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The 2024 Corporate Climate Responsibility Monitor finds that while corporate climate targets are gradually improving, they remain largely insufficient to align with a 1.5°C pathway. The median 2030 emission reduction commitment for the 51 assessed companies is only 30-33% of full value chain emissions, falling short of the 43-48% required globally. The report highlights a critical lack of depth in scope 3 targets and warns that proposed flexibility mechanisms, such as the VCMI beta Scope 3 Flexibility Claim, could effectively nullify these commitments. It also identifies an over-reliance on 'false solutions' like bioenergy, carbon capture, and land-based carbon dioxide removals (CDR), particularly in the agrifood and fashion sectors. The authors argue for a transition from voluntary initiatives to formal accountability through mandatory regulation and accredited verification.

This document is a Japanese translation of an excerpt from the 'Boom & Bust Coal 2024' report by Global Energy Monitor and its partners. It tracks global coal-fired power plant plans as of April 2024, highlighting a contradiction where global coal capacity reached record highs in 2023 despite a general trend of shrinking development pipelines in most countries except China.

The report finds that while many countries are reducing planned coal capacity, global operational capacity reached a record high in 2023, driven largely by China. It highlights a divergence between China's increasing construction and the decline in other regions. In South Korea, the report argues that current plans are insufficient to meet Paris Agreement goals and that continued reliance on coal, including ammonia co-firing, poses significant financial risks to the state utility and the national economy.

The report finds that while many countries are reducing coal capacity, global operational capacity grew by 2% in 2023 to 2,130 GW, driven largely by China. While new construction reached a historic low outside China, it hit an eight-year high within China. Only 15% of global operational capacity has a retirement commitment aligned with the 1.5°C goal. In Latin America, capacity is gradually decreasing, though some countries like Colombia and Mexico lack concrete phase-out plans, and Brazil has seen some retirement dates postponed.

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.

The document argues that international investment agreements (IIAs) and the ISDS mechanism act as legal barriers to climate action by allowing fossil fuel companies to sue governments for compensation when regulations impact their returns. It outlines a three-part framework for States: removing risk through treaty termination, carveouts, or removal of ISDS clauses; reducing risk via the adoption of 'right to regulate' provisions, interpretative statements, and the careful design of climate measures; and responding to active claims using jurisdictional challenges, the 'necessity defense', and arguments against the 'legitimate expectations' of investors. The toolkit emphasizes that the urgent need to limit warming to 1.5°C may justify the termination of treaties like the Energy Charter Treaty (ECT) based on a fundamental change of circumstances.

The report argues that COP28 failed to uphold human rights and was subject to corporate capture, resulting in insufficient outcomes on fossil fuel phaseouts and the operationalization of the Loss and Damage Fund.

Reclaim Finance asserts that the 'transitioning away from fossil fuels' agreement at COP28 must be backed by concrete action from rich countries. It calls for the EU, US, Canada, Norway, the UK, and Australia to end domestic oil and gas production, stop their financial institutions from enabling global fossil fuel expansion, and provide concessional finance for just coal retirements and renewable energy deployment in the Global South.

The document critiques the COP28 final declaration for lacking a commitment to a 'fossil fuel phaseout' and for being lenient on coal and gas. It argues that developed countries, particularly France and the UK, must stop their financial institutions from enabling fossil fuel expansion and instead provide concessional finance and de-risking mechanisms to help developing countries transition to renewables and energy efficiency.

The We Mean Business Coalition criticizes the draft Global Stocktake text at COP28, stating that the shift from specific phaseout options to a 'meaningless wishlist of optional actions' fails to provide the clear signal necessary for business transformation and the 1.5ºC goal. The coalition urges countries to reject the draft in favor of science-based actions that mandate the phaseout of fossil fuels to align with the Paris Agreement.

The document outlines ten principles for coal retirement mechanisms (CRMs), emphasizing the immediate cessation of coal expansion, the replacement of lost power with sustainable renewables, and the use of concessional financing in developing countries. It argues that CRMs must avoid emissions leakage, carbon offsets, and retrofitting delays while ensuring transparency and the remediation of social and environmental harms.

