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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.

In 2023, global coal capacity reached an all-time high of 2,130 GW, driven largely by China, despite a record low in new construction starts outside of China. Only 15% of current operating capacity is committed to retirement in line with the 1.5°C Paris Agreement goal, necessitating a phaseout rate of approximately two plants per week through 2040.

Using updated CoastalDEM elevation data and IPCC medium-to-high emissions scenarios, Climate Central projects that by 2100, annual coastal flood risk zones will expand to include areas where an additional 93 million people currently live. The report highlights severe population impacts in Asia, particularly in China, Bangladesh, and Vietnam, and provides the first full assessment of population exposure in Arctic nations.

The Kuali Fund-GCF is a blended finance programme designed to catalyze private investment for climate mitigation and adaptation in Latin America and the Caribbean. It targets small financial service providers (FSPs) and innovative climate companies to bridge the financing gap for SMEs and smallholder farmers. The fund employs a 'Green Index 3.0' to transform FSPs into 'Super Green' institutions that offer sustainable financial products. With a total financing of 128.2 million Euros, including 32.8 million Euros from the Green Climate Fund, the programme aims to avoid 2,707,455 tons of CO2 equivalent and reach over 242,000 direct beneficiaries over a 10-12 year lifespan.

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 highlights a contradictory global trend: while most countries are reducing coal construction and many are committing to phase-outs, global coal capacity increased by 11% since 2015, reaching a record high in 2023. This growth is driven primarily by China, which accounted for two-thirds of the 2023 increase. Outside China, new construction starts reached their lowest level since 2015. The report notes that only 15% of global operational capacity has a documented phase-out plan aligned with the 1.5°C goal. Regional analyses show significant progress in the EU and UK, though some countries lag behind 2030 targets, and a volatile situation in Sub-Saharan Africa where South Africa remains heavily dependent on coal despite an energy crisis.

The report finds that global coal capacity reached a record high in 2023, totaling 2,130 GW, driven largely by China. While new construction starts reached a nine-year low outside China, they hit an eight-year high within China. Only 15% of global operating coal capacity has retirement commitments aligned with the 1.5°C Paris Agreement goal. In Indonesia, the transition is hindered by the rapid growth of 'captive' coal plants for nickel smelting, a reduction in renewable energy targets, and a financial taxonomy that classifies captive coal as 'transition' activities.

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.

In 2023, global coal capacity reached a record 2130 GW, driven largely by China, despite a decline in new construction starts outside China. While 101 countries have committed to avoiding new coal, significant pre-construction pipelines remain in China and India. Central Asia is identified as a region moving against the global trend, with proposed coal capacity reaching 45% of its current operational capacity, led by Kazakhstan.

Global coal-fired power capacity reached a record 2,130 GW in 2023, driven largely by China, despite a general global trend toward reducing new coal construction. While the EU and UK are accelerating retirements, China's new construction capacity reached an eight-year high. Turkey continues to develop coal capacity, ranking eighth globally in capacity under development, despite significant local opposition and the cancellation of numerous projects.

The global operating coal fleet grew by 48.4 GW (2%) in 2023 to 2,130 GW, primarily driven by China. While many countries have reduced their coal pipelines or committed to 'No New Coal,' China saw an eight-year high in new construction starts. Outside China, new construction hit a record annual low. However, global operating capacity has grown 11% since 2015, and only 15% of current capacity has a retirement commitment aligned with the 1.5°C goal.

Reclaim Finance finds that Shell's investment strategy prioritizes oil and gas expansion and shareholder returns over renewable energy, leading to production levels and LNG capacities that significantly exceed NZE requirements by 2030. The report notes that Shell has reduced its carbon intensity targets and relies heavily on unproven carbon capture and offsets, while its renewable energy growth remains marginal compared to its fossil fuel output.

The report concludes that TotalEnergies' strategy prioritizes oil and gas expansion and shareholder returns over the energy transition. It finds that the company's 2030 production targets and LNG capacity expansions significantly overshoot NZE limits, while its renewable energy growth relies primarily on acquisitions rather than organic development. Furthermore, the report argues that TotalEnergies' diversification into gas power, blue hydrogen, and bioenergy is unsustainable and that its emissions targets rely heavily on unproven carbon capture and offset technologies.

The document analyzes the global landscape of fossil fuel subsidies (FFS), noting that they typically total around $600 billion annually and double during price crises. It argues that FFS drive greenhouse gas emissions and market distortions, and that the WTO is uniquely positioned to facilitate reform through transparency, capacity building, and the development of international disciplines. The author prioritizes the reform of subsidies for transport consumers, residential consumers, and oil and gas producers, while emphasizing the need for just transition principles to protect vulnerable populations, particularly in developing countries.

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 report finds that global coal capacity reached a historic high in 2023, increasing by 48.4 GW to a total of 2,130 GW. While new construction starts reached a nine-year low outside of China, China saw an eight-year high in new starts. Only 15% of global operating coal capacity has commitments to close in line with the 1.5°C Paris Agreement goal. In Indonesia, the report highlights a surge in 'captive' coal plants supporting nickel smelting, noting that 27.5% of Indonesia's operating coal capacity is captive. Despite the US$20 billion Just Energy Transition Partnership (JETP), Indonesia's early retirement targets for coal plants shrank from 5.5 GW to 1.7 GW in late 2023.

The report finds that while most countries are reducing coal proposals, global operating capacity grew by 48.4 GW in 2023, primarily driven by China. It highlights a stark divergence between China's construction surge and a record low in new starts elsewhere, while noting that only 15% of global operating coal capacity has a Paris-aligned retirement commitment.

WWF proposes a 'start then strengthen' approach for the global Plastic Pollution Treaty, focusing on five priority plastic applications for reuse: prefilled beverage bottles, takeaway food and beverage containers, on-site single-use products, consumer delivery packaging, and B2B closed-loop packaging. The report advocates for binding global reuse targets, harmonised definitions, and minimum performance standards for both products and systems to prevent 'reuse in name only'. It emphasizes that a global treaty is necessary to overcome market failures and high start-up costs that hinder individual business adoption of reuse systems. Recommended implementation tools include Extended Producer Responsibility (EPR) schemes, deposit return systems (DRS), and multilateral funding to support a just transition, particularly for low-income countries and informal waste pickers.

The author contends that recent farmer protests in Europe and India stem from systemic issues including unfair trade agreements, corporate price-gouging, and a subsidy system that favors large-scale industrial farming. The document criticizes the European Commission's decision to scrap pesticide targets and loosen environmental requirements, arguing that these 'U-turns' ignore the root causes of farmer distress. Instead, the author proposes a 'just transition' that includes a carbon border adjustment mechanism for agriculture, a rethink of the Mercosur trade deal, and a CAP that rewards environmental stewardship over land ownership.