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Following the 2022 invasion of Ukraine and subsequent Western sanctions, Russia has pivoted its fossil fuel exports toward Asia. While this has partially offset revenue losses from the European market, the report argues that Russia remains locked in a hydrocarbon-centric model that is increasingly misaligned with the decarbonisation trajectories of its primary Asian customers. China and India have leveraged discounted Russian oil and coal to support economic growth while simultaneously diversifying their energy portfolios and expanding renewable capacity. Vietnam has seen modest growth in Russian coal and nascent LNG trade, balancing energy security with sustainability goals. The report highlights structural bottlenecks, such as limited rail capacity for coal and the risks of a 'shadow fleet' for oil, as significant constraints on Russia's long-term export viability.

The report analyzes the role of Global North private equity firms in maintaining fossil fuel assets across the Global South, highlighting a pattern of extracting profits while offloading environmental and social risks onto local communities. Using data from the 2024 Climate Risk Scorecard, it identifies 13 firms with assets in 32 Global South countries, with a significant concentration of risky assets in Latin America, particularly Mexico. The document details specific instances of pollution in India, social displacement in Brazil, and financial instability in the Philippines, while providing a comprehensive case study on Mexico's LNG and pipeline infrastructure. It concludes that the private equity model's lack of transparency and short-term focus exacerbate climate injustice and expose institutional investors, such as public pensions, to significant financial risk.

The complaint argues that the Papua LNG project, a joint venture led by TotalEnergies, lacks necessary climate and human rights assessments, fails to obtain Free, Prior and Informed Consent (FPIC) from Indigenous Peoples, and threatens critical biodiversity. It specifically targets MUFG bank, claiming it may be misleading other financial institutions about the project's compliance with the Equator Principles.

Nigeria holds 33 percent of Africa's gas reserves and is implementing the 'Decade of Gas' (2021-2030) to transition toward a gas-powered economy. While the country is a top global LNG exporter, it faces significant internal challenges, including high gas flaring (188 Bcf in 2022), inadequate pipeline infrastructure, and poor payment discipline in the power sector. The document argues that natural gas can serve as a bridge fuel toward Nigeria's net-zero 2060 goal and a catalyst for African industrialization in sectors like fertilizers and petrochemicals. However, the global energy transition is leading International Oil Companies (IOCs) to divest from onshore assets, and geopolitical instability—specifically Niger's 2023 coup—threatens major cross-border projects like the Trans-Saharan Gas Pipeline.

Reclaim Finance criticizes AXA for insuring the Calcasieu Pass LNG terminal in Louisiana, arguing that this contradicts AXA's stated commitments to reduce support for shale gas. The document highlights the terminal's significant local pollution, its role in global methane emissions, and the contradiction in AXA's policy of refusing to insure shale gas production while insuring the export terminals that process it.

Expanding Canadian LNG capacity is projected to increase domestic emissions, potentially raising British Columbia's total emissions by nearly 20% by 2035. The impact on global emissions is described as ambiguous, as there are no guarantees that Canadian LNG will displace higher-emission fuels like coal or other LNG sources, especially given the rapid growth of renewables in key markets like China, India, and Japan. The author argues that LNG exports should not be viewed as a substitute for domestic climate policy and recommends stringent methane regulations, transparent industrial carbon pricing, and the avoidance of public subsidies for LNG projects.

The International Institute for Sustainable Development (IISD) describes Canada's 2025 budget as providing mixed signals. While it praises the commitment to critical minerals and industrial carbon pricing, it criticizes the expansion of fossil fuel subsidies for LNG and carbon capture, as well as cuts to international development assistance.

The document asserts that Canada is falling behind its 2030 and 2035 emissions targets and should utilize Internationally Transferred Mitigation Outcomes (ITMOs) to achieve cost-effective reductions. It suggests that Canada can leverage its strengths in methane detection, clean electricity, and carbon removal technologies to create bilateral agreements, similar to Japan's Joint Crediting Mechanism (JCM). The report warns that simple liquefied natural gas (LNG) export deals are unlikely to meet strict Article 6 additionality requirements and recommends establishing a national coordination mechanism to integrate climate finance with trade and sustainable development goals in the Global South.

Analysis of the Lloyd's insurance market reveals that while its sustainable energy business grew by 18% annually from 2020 to 2024, its fossil fuel business grew by 2.4% per year, contrasting with a 2.8% decline in the wider global insurance market. Lloyd's remains the world's largest center for fossil fuel insurance, capturing an estimated 9% of the global market and one dollar in every eight of global oil and gas premiums. The report identifies Hiscox Syndicates as a significant outlier among managing agents for its high reliance on fossil fuel premiums. Furthermore, it highlights a growing talent crisis, noting that two-thirds of students who would consider the insurance sector would only apply to companies that do not insure fossil fuel projects or have commitments to reduce such underwriting.

