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The author analyzes how neoliberalism and the 'tertiarization' of the Spanish economy—specifically the dominance of tourism—have fueled regional inequalities and the rise of peripheral nationalisms. The text argues that the COVID-19 pandemic exacerbated these tensions by exposing the fragility of the tourism-dependent model. To mitigate future conflicts and the impacts of climate change, the author proposes a transition toward a 'degrowth' model, emphasizing the revival of organic agriculture in the interior, the promotion of green industries, and the potential reorganization of Spain into a federal state.

The text compares 'Say on Climate' initiatives—where companies submit their own strategies for shareholder votes—with shareholder-led climate resolutions. It argues that for companies like Total SE, 'Say on Climate' can act as a 'distraction' or 'diversion' that allows management to legitimize 'watered down' or 'incrementalist' strategies. The author contends that only shareholder-led resolutions allow investors to 'define the terms of debate' and push for strategies compatible with viable climate trajectories, citing the 2020 resolution at Total SE as a positive example.

Reclaim Finance criticizes a proposed French decree on ESG reporting for financial investors, arguing it fails to align with the Paris Agreement, ignores fossil fuel financing, and lacks sanctions for non-compliance. The organization calls for mandatory transparency and penalties to force financial actors to abandon fossil fuel investments.

The statement contends that nuclear energy fails the sustainability criteria of the European taxonomy due to unresolved waste management, pollution from uranium extraction, and high water usage. It further claims that heavy reliance on nuclear power can hinder the deployment of renewable energy and does not significantly lower carbon emissions compared to renewable-based systems.

Reclaim Finance argues that nuclear energy should be excluded from the European taxonomy because it fails to meet sustainability goals regarding waste management, pollution, and biodiversity. The document claims that nuclear power can hinder the deployment of renewable energy and that the taxonomy is a transparency tool rather than a mechanism that prevents state-funded nuclear investment.

The document argues that Brazilian municipalities, particularly small and medium-sized ones, face significant credit and technical barriers to financing infrastructure. It proposes the use of Pooled Financial Management Mechanisms (MFGCs) to aggregate demand and reduce risk, drawing on international examples from France, the Nordic countries, Mexico, India, and the Philippines. The brief identifies regulatory hurdles in Brazil, such as the Fiscal Responsibility Law, and recommends updating the legal framework to allow subnational consortia more autonomy in raising funds and improving governance to attract green and sustainable capital.

The document argues that Brazilian municipalities, particularly small and medium-sized ones, face significant financial and regulatory barriers to infrastructure investment. It suggests that subnational consortia can overcome these hurdles by adopting Pooled Finance Mechanisms (PFMs)—such as club deals, aggregation platforms, and bond banks—to access capital markets and attract green investment. The brief identifies a USD 1.3 trillion green investment opportunity in Brazil and recommends updating Law 11,107/2005 and the Law of Fiscal Responsibility to facilitate autonomous fundraising and improve governance for public consortia.

The report argues that ENGIE's transition strategy is not aligned with the Paris Agreement due to the lack of confirmed shutdown dates for 70% of its remaining coal fleet and a reliance on converting coal plants to fossil gas and biomass. While ENGIE aims for renewables to provide 58% of its power by 2030, the document identifies significant financial and regulatory risks associated with its gas and biomass assets, including the potential for stranded assets and high methane emissions from shale gas procurement.

The document analyzes Canada's 2020 COVID-19 recovery spending, noting a higher commitment to clean energy (CAD 14.7 billion) than fossil energy (CAD 3.6 billion) according to Energy Policy Tracker data. However, it highlights significant transparency gaps regarding credit support from public finance institutions like EDC and BDC. Compared to France, Germany, and the UK, Canada's per capita investment in electric vehicles is lower, while its investment in building retrofits is relatively high. The brief warns that Canada's hydrogen strategy leans toward 'blue hydrogen' (fossil-based) while European peers prioritize 'green hydrogen'. It recommends applying strict 'green strings' to stimulus, phasing out fossil fuel subsidies, and aligning ambition with international standards.

The document argues that Export Development Canada (EDC) provides disproportionately high levels of support for oil and gas compared to clean technology, often lacking transparency in its transactions. It highlights that EDC's domestic mandate expansion, particularly during the COVID-19 pandemic, has facilitated continued fossil fuel financing. The brief recommends that EDC phase out public finance for fossil fuels, set clear climate action targets, and implement 'green strings' (climate-related conditionalities) to ensure economic recovery is aligned with the Paris Agreement and Canada's 2050 net-zero goal.

