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THE ENERGY BOMB
The report examines the rapid growth of proof-of-work cryptocurrency mining in the U.S. following China's 2021 ban. It argues that the industry's high energy demands drive the revival of defunct fossil-fuel power plants, increase greenhouse gas emissions, and place financial burdens on electricity ratepayers. The document also details local harms, including noise and water pollution, and debunks industry claims regarding sustainability and grid stability.
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Document type: Report
Challenges to debt sustainability and financial market development posed by COVID-19 and the war in Ukraine
The report examines how global shocks have exacerbated chronic fiscal and current account imbalances in five Sub-Saharan African nations. It highlights severe liquidity and solvency risks, particularly regarding external debt in Ethiopia, Ghana, and Kenya. The authors argue that while some countries used debt monetization and financial repression to manage short-term costs, these practices inhibit long-term financial market development and fuel inflation. The document recommends strengthening public debt management, diversifying funding sources, and transitioning toward market-conform policies to avoid debt distress and encourage private sector credit.
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Document type: Report
Implementation of the Lao PDR Emission Reductions Programme through improved governance and sustainable forest landscape management Lao People's Democratic Republic (the)
The interim evaluation of the I-GFLL/CliPAD IV project in Lao PDR indicates a generally successful implementation, rated as 'Level 2: successful' overall. The project is highly aligned with national policies and the needs of rural populations in Luang Prabang, Sayabouri, and Houaphan provinces. While it has successfully established an enabling environment for REDD+ and integrated women and ethnic groups, effectiveness is rated as 'moderately successful' because many village-level activities only began in 2021, making it too early to quantify total CO2 reductions. Key achievements include the creation of a Climate Change Funding Window within the Environment Protection Fund and the development of 25 Village Forest Management Plans. However, challenges remain regarding high staff turnover in government agencies, bureaucratic delays in fund disbursement, and external risks from mining concessions and infrastructure projects.
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Document type: Report
Crude awakening
Global Energy Monitor reports that 24,166 km of oil pipelines are in development worldwide, with an estimated cost of USD 75.4 billion. This expansion, led by the United States, India, China, and Russia, is projected to add approximately 30.1 million barrels per day of transmission capacity, potentially generating 4.61 billion tonnes of CO2 annually. The report argues that this buildout creates significant stranded asset risks and contradicts the IEA's Net Zero by 2050 scenario, which states that no new oil fields are necessary to meet Paris Agreement goals.
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Document type: Briefing
中国电⼒和钢铁⾏业仍在投资⾼碳产能 ,或成“双碳”⽬标绊脚⽯
The document reports that despite China's climate goals, investment in high-carbon coal power and blast furnace steel capacity remains high. While renewable energy and electric arc furnace (EAF) investments are growing, the continued approval of coal plants and high-emission steel projects creates significant stranded asset risks. The report argues that power shortages in provinces like Sichuan are caused by rigid grid management and fuel costs rather than a lack of capacity, suggesting that further coal expansion is unnecessary if grid reforms are implemented.
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Document type: Briefing
China’s power and steel industries continue to invest in coal-based capacity, complicating carbon goals
The document finds that while China has seen record clean energy installations and a decline in coal-fired power generation, government permitting for new coal plants and investments in blast furnace capacity accelerated in early 2022. This trend creates a risk of significant stranded assets—estimated at $8.5 billion for power and $15-22 billion for steel—and complicates the economic and political transition to low-carbon energy. The report highlights that power shortages in provinces like Sichuan were driven by rigid grid management and high fuel prices rather than a lack of capacity, and recommends reforming grid operations and including the steel sector in the emissions trading system.
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Document type: Briefing
‘Jobs versus Grants’: Are employment and basic income a policy trade-off?
The document challenges the belief that social grants create a 'culture of dependency' or discourage labour market participation in South Africa. By reviewing international and local evidence, it argues that cash transfers often facilitate job searches, stimulate local economies, and empower women. The authors advocate for a UBIG indexed to the upper-bound poverty line, funded through progressive taxation, as a means to eliminate poverty while supporting inclusive economic growth.
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Document type: Policy brief
The Bottom Line
The document analyzes global oil demand scenarios from the IEA and CER, concluding that structural shifts in road transport and increasing climate policies will lead to a permanent decline in oil demand starting before 2030. It highlights that while road transport is the primary driver, other sectors like plastics, aviation, and shipping will also contribute to demand destruction in the medium term, creating a shrinking market for Canadian oil producers.
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Document type: Policy brief
Illicit Financial Flows and Conflict in Artisanal and Small-Scale Gold Mining: Burkina Faso, Mali, and Niger
The report analyzes how the informality of artisanal and small-scale gold mining (ASGM) in Burkina Faso, Mali, and Niger facilitates illicit financial flows (IFFs) and fuels regional conflict. It examines the legal frameworks, the scale of gold smuggling—particularly to the UAE—and the ways non-state armed groups exploit mining sites for funding and recruitment. The document highlights a 'vicious circle' where state absence and corruption drive miners toward informal or militant-controlled sites, while recommending simplified formalization, tax harmonization, and multi-level governance to stabilize the sector.