The briefing asserts that tripling renewables and doubling energy efficiency by 2030 will provide 85% of the required cuts in unabated fossil fuels for that period. By 2035, these two actions alone are projected to reduce total CO2 emissions by more than half. The document emphasizes that while nuclear energy and carbon capture and storage (CCS) play roles, their contributions are significantly smaller due to slow deployment and technology immaturity, making renewables and efficiency the most effective tools for a rapid fossil fuel phaseout.

A letter from a multidisciplinary group of scientists to President Biden calling for a fast and fair phaseout of all fossil fuels, increased climate finance for low- and middle-income countries, the operationalization of the Loss and Damage Fund, and the protection of COP28 negotiations from fossil fuel industry interference.

The Union of Concerned Scientists (UCS) analysis finds that while the Inflation Reduction Act (IRA) and Infrastructure Investment and Jobs Act (IIJA) accelerate emissions reductions, additional policies are required to meet US climate targets. Achieving net-zero by 2050 requires a rapid phaseout of fossil fuels, a massive scale-up of wind, solar, and energy storage, and expanded electrification and energy efficiency. The report argues that the health and climate benefits of this transition—including avoided premature deaths and reduced climate-caused damage—significantly outweigh the energy system costs.

The report examines the transition of North Sea oil and gas producers toward net-zero or complete phase-out scenarios. It identifies government as the primary actor responsible for managing these transitions and emphasizes the need for participatory governance to overcome industry resistance. The analysis highlights that while the three countries share a geography, their different levels of economic dependency on fossil fuels lead to divergent transition stages and enabling conditions.

The document addresses the 'dilemma' where financing the early retirement of coal plants increases a financial institution's portfolio emissions, potentially violating net-zero targets. It proposes four accounting alternatives: rebaselining, sectoral targets, 'bad portfolios', and Net Present Value (NPV) accounting. It also details various financing mechanisms such as Managed Transition Vehicles and repurposing plants, specifically in the context of JETPs in South Africa, Indonesia, and Vietnam.

The briefing outlines the necessity of a "managed phaseout" for coal plants, where stakeholders coordinate to retire plants early and replace them with clean energy. It identifies five specific financing mechanisms—managed transition vehicles, coal retirement credits, ratepayer-backed securitizations, power hedges, and concessional financing—that can provide the necessary capital to compensate workers and communities while funding renewable energy projects.

In 2022, global coal emissions were poised to reach record highs due to energy disruptions, yet the year also saw record coal capacity retirements and cancellations. Over 95 percent of global coal consumption now occurs in markets committed to net-zero emissions or coal phaseouts. Finance has become a primary lever for this transition, with approximately $45.2 billion committed over two years, primarily through Just Energy Transition Partnerships (JETPs) in South Africa, Indonesia, and Vietnam. However, these funds are viewed as stepping stones, as the total investment needed for system-wide transitions—including clean energy infrastructure and just transition efforts—far exceeds current commitments. The document emphasizes the need for greater transparency in deal design and a balance between top-down country programs and bottom-up asset-level pilots to mobilize the necessary private and public capital.

The report introduces a portfolio-led approach to net-zero banking, designed to help financial institutions move from high-level commitments to robust implementation. This framework focuses on four pillars—sectors, geographies, asset classes, and business units—to identify where and how a bank can best support the real-economy transition. The approach is intended to underpin three stages of net-zero banking: strategy design, implementation, and reporting, while remaining compatible with existing guidance from organizations like GFANZ and the NZBA.

The document outlines the role of Coal Transition Mechanisms (CTMs) in accelerating the shift from coal to clean energy, particularly in emerging markets. It highlights the challenge that 93% of coal capacity is shielded from market pressures by regulation or contracts, necessitating blended finance and CTMs to manage early retirement. To address reputational risks—such as the appearance of financing coal or failing to protect workers—the authors propose a framework focused on assessing moral hazard, ensuring Paris-aligned emissions savings, supporting just transition provisions, and maintaining transparency through public disclosures.