The document examines Canada's approach to the hydrogen economy, specifically the tension between supporting 'blue hydrogen' (fossil fuel-based with carbon capture) and 'green hydrogen' (renewable-based). It argues that blue hydrogen is less environmentally effective due to methane leaks and high costs of carbon capture and storage (CCS), and is likely to be out-competed by green hydrogen by 2030. The author contends that subsidies for blue hydrogen constitute fossil fuel subsidies that undermine Canada's climate goals and net-zero 2050 target, recommending strict environmental and cost criteria for any public funding.

The report examines the tension between Ethiopian nationalists and ethno-nationalists, noting that while most agree on federalism, they disagree on its purpose. It analyzes three primary constitutional frameworks—consociationalism, centripetalism, and integration—and proposes five hybrid models to balance inclusion, moderation, and national cohesion. The author concludes that no single design is sufficient and recommends a negotiated blend of these mechanisms to ensure stability and protect individual and minority rights.

The document argues that Total SE's carbon neutrality ambitions are 'window dressing' because they exclude global Scope 3 emissions and forecast increased hydrocarbon production. It highlights the contradiction between the climate pledges of major French banks and insurers and their continued financing of Total SE, including controversial projects like the East African Crude Oil Pipeline (EACOP).

The document analyzes the gap between Total SE's public climate ambitions and its actual business strategy, which continues to prioritize fossil fuel expansion. It highlights the role of French banks and investors in supporting this model and calls for a shift toward absolute emission reductions and the cessation of new fossil fuel projects.

The report details South Africa's transition from a secret nuclear weapons programme to a global advocate for nuclear disarmament and peaceful nuclear use. It analyzes the current nuclear governance framework, the state of aging facilities like the Koeberg Nuclear Power Plant, and the political and financial turmoil surrounding nuclear expansion plans, particularly during the Zuma presidency. The document highlights systemic challenges including state capture, dwindling expertise, and fragmented governance, while outlining the Ramaphosa administration's more cautious approach to adding 2,500MW of nuclear capacity.

Reclaim Finance criticizes the European Central Bank (ECB) and Banque de France for a 'wait-and-see attitude' toward the climate crisis. The statement contends that the ECB's creation of a 'climate center' and its investment in green bonds are insufficient 'publicity stunts' that do not address the bank's continued financial support for polluting companies and fossil fuel projects through its multi-trillion euro monetary policy.

In 2020, renewables generated 38% of the EU's electricity, surpassing fossil-fired generation (37%) for the first time. This shift was driven primarily by wind and solar, while coal generation fell by 20% to 13% of the total mix. However, the report notes that the transition remains too slow to meet 2030 and 2050 climate targets, as gas generation remains high and nuclear output saw a record 10% decline.

The document highlights the role of the soya industry in driving deforestation in Brazil's Amazon and Cerrado regions, noting that tropical deforestation accounts for approximately 8% of global annual greenhouse gas emissions. It identifies the 'ABCD group' (ADM, Bunge, Cargill, and Louis Dreyfus) as key traders failing to prevent deforestation due to a lack of cut-off dates, standardized clauses, and traceability. The author urges financial institutions to require traders to implement a cut-off date no later than January 1, 2020, establish full traceability and independent monitoring, and respect indigenous human rights, threatening the suspension of financial services for non-compliance by January 1, 2022.

The January 6 Capitol attacks damaged the United States' reputation as a democratic leader, prompting various nations to reconsider their reliance on U.S. leadership. While the UK sees an opportunity for a values-based partnership under Joe Biden, Brazil's President Bolsonaro has aligned himself with Trumpism, potentially hindering cooperation on climate change. South Africa views the events as a cautionary tale regarding democratic fragility and a reinforcement of U.S. racial inequality. Turkey expects a return to predictable diplomacy but notes the need for humility in U.S. human rights advocacy. India and other Quad members may pursue more autonomous regional initiatives to counter authoritarianism, specifically from China, due to perceived U.S. domestic dysfunction.

The report analyzes the issuance of sovereign green, social, and sustainable (VSS) bonds based on a survey of 19 issuers from developed and emerging markets. It finds that these instruments are primarily driven by climate mitigation goals and the desire to catalyze local green bond markets. The report details the decision-making process, which is typically led by ministers and supported by inter-ministerial working groups, and the preparation phase, which often involves 'budget tagging' to identify eligible expenditures. Key findings indicate that VSS bonds often attract higher demand and can achieve a 'greenium' (lower yields) compared to vanilla bonds, while diversifying the investor base. The document concludes that sovereign VSS bonds serve as a catalyst for broader market growth and provides a seven-step framework to propel the market toward the goal of net-zero emissions by 2050.