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Reclaim Finance challenges the credibility of Crédit Agricole's December 2023 climate objectives, citing a lack of precise definitions for terms like "low-carbon energies" and "clean technologies." The organization argues that the bank's targets—including a goal to reach 3 billion euros in annual renewable energy funding in France by 2030—are insufficient to meet the 1.5°C warming limit and fail to align with the IEA's recommended 6:1 ratio of sustainable electricity investment versus fossil fuel financing.

Reclaim Finance asserts that the 'transitioning away from fossil fuels' agreement at COP28 must be backed by concrete action from rich countries. It calls for the EU, US, Canada, Norway, the UK, and Australia to end domestic oil and gas production, stop their financial institutions from enabling global fossil fuel expansion, and provide concessional finance for just coal retirements and renewable energy deployment in the Global South.

The document calls on the EU, the US, and Canada to move beyond negotiation terms from COP28 by rapidly phasing out domestic fossil fuel production and use, ending financial institution support for fossil fuel expansion, and providing concessional financing to developing nations to triple renewable energy deployment and double energy efficiency.

Reclaim Finance argues that Crédit Agricole's new climate commitments are insufficient because they do not explicitly ban the financing of new oil and gas infrastructure, such as LNG terminals. While the bank increased its target for reducing financed emissions from oil and gas loans to 75% by 2030, the organization notes that this does not guarantee an end to support for companies developing new fossil projects. The statement highlights specific examples of continued involvement, including the Port Arthur LNG terminal in the US and advisory services for the Papua LNG project, and criticizes the exclusion of only independent extraction companies while sparing integrated oil majors.

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.

The document critiques the COP28 final declaration for lacking a commitment to a 'fossil fuel phaseout' and for being lenient on coal and gas. It argues that developed countries, particularly France and the UK, must stop their financial institutions from enabling fossil fuel expansion and instead provide concessional finance and de-risking mechanisms to help developing countries transition to renewables and energy efficiency.

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.

The report analyzes EU energy data from 2021 to 2023 to demonstrate how reliance on gas as a marginal electricity generator increases price volatility and energy inflation. It highlights that gas set electricity prices 55% of the time in 2022 and notes that energy inflation (HICP energy) typically rises between 20% and 45% when electricity prices exceed 150€/MWh. The author criticizes the EU's expansion of LNG infrastructure as a source of further volatility and calls on the European Central Bank to support renewable energy and energy efficiency to maintain long-term price stability.

Reclaim Finance challenges the claim that French banks are leaders in the ecological transition, noting that their financing ratio of sustainable electricity to fossil fuels (0.94:1) is far below the 6:1 ratio required by the IEA's Net Zero Emissions by 2050 scenario for 2030. The document highlights continued exposure to coal and hydrocarbons, specifically criticizing BPCE for lacking commitments to limit fossil fuel expansion and Crédit Agricole for supporting TotalEnergies' Papua LNG project.

The document outlines ten principles for coal retirement mechanisms (CRMs), emphasizing the immediate cessation of coal expansion, the replacement of lost power with sustainable renewables, and the use of concessional financing in developing countries. It argues that CRMs must avoid emissions leakage, carbon offsets, and retrofitting delays while ensuring transparency and the remediation of social and environmental harms.

The policy brief argues that existing coal retirement mechanisms (CRMs) in Asia and Africa are failing to translate pledges into funding and effective plant closures. It identifies barriers such as the prevalence of non-concessional loans, the risk of 'emission leakage,' and the moral hazard of incentivizing new coal build-out. To address these, Reclaim Finance and 11 partner organizations propose ten principles, which include an immediate stop to coal expansion finance, the replacement of coal with renewables rather than gas, the prohibition of tradeable carbon offsets, and the requirement for transparent, auction-based retirement processes.

The briefing analyzes the relationship between gas dependency, electricity prices, and inflation in the EU from 2021 to 2023. It finds that gas-based marginal pricing drives electricity costs and energy inflation, while renewable energy and energy efficiency can lower and stabilize these prices. The authors contend that the ECB's current broad interest rate hikes hinder the capital-intensive investments needed for this transition, potentially undermining the bank's own price stability mandate. They recommend targeted monetary policy to support the energy transition.

The report finds that ADNOC's climate strategy is not aligned with a 1.5°C pathway, characterized by significant oil and gas expansion and insufficient transparency. ADNOC has the highest absolute short-term expansion overshooting the IEA NZE scenario worldwide, with 8,343 mmboe from fields with Final Investment Decisions (FID) after 2021. The company plans to increase crude oil production capacity by 25% between 2020 and 2027 and intends to expand its LNG capacity through new terminals in the UAE, India, and the Netherlands. Low-carbon investments represent only 10% of its 2023-27 CAPEX, and renewables are projected to make up less than 7% of its energy mix by 2030. Furthermore, ADNOC lacks scope 3 emission targets and does not provide detailed financial statements or production forecasts for 2030, hindering a full assessment of its transition risks.

The briefing finds that Saudi Aramco's climate strategy lacks transparency and is misaligned with 1.5°C pathways. The company plans to increase oil and gas production capacity through 2030, resulting in production levels significantly above the IEA Net Zero Emissions (NZE) scenario. Investment remains heavily skewed toward upstream fossil fuel activities, with renewables expected to constitute less than 1% of its energy mix by 2030. Furthermore, the company does not disclose scope 3 emissions or targets, making a full GHG trajectory projection impossible.

The document evaluates the technical and economic performance of CCUS in power generation, highlighting that existing projects like Boundary Dam and Petra Nova have failed to meet theoretical capture rates. It notes that CCUS increases energy consumption by 20-30%, raises capital and operational costs significantly, and often facilitates enhanced oil recovery rather than permanent storage. Reclaim Finance concludes that CCUS in the power sector risks delaying the phase-out of fossil fuels and recommends that financial institutions prioritize mature sustainable energy sources like wind and solar.

The document analyzes hydrogen production methods, contrasting the high carbon intensity of fossil fuel-based routes—even those using carbon capture (CCUS)—with the lower impact of water-based electrolysis. It highlights a significant gap between current electrolyser manufacturing capacity and the targets required for the IEA's Net Zero Emissions by 2050 scenario. Reclaim Finance argues that financial support should be restricted to electrolytic hydrogen and prioritized for hard-to-abate sectors like ironmaking and shipping, rather than power storage or heating.

The report finds that asset managers largely fail to use their voting power to oppose fossil fuel expansion, often supporting the governance and strategies of climate-hostile companies. Despite public commitments to climate action, the analysis reveals that most asset managers' voting policies lack robust, action-oriented criteria and that their actual voting records show high support for the re-election of directors and remuneration of executives at companies pursuing expansion plans incompatible with a 1.5°C scenario.

Reclaim Finance argues that current climate commitments by French life insurers contain significant gaps, noting that approximately 45% of life insurance assets bypass these engagements. The organization recommends extending investment policies to unit-linked accounts (UC) and indirect investments, leveraging influence over asset management companies, and expanding the scope of excluded fossil fuel projects to include infrastructure like LNG and pipelines.

A joint statement by Reclaim Finance and other organizations challenging TotalEnergies' claims regarding the Papua LNG project. The authors argue the project contradicts global climate goals, risks becoming a stranded asset due to peaking gas demand, and threatens high-biodiversity native forests. They further contend that the project's social safeguards are insufficient, citing a lack of transparency and opposition from local clans and chiefs in Papua New Guinea.

A joint statement by Reclaim Finance and partners challenging TotalEnergies' claims regarding the Papua LNG project, asserting that the project is incompatible with a 1.5°C warming limit, risks becoming a stranded asset, and threatens indigenous forests and community rights in Papua New Guinea.