finding it insufficient for a 1.5°C pathway. The analysis highlights that nearly half of ENGIE's capacity remains fossil gas-based, with no specific exit dates or asset-by-asset strategies. While renewable targets increased to 95 GW by 2030, the company continues gas expansion through new plants and LNG contracts. The briefing recommends that financial institutions demand a halt to gas infrastructure and that shareholders vote against the 'Say on Climate' proposal and the reappointment of CEO Catherine MacGregor.

The briefing criticizes ENGIE's 2025 climate plan for lacking a phase-out date for fossil gas and continuing expansion through new plants and long-term LNG contracts. While noting a slight increase in renewable energy targets to 95 GW by 2030, the author argues that ENGIE remains on a 'well below 2°C' trajectory rather than 1.5°C, citing a decarbonization goal of 2045 that contradicts IEA Net Zero Emissions (NZE) scenarios. The document also highlights that CAPEX for fossil technologies remains nearly stable between the 2024-2026 and 2025-2027 periods and warns that reliance on 'green gases' and carbon credits may perpetuate fossil systems.

The report finds that there are enough projected tax credit-qualifying Energy Attribute Certificates (EACs) to meet the stated electrolytic hydrogen production goals across the seven Regional Clean Hydrogen Hubs. However, it identifies the lack of developed markets and data infrastructure for accessing these EACs as a critical challenge. The analysis suggests that while the physical availability of clean power is sufficient, the primary bottlenecks for the green hydrogen economy are traditional deployment issues such as siting, permitting, and interconnection.

Reclaim Finance argues that ArcelorMittal is hindering the transition from coal by investing in new and existing blast furnaces, including a joint venture in India with Nippon Steel. The organization highlights that less than half of the company's decarbonization projects can produce steel without fossil fuels and notes that the company's Head of European Operations has described green hydrogen as too expensive despite receiving subsidies. Reclaim Finance calls on shareholders to hold the board and management accountable by integrating climate considerations into strategic routine votes, such as director re-election and remuneration, to oppose metallurgical coal-based activities.

Reclaim Finance calls on ArcelorMittal shareholders to use the April 30, 2024, annual general meeting to oppose the company's continued investment in coal-based blast furnaces and its lack of a clear decarbonization strategy. The organization highlights that ArcelorMittal continues to extend the life of existing coal furnaces and invest in new ones, specifically in India via a joint venture with Nippon Steel. It further notes that less than half of the company's decarbonization projects can produce steel without fossil fuels, and expresses concern over the viability of green hydrogen projects in Europe due to cost. Reclaim Finance recommends that investors integrate climate concerns into routine strategic votes, including director re-election and executive remuneration, to hold management accountable for fossil-fuel-based plans.

The paper analyzes the financing gap in India's iron and steel sector, which is the country's largest industrial GHG emitter. It highlights a risk of carbon lock-in as 196 MTPA of fossil-based capacity is planned for 2021-2038. The authors propose a five-pillar framework—sectoral policies, enabling ecosystems, bankable business models, financing/derisking mechanisms, and financial sector regulations—to transition from fossil-intensive production to low-carbon technologies like green hydrogen-DRI. It details specific instruments such as Carbon Contracts for Difference (CCfD), blended debt funds, and Article 6 of the Paris Agreement to bridge the investment gap.

The report finds that Repsol's investment strategy prioritizes oil and gas and shareholder returns over renewable energy, with 2030 production targets projected to be 65% higher than those required for NZE alignment. While the company is diversifying into renewables and hydrogen, these remain marginal, with oil and gas expected to constitute over 70% of its energy mix by 2030. Additionally, the report notes that Repsol's scope 3 emission targets are less ambitious than its scope 1 and 2 targets, and its carbon intensity target for 2030 is 21.9% higher than the NZE.

The briefing critiques the G20's "Better, Bolder and Bigger" MDB reform framework, arguing that its focus on leveraging private capital and streamlining processes undermines accountability, ignores debt vulnerabilities in developing nations, and fails to ensure a genuine fossil fuel phaseout. It highlights risks associated with large-scale renewable energy projects and the lack of gender-sensitive policies, urging a shift toward grants-based financing, stronger safeguards, and democratized decision-making.

France has integrated climate considerations into its annual budgetary process through a 'Green Budget' published in 2021, which rates all State expenditures on their environmental impact. This system uses a five-category scale and six environmental goals to ensure government agencies consider net-zero progress in their spending. A notable application was the 2021 COVID-19 recovery plan, which mandated that 30% of its funds be allocated to favorably rated green investments.

The report argues that Poland requires a diverse technological portfolio—including wind, solar, nuclear, and carbon capture—to decarbonise its power system by 2050. Modelling of 19 scenarios indicates that relying on a narrow set of technologies increases system costs and infrastructure needs, while a 'base' scenario suggests a rapid transition involving a massive build-out of onshore wind and the introduction of nuclear power to replace coal.

The report establishes a framework for certifying electrical utilities and their debt instruments based on their alignment with a 1.5-degree warming scenario. It defines a global emission intensity transition pathway based on IEA Net Zero (NZE) 2023 data, requiring utilities to reduce carbon intensity from 460 gCO2/kWh in 2025 to 0 by 2050. The criteria distinguish between existing capacity, which may be retrofitted with carbon capture or low-carbon co-firing, and new capacity, for which no new fossil fuel investments are eligible. It also sets specific non-combustion emission thresholds for hydropower, geothermal, and bioenergy, and incorporates EU Taxonomy standards for CO2 transport and methane leakages.