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The report asserts that limiting global warming to 1.5°C requires a drastic reduction in oil and gas production, potentially between 58% and 99% by 2050. It highlights a significant 'production gap,' noting that current government plans for 2030 exceed 1.5°C-consistent levels by 29% for oil and 82% for gas. The document advocates for a 'just transition' that prioritizes phase-outs in developed and low-dependency economies while providing financial and technical support to the Global South. Key recommendations include ending new field development, reforming fossil fuel subsidies, and transforming national oil companies into clean energy entities.

Reclaim Finance calls for a radical change in investor engagement with the oil and gas industry, arguing that current practices have failed to align the sector with a 1.5°C trajectory. The organization recommends that investors suspend new investments and use strategic routine votes—such as those for director re-election, remuneration, financial accounts, and dividends—to sanction companies continuing fossil fuel expansion. It specifically targets proxy advisors like ISS and Glass Lewis for failing to support climate action and suggests that dividends should be opposed unless 50% of capital expenditure is dedicated to sustainable energy.

Reclaim Finance argues that traditional shareholder engagement has failed to align the oil and gas sector with a 1.5°C trajectory, noting that 96% of these companies continue fossil fuel expansion. The organization recommends that investors suspend all new investments, particularly bonds, and integrate climate criteria into routine strategic votes. Specifically, it advises voting against the reelection of directors, executive remuneration, financial accounts, and dividends unless companies allocate 50% of capital expenditure to sustainable energy. Reclaim Finance also criticizes proxy advisors like ISS and Glass Lewis for failing to support climate resolutions.

The document identifies a short-term opportunity for African gas producers to fill global supply gaps caused by the war in Ukraine, but warns that new infrastructure investments face a high risk of becoming stranded assets as the world moves toward net-zero.

The document warns that Mozambique and Tanzania face significant risks of stranded gas infrastructure due to declining global markets, prices, and investor capital. It argues that both export-focused LNG projects and domestic gas-led industrialisation strategies are economically vulnerable, noting that using gas for power and industry is likely to remain an expensive option.

The report analyzes the energy strategy of the Three Seas Initiative (3SI) countries, finding that planned LNG and pipeline capacity will significantly exceed projected gas demand by 2030. It warns that this creates a risk of stranded assets and security vulnerabilities due to global price volatility. The author advocates for shifting investment from gas infrastructure to wind, solar, and grid interconnectors, noting that 3SI countries could reach a 67% renewable electricity share by 2030.

The Europe Gas Tracker Report 2024 finds that Europe is continuing a massive gas infrastructure buildout despite emerging from its energy crisis and seeing a decline in gas demand. With €84.1 billion in planned LNG terminals and pipelines, the report argues that the region is creating significant overcapacity and risking stranded assets. It further warns that these projects could increase annual emissions by up to 1.1 gigatonnes CO2e, undermining the EU's 'Fit for 55' goals. Additionally, the report characterizes the proposed 35,000 km hydrogen pipeline network as a 'red herring' that may serve to lock in methane gas infrastructure due to technical incompatibilities and the lack of green hydrogen production.

The report finds that since the 2021 IEA Net Zero roadmap, at least 20.3 billion barrels of oil equivalent (boe) of new oil and gas discoveries have been announced. In 2023 alone, 20 fields were approved for development, sanctioning 8 billion boe. The analysis highlights a significant disconnect between the industry's push for new reserves—particularly in South America and Africa—and climate goals, noting that current production pathways are significantly higher than 1.5 degree compatible scenarios. It specifically criticizes the use of scope one and two emissions claims to justify projects while ignoring scope three emissions.

The report 'Steeling Our Future' by Reclaim Finance analyzes the financing of the 100 largest steel producers, finding that banks provided US$429 billion to these companies between 2016 and June 2023. It highlights a critical gap between banks' climate commitments and their continued support for coal-based blast furnace (BF-BOF) production, which accounts for nearly 90% of steel sector emissions. The document argues that current decarbonization targets are insufficient and calls for an immediate end to financing for new blast furnaces and the relining of existing ones to avoid stranded asset risks estimated at US$554 billion. It advocates for a shift toward hydrogen-based direct reduction of iron (HDRI) and electric arc furnaces (EAF) powered by sustainable electricity.

Reclaim Finance argues that TotalEnergies' climate strategy is insufficient for a 1.5°C target, citing continued fossil fuel expansion and inadequate low-carbon investment. The document details the financial networks supporting the company, critiques the 'laxity' of French asset managers like Amundi, and proposes a comprehensive suite of regulatory and monetary reforms to redirect financial flows away from fossil fuels.