The document analyzes a 'cross-cutting disinformation network' involving corporations, the provincial government of Río Negro, and regional media to legitimize the Vaca Muerta Oil Sur (VMOS) project. It details how the repeal of Law 3308, which had protected the San Matías Gulf for over twenty years, paved the way for a 400 km pipeline and an oil port. The study identifies a pattern of 'Pink Slime' journalism, where newly created digital outlets with low organic reach use paid advertising to simulate social consensus and frame fossil fuel expansion as essential for regional development and public welfare, while omitting socio-environmental risks.

The report analyzes disinformation surrounding the Saguaro Project, finding that a significant portion of content on Facebook (43%) and YouTube (39%) used misleading narratives to frame the fossil gas project as a climate solution and driver of economic growth. Government accounts and media outlets were primary sources of this content, often employing 'transition fuel' rhetoric to legitimize the project despite its environmental impacts and legal challenges.

The document analyzes a coordinated communication strategy involving the Argentine government, YPF, and a network of newly created digital media outlets to legitimize the Vaca Muerta Oil Sur (VMOS) project. It argues that these actors use 'pink slime' tactics—creating low-impact local news sites funded by advertising—to frame fossil fuel expansion as essential for regional progress and employment while omitting environmental risks and legal controversies. The study highlights the derogation of Law 3308, which previously protected the Golfo San Matías, and the use of the RIGI framework to protect corporate interests for 30 years.

A coalition of NGOs denounces TotalEnergies' plan to restart the $20 billion Mozambique LNG project, citing a 'deep contempt' for local communities and the environment. The organizations highlight that the project's resumption is contingent on the Mozambican government approving a revised budget that includes $4.5 billion in additional costs incurred during the force majeure period. The statement further alleges severe human rights abuses, including the 'container massacre' and torture of civilians, and calls on financial institutions—including Crédit Agricole, Société Générale, and various export credit agencies—to withdraw their support.

A coalition of civil society organisations condemns TotalEnergies' plan to restart the USD 20 billion Mozambique LNG project. The organisations highlight that the restart is conditional on the Mozambican government approving a revised budget that includes USD 4.5 billion in incremental costs incurred during the force majeure period. The statement warns that the project's 'fortress' security model increases the vulnerability of local populations to an ongoing regional insurgency and recalls allegations of serious human rights abuses, including the 'container massacre' and torture of civilians on the gas site. The coalition calls on financial institutions, including export credit agencies and banks, to withdraw their support for the project due to these environmental, social, and financial risks.

Malaysia faces significant fiscal and energy security risks due to its heavy reliance on oil and gas exports, particularly LNG shipments to Japan, South Korea, and China. The document highlights a growing crude oil trade deficit and the threat of stranded assets as global demand shifts. To mitigate these risks, the report recommends diversifying into green manufacturing, hydrogen, and carbon capture services, while establishing a Sustainable Energy Transition Fund and a Just Transition Commission to support displaced workers in resource-dependent regions like Sabah and Sarawak.

Ten years after the Paris Agreement, French banks and insurers continue to heavily finance fossil fuel expansion, with some increasing their support for oil and gas extraction. The report argues that 'green finance' and ESG labels are largely greenwashing, as they fail to redirect capital away from climaticide activities. It further criticizes the French and European governments for favoring voluntary industry commitments over binding regulations and for weakening key directives like the CSRD and CSDDD under pressure from financial lobbies.

Thailand's draft revised power development plan (RPDP) targets a 51% renewable energy share by 2037, up from a previous target of 36%. Despite plans to phase out up to 8 GW of fossil fuel capacity by 2037, the RPDP still includes 6.3 GW of new gas capacity. The report warns that increasing reliance on imported liquefied natural gas (LNG)—which is projected to reach 60% of the gas mix by 2035—exposes Thailand to price volatility and geopolitical risks, as evidenced by a 141% surge in the import bill between 2021 and 2022. The document suggests that Thailand could be more aggressive in transitioning away from fossils to avoid economic vulnerability and stranded assets.

The report details how the Asian Development Bank, World Bank Group (IFC), and Asian Infrastructure Investment Bank have provided direct and indirect financing for the Tangguh LNG project since 2005. It asserts that the project locks Indonesia into fossil gas dependence, causes environmental destruction, displaces Indigenous communities, and increases greenhouse gas emissions. The document concludes by urging MDBs to end all fossil fuel funding and reject the 'gas as a transition fuel' narrative, specifically opposing the proposed expansion into a fourth production facility and a carbon capture utilisation and storage (CCUS) facility.

The report details how the Asian Development Bank, the World Bank Group's IFC, and the Asian Infrastructure Investment Bank have financed Tangguh LNG, Indonesia's largest gas extraction site. It argues that this support locks Indonesia into fossil gas dependence, harms Indigenous communities, and increases greenhouse gas emissions, while calling for MDBs to end all fossil fuel funding.

Reclaim Finance calls on AXA to cease insurance coverage for Venture Global's Calcasieu Pass 2 LNG project after dredging activities caused sediment overflow that damaged public wetlands and fisheries in Cameron, Louisiana, impacting local commercial fishing livelihoods.