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Document type: Report
MANAGING INFLATION BY SUPERCHARGING A CLEAN ENERGY TRANSITION
The report analyzes how 'climateflation', 'fossilflation', and 'greenflation' impact price stability and proposes that the ECB align its operations with EU climate goals, implement green lending facilities for building renovation, and coordinate with the EIB and European Commission to fund a just energy transition.
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Document type: Report
COAL IT A DAY: Time for US banks to stop banking on coal expansion
The document analyzes the role of major US banks in financing the global coal industry, highlighting a gap between their public climate pledges and their actual financial activities. It argues that weak corporate financing policies allow funds to continue flowing to coal developers despite net-zero commitments.
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Document type: Briefing
Japan’s megabanks: no net-zero banking ambition
The report by Reclaim Finance criticizes Mizuho, MUFG, and SMBC for their continued role as major financiers of the coal industry. While the banks have introduced restrictions on project financing for new coal, the document asserts these are insufficient because the vast majority of financing occurs through corporate loans and underwritings. Between January 2019 and November 2021, these banks provided billions of dollars to coal developers, including entities like China Huaneng Group and Adani Group. The author concludes that the banks are lagging behind international peers and must adopt stricter corporate-level exclusion criteria to align with the Net-Zero Banking Alliance and IEA pathways.
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Document type: Statement
WACC | On “shrinking space”: A framing paper
The document argues that the concept of "shrinking space" is often used to depoliticize the targeted repression of radical social movements. It identifies ten trends of repression, including philanthropic protectionism and the criminalization of human rights defenders, and contends that these tools are applied selectively by states to maintain power. The author suggests that the focus should shift from a generic "civil society" lens to one of political marginalization and solidarity with those on the margins.
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Document type: Research paper
Climate Security Implications of the U.S. Inflation Reduction Act
The Inflation Reduction Act is framed as a national security win that reduces U.S. carbon emissions, enhances energy resilience against fossil fuel volatility, and lowers the cost of clean energy technologies for global partners. It specifically supports Department of Defense decarbonization goals in aviation and heavy industry while strengthening U.S. geopolitical influence relative to China.
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Document type: Statement
Peaking: A Brief History of Select Energy Transitions
The briefing identifies a recurring pattern in energy transitions where demand for an incumbent energy source peaks, plateaus, and then declines rapidly once price parity with a new source is reached. It provides historical examples from the US and UK, such as the transition from horses to cars and gas to electric lighting, and notes that OECD demand for coal electricity peaked in 2003 and has fallen by 43% since 2008.
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Document type: Briefing
Investor Perspectives on Accelerating Growth in the Indian EV Ecosystem
The report examines the Indian EV ecosystem, noting success in incentivizing two- and three-wheel vehicle demand while highlighting the need to scale four-wheel vehicles and buses. It identifies significant growth potential in domestic battery manufacturing to reduce reliance on China, though it warns that insufficient charging infrastructure, consumer financing gaps, supply chain vulnerabilities, and labor skill gaps remain critical obstacles to scaling growth.
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Document type: Report
Negotiating Africa-EU futures amidst geopolitical turmoil
The author argues that Africa-EU relations are characterized by a historical imbalance and a lack of mutual respect, which is exacerbated by the EU's shift toward a 'geopolitical commission' and the diversion of security resources to Ukraine. The document highlights how the replacement of the African Peace Facility (APF) with the European Peace Facility (EPF) allows the EU to bypass the African Union (AU) in security decisions, prompting African states to seek transactional 'Plan B' partnerships with other global powers like China and Russia. The author contends that African positions on the war in Ukraine are driven by pragmatism rather than Russian influence, and warns that failing to acknowledge this nuance risks further deteriorating the partnership.
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Document type: Research paper
Verhandlungen über die Zukunft der Beziehungen zwischen Afrika und der EU inmitten geopolitischer Turbulenzen
The author argues that EU-Africa relations are characterized by a historical imbalance and a lack of mutual respect, which has been exacerbated by the Russia-Ukraine war. The document highlights how the EU's shift toward geopolitics and the creation of the European Peace Facility (EPF) may undermine the African Peace and Security Architecture (APSA) by bypassing the AU. It notes that African nations are adopting a pragmatic approach to geopolitical tensions, seeking diverse security partnerships with countries like China, Russia, and the USA to fill funding gaps and reduce dependence on the EU.
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Document type: Research paper
JUST ENERGY TRANSITIONS AND NATURAL GAS IN AFRICA: BALANCING CLIMATE ACTION AND STRUCTURAL TRANSFORMATION
The document examines the tension between Africa's significant natural gas resources and the global shift toward net-zero emissions. It argues that while gas provides short-term revenue and energy security, long-term investments face high risks of becoming stranded assets due to declining global demand and the falling costs of renewable energy. The paper advocates for leveraging climate finance to scale up renewables and green hydrogen, which it presents as more sustainable pathways for economic diversification and energy access.
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Document type: Research paper
Krill, Baby, Krill
The report argues that Antarctic krill fishing is unsustainable, threatening a fragile ecosystem already stressed by climate change. It highlights how the industry, dominated by Aker BioMarine, uses greenwashing and problematic certifications like the MSC to justify its operations. An investigation reveals that krill-oil supplements are widely sold by the world's largest retailers and krill meal is extensively used in European salmon aquaculture, often without consumer-facing labels or retailer policies to exclude it.
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Document type: Report