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Reclaim Finance argues that TotalEnergies' claims of diversification are misleading, as the company intends to increase absolute oil and gas production by 2030 and is aggressively expanding its liquefied natural gas (LNG) portfolio. The report highlights that the company's renewable energy growth relies heavily on acquisitions rather than new capacity and criticizes the Papua LNG project for its projected climate and human rights impacts.

Reclaim Finance criticizes the European Commission's June 2023 proposal to regulate ESG ratings, stating that while it improves transparency and conflict-of-interest rules, it fails to prevent greenwashing by omitting minimum standards for ESG factors. The author contends that without mandatory requirements—such as aligning the 'E' factor with 1.5°C transition plans and ensuring each factor represents at least 25% of the final score—companies can 'shop' for lenient providers to hide their actual environmental impact.

The author contends that the cancellation of the Climate Finance Day, organized by the Institut de la Finance durable (IFD), signals a failure by Bruno Le Maire and Paris financial actors to establish the city as a capital of green finance. The text highlights a perceived shift back toward 'climaticide' finance, noting that previous requests for financial actors to exit unconventional oil and gas were not enforced. Furthermore, the author expresses concern that the upcoming revision of the ISR label may fail to exclude fossil fuel companies like TotalEnergies, thereby undermining the goal of mobilizing French savings for the energy transition.

The document criticizes the current practices of major European reinsurers during the Rendez-Vous de Septembre in Monte-Carlo, noting that while natural disasters cost nearly US $50 billion in early 2023, reinsurance treaties—which comprise over 70% of turnover—remain largely exempt from fossil fuel exclusion policies. It argues that increasing treaty rates is an unsustainable response to climate risk and calls for the exclusion of new coal, oil, and gas projects to prevent global warming exceeding 1.5°C.

The document discusses the role of reinsurance treaties during the 'Rendez-Vous de Septembre' in Monte-Carlo, highlighting how these treaties currently allow the continued coverage of fossil fuel expansion despite the increasing costs of natural disasters. Reclaim Finance contends that simply raising premiums is an unsustainable solution and calls for the exclusion of new fossil fuel projects from these treaties.

The report finds that TotalEnergies' 2030 oil and gas production targets and carbon intensity are significantly higher than those required by the IEA's 1.5°C-aligned Net Zero Emissions (NZE) scenario. It highlights a substantial investment gap, noting that in 2022, the company invested more than three dollars in oil and gas for every dollar invested in its Integrated Gas, Renewables and Power division, while distributing over four dollars to shareholders for every dollar invested in that same division. The analysis concludes that the company's reliance on carbon capture and offsets, combined with continued expansion into unconventional resources like Arctic and ultra-deep water, poses a material risk to its ability to meet decarbonization targets.

Eighteen civil society organizations are calling on Crédit Agricole CIB to cease its role as a financial advisor for the Papua LNG project, led by TotalEnergies, ExxonMobil, Santos, and JX Nippon. The letter argues that the project, which includes 9 offshore wells and a 320km pipeline, would increase Papua New Guinea's energy and industry emissions by over 7% and generate 220 million tons of CO2 equivalent in scope 3 emissions. The authors highlight risks to frontline communities in Gulf Province, potential stranded assets due to a projected 72% decline in global gas demand by 2050, and a lack of guaranteed sales agreements. The organizations demand that Crédit Agricole withdraw from the project, end financial services for new gas fields and LNG terminals, and condition services to TotalEnergies on a commitment to stop new upstream and midstream oil and gas projects.

Reclaim Finance argues that the EU's climate targets cannot be met without a massive mobilization of private finance, which currently favors fossil fuels over sustainable energy. The organization proposes four key interventions: mandating a 6:1 clean energy to fossil fuel investment ratio by 2030, requiring robust and audited climate transition plans, applying the "do not significantly harm" principle to all financial services, and implementing preferential ECB refinancing rates for sustainable activities.

Reclaim Finance argues that current financial engagement for climate action is limited, citing the failure of Climate Action 100+ to secure comprehensive transition plans from all target companies. The guide recommends that investors increase transparency, set time-bound public demands focused on 1.5°C alignment rather than mere transparency, and implement systematic annual escalation sanctions for non-compliance.

Reclaim Finance criticizes Natixis IM for its inconsistent climate policies across its 19 affiliates, highlighting that while some are compliant, others like Loomis Sayles continue to invest in fossil fuel expansion and coal. The organization urges Natixis IM and BPCE to implement a common climate roadmap and a coal exit policy for all affiliates to align with the 2019 commitment made by the Paris financial center.

Reclaim Finance criticizes the Net-Zero Asset Owner Alliance (AOA) for failing to align its Target Setting Protocol Version 4 (TSPV4) with UN High-Level Expert Group (HLEG) recommendations. The organization argues that the AOA allows members to use relative intensity metrics that can disguise absolute emission increases and fails to mandate Scope 3 targets for high-emitting sectors like oil and gas. Reclaim Finance calls for mandatory absolute targets, robust transition plans for asset owners, and a strict prohibition on investing in companies expanding coal, oil, and gas infrastructure. Additionally, it urges the AOA to define concrete escalation procedures for investor engagement and to adopt the updated September 2023 IEA Net Zero Roadmap.

Reclaim Finance analyzed 150 financial institutions and found that very few have adopted steel decarbonization targets, and those that have are characterized by significant flaws. Only 16 of 60 assessed banks have steel targets, most of which rely on intensity metrics rather than absolute emissions and exclude underwriting activities and Scope 3 emissions. The report argues that current targets are insufficient to prevent investment in high-carbon infrastructure, such as new blast furnaces and metallurgical coal mines.

Reclaim Finance argues that GFANZ's guidance on coal managed phase-outs (MPOs) in Asia Pacific must be significantly strengthened to ensure alignment with a 1.5°C scenario, protect civil society, and avoid 'junk' carbon offsets. The organization recommends that financial institutions end all support for new coal infrastructure and that MPOs prioritize the closure of the oldest plants by 2040, without diverting funds toward retrofits or carbon-intensive alternatives like biomass and ammonia.

The report argues that the coal sector is not aligned with 1.5°C targets and poses significant financial risks, including over US$1.4 trillion in potential stranded assets. It recommends that banks immediately cease financing new coal projects and implement a timed escalation strategy to exit coal exposure by 2030 in OECD and European countries, and by 2040 worldwide. Key requirements for coal companies include the adoption of public, asset-by-asset phase-out plans and just transition strategies for workers and the environment.

The document argues that current climate stewardship is failing to align corporate strategies with the 1.5°C goal, citing the limited impact of initiatives like Climate Action 100+. It provides a detailed framework for credible engagement and voting policies, emphasizing the need for time-bound demands, systematic escalation strategies including divestment, and comprehensive reporting of both activity and outcome indicators. The guide also offers specific sectoral demands for high-emitting industries and guidance for corporate bondholders and asset owners.

The document claims that momentum has stalled regarding coal exit policies in the Paris financial center since 2019, despite previous threats of legislation by the French Minister of the Economy.

Reclaim Finance reports that the Paris financial center's transition away from coal has stalled, with many institutions maintaining weak policies or continuing to support coal developers. The analysis highlights gaps in exclusion criteria, the failure of passive funds to exclude fossil fuel bonds, and a lack of comprehensive exit plan requirements for portfolio companies. The document criticizes the French government for failing to legislate or enforce these commitments despite warnings from regulators.

The document critiques the European Commission's proposal on ESG ratings, stating it fails