The report concludes that the EU's demand for fossil gas and oil is in a long-term structural decline, making new production projects—especially in the Arctic—unnecessary and incompatible with 1.5°C warming limits. Analysis shows that existing production and current contracts will likely exceed EU demand by the 2030s in net-zero aligned scenarios, creating a risk of oversupply and stranded assets.

ClientEarth brought a derivative action against Shell's Board of Directors in the High Court of England and Wales, arguing that the company's Energy Transition Strategy was inadequate and breached sections 172 and 174 of the Companies Act 2006. The claim alleged failures in setting Scope 3 targets, over-reliance on carbon capture and nature-based solutions, and non-compliance with a Dutch court order. Despite support from institutional investors managing over half a trillion USD in assets, the High Court refused permission to continue the claim, citing a lack of formal expert evidence and the wide discretion afforded to directors in management decisions. The Court of Appeal subsequently refused permission to appeal this decision.

The report examines the potential effects of International Maritime Organization (IMO) candidate mid-term GHG measures on African economies. Using a CGE model, it finds that a USD100/t carbon levy would generally reduce GDP and household incomes across Africa, increase global food prices, and reduce the supply of maritime services. A case study of Ghana highlights existing freight cost imbalances and the risk of a stranded fleet of older vessels. The authors argue that for such measures to be equitable, revenues must be redistributed as direct grants (not loans) for out-of-sector climate resilience and mitigation, based on criteria including climate vulnerability and historical emissions contributions.

China is currently off track to meet its 2025 climate commitments, including targets for carbon and energy intensity and the share of non-fossil fuels. This is driven by a surge in coal power permitting and construction, with 114 GW approved and 70 GW starting construction in 2023. Despite official rhetoric that new coal plants serve a 'supporting' role for grid stability and renewable integration, the report finds this is often a 'smokescreen' for bulk power generation, leading to significant overcapacity and stranded asset risks.

The report argues that Senegal's strategy to fund its 2035 emerging economy goals through fossil fuel exports faces significant stranded asset risks due to declining global LNG demand and the competitiveness of renewable energy.

Fifty civil society organizations are urging financial institutions to cease support for the Papua LNG project, arguing it is incompatible with the 1.5°C global warming limit and the IEA Net Zero scenario. The project, involving TotalEnergies, ExxonMobil, Santos, and JX Nippon, is criticized for its estimated 220 million tons of CO2 equivalent emissions, risks of human rights abuses and environmental damage in Papua New Guinea's Gulf Province, and potential financial risks due to projected peaks in global gas demand by 2030.

A coalition of 50 civil society organisations is urging financial institutions to refuse funding for the Papua LNG project in Papua New Guinea. The group argues the project is incompatible with the 1.5°C warming limit, citing estimated emissions of 220 million tonnes of CO2 equivalent and risks of stranded assets due to projected peaks in global gas demand by 2030. The statement also highlights potential human rights violations, lack of transparent community consultation, and the existence of more affordable renewable energy alternatives for the country.

ClientEarth advises a UK pension scheme's trustees to cease providing bond capital to energy companies unless they have credible net-zero transition plans and enforceable bond covenants. The letter asserts that climate change represents a material financial risk—including physical, transition, and litigation risks—that trustees must manage to meet their legal fiduciary duties and protect beneficiaries' interests.

ClientEarth asserts that banks providing financial services to fossil fuel expanders like Saudi Aramco are contributing to climate-related human rights impacts. The organization argues that such financing violates the UN Guiding Principles on Business & Human Rights and the OECD Guidelines, creating significant legal risks through emerging mandatory human rights due diligence laws and greenwashing litigation. ClientEarth proposes specific 'red-lines,' including an immediate end to financing new fossil fuel exploration and requiring clients to publish Paris-aligned transition plans by H1 2024.

The briefing reports a global pipeline of 917 mtpa in new LNG export capacity and 705 mtpa in import capacity, representing an estimated US$1 trillion investment. It warns that a wave of new projects coming online by the middle of the decade, primarily in the United States and Qatar, could lead to market saturation and unprofitable stranded assets. The report highlights that while Asia and Europe are the primary developers of import capacity, demand in these regions is uncertain due to decarbonization goals and price sensitivity. It further notes that many projects are already facing delays or cancellations, and that the buildout in the U.S. may conflict with national interests by raising domestic gas prices and increasing emissions.