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Reclaim Finance criticizes AXA for maintaining investments and insurance coverage for fossil fuels despite its carbon neutrality goals. The organization highlights gaps in AXA's policies regarding Arctic drilling, oil sands, and shale oil and gas, urging the insurer to commit to 'no new unconventional oil and gas' and to divest from the most exposed companies in these sectors.

Reclaim Finance asserts that the Powering Past Coal Alliance (PPCA) is failing to drive a real movement away from coal despite growing membership. The organization highlights that most financial institution members continue to fund coal development, and co-chairs Canada and the United Kingdom, along with members like Mexico and Germany, exhibit contradictory behaviors such as planning new mines or power plants. The document calls for the PPCA to reform its criteria to include the entire coal sector and align with Paris Agreement timetables ahead of COP26.

Reclaim Finance asserts that the Powering Past Coal Alliance (PPCA) has failed to translate its membership growth into a real coal phase-out. The organization highlights that most financial members continue to fund coal, and several member states, including Canada and the UK, are pursuing new coal projects or exports. It calls for a reform of PPCA principles to include mines and infrastructure and demands that financial institutions adopt policies based on the Coal Policy Tool to meet Paris Agreement timelines.

Reclaim Finance argues that the PAII Net-Zero Investment Framework is inadequate for achieving a 1.5°C limit because it lacks a mandatory fossil fuel phase-out trajectory and relies on weak engagement strategies. While the framework correctly prioritizes low/no overshoot 1.5°C pathways, it is criticized for allowing targets based on carbon intensity rather than absolute emissions and for failing to address anti-climate lobbying.

Reclaim Finance assesses the March 2021 coal exclusion policy of UBS Asset Management, finding it insufficient due to the omission of the coal power sector and the exclusion of passively managed assets. The analysis highlights that UBS AM continues to support coal developers and companies below a 30% revenue threshold, such as Glencore and Adani, and lacks a defined global coal phase-out strategy aligned with IPCC-based deadlines.

The document urges French financial regulators (ACPR and AMF) to implement stricter oversight of fossil fuel financing, combat greenwashing in ESG products, and integrate climate risks into prudential requirements and fiduciary duties to align the financial sector with a 1.5°C trajectory.

Reclaim Finance critiques Santander's new environmental policy, noting that while the bank aims for zero exposure to thermal coal mining by 2030 and restricts non-conventional oil and gas financing, it fails to implement immediate exclusion criteria for high-exposure clients or a comprehensive exit plan for conventional fossil fuels.

The document outlines eight key demands from Reclaim Finance and Les Amis de la Terre France addressed to BNP Paribas. It calls for the bank to strictly apply its coal exit policy, cease all support for hydrocarbon development, exit high-risk sectors like the Arctic and unconventional oil and gas by 2030, and vote against Total's climate strategy. Additionally, it urges the bank to withdraw from gas projects in Mozambique, strengthen exclusions on soy-related deforestation in the Cerrado, and formalize a policy to end support for oil drilling in the Amazon.

The document consists of formal inquiries directed at Natixis regarding its climate and environmental policies. The authors challenge the bank's delayed implementation of coal exclusions, its continued support for fossil fuel expansion, and its involvement in high-risk sectors such as Arctic drilling, shale gas, and Amazonian oil extraction. It specifically calls for the bank to oppose Total's climate strategy and cease financing for projects like EACOP and Tilenga, as well as gas developments in Mozambique. Additionally, it demands a 'zero deforestation' policy for imported soy and a detailed plan to end support for oil drilling in the Amazon.

Reclaim Finance criticizes BlackRock's 2021 Stewardship Expectations, arguing that the asset manager's commitment to support more climate-related shareholder votes is undermined by a lack of robust engagement strategies. The document highlights that BlackRock supported only 11% of climate resolutions in 2020 and continues to invest in companies expanding fossil fuel infrastructure, including 240 companies planning new coal projects. Reclaim Finance asserts that effective engagement requires public, time-bound demands for 1.5ºC alignment and absolute emission reductions by 2030, alongside the use of divestment for non-transitioning companies.

Reclaim Finance critiques the third technical report for the EU Ecolabel for financial products, stating that new 'transition' and 'green growth' categories allow companies to continue investing in polluting activities without requiring Paris-aligned phase-out plans. The organization argues that the report's loosened restrictions on deposit accounts and reduced 'greenness' thresholds for UCITS equity funds undermine the label's ambition and could mislead savers.

The document evaluates the coal exit policies of French financial actors, highlighting a lack of uniformity and the failure of some to meet 2019 commitments. It details five categories of best practices: halting new projects and infrastructure, excluding companies with coal development plans, setting low revenue/production thresholds for exclusion, applying absolute exclusion limits for the largest coal actors, and requiring companies to publish closure plans that prioritize shutting down assets over selling them.

The document critiques the EU's introduction of the Paris Aligned Benchmark (PAB) and Climate Transition Benchmark (CTB), stating they fail to require absolute greenhouse gas emission reductions or exclude companies developing new fossil fuel projects. It highlights the risk of greenwashing in passive index management, where over 20% of global assets are managed, and proposes four sets of stricter criteria for financial institutions to achieve genuine climate alignment.

The document outlines principles for financial institutions (FIs) to align with the 1.5°C goal of the Paris Agreement, specifically referencing the IPCC SR1.5 pathway 1. It demands the immediate cessation of financing for new fossil fuel exploration and infrastructure, a rapid phase-out of coal financing by 2030 in OECD countries and 2040 globally, and the prohibition of financing for projects causing deforestation or ecosystem degradation. FIs are urged to disclose their full carbon footprint, set science-based targets to reach zero impact by 2050, and avoid reliance on offsets or untested negative emissions technologies.

Reclaim Finance argues that Société Générale's updated coal policy is insufficient because it allows continued support for companies developing new coal projects and relies on a vague 25% revenue threshold for restricting services.

Reclaim Finance argues that Société Générale's coal exit strategy is inadequate because it allows continued support for companies planning new coal projects and uses a revenue-based threshold for restricting services that lacks a precise definition of a 'credible exit strategy'.

The report by Reclaim Finance and Les Amis de la Terre France analyzes the climate pledges of several French financial institutions. While some banks like Natixis and SCOR have introduced coal exit timelines and exclusions, the authors argue that many commitments remain insufficient due to narrow scopes, the exclusion of major oil and gas companies, and a lack of alignment across all business lines, particularly in the case of Société Générale and SCOR's reinsurance activities.

The report finds that while the global coal fleet grew by 34.1 GW in 2019, this was primarily driven by China, as the fleet outside China shrank for the second consecutive year. Most leading indicators of growth, including construction starts and pre-permit development, continued to decline globally. The report highlights a shift in financing, with Western commercial banks exiting project finance for coal, while Chinese public finance and Indian state-backed institutions continue to support new capacity. Despite these trends, the report argues that coal power use must fall by 80% by 2030 to align with the 1.5C warming limit of the Paris climate agreement.

ClientEarth warns the Aviva Staff Pension Scheme trustees that treating climate change as a general ESG issue rather than a specific material financial risk may expose them to legal challenges for breach of fiduciary duty. The letter outlines the financial risks of high-carbon assets, the opportunities in the low-carbon transition, and emerging market standards among OECD asset owners. It provides a detailed set of recommended actions, including reallocating capital away from coal and risky fossil fuels, adopting TCFD-aligned reporting, and implementing active stewardship policies to ensure the long-term security of members' retirement outcomes.

ClientEarth warns the BAE Systems Main Scheme trustees that ignoring climate risk could lead to legal challenges for breach of fiduciary duty. The letter outlines material financial risks associated with fossil fuels, the opportunities of a low-carbon transition, and emerging market standards among OECD asset owners. It provides a detailed set of recommended actions, including reallocating capital away from coal and high-risk fossil fuels, adopting TCFD-aligned reporting, and pursuing active stewardship of portfolio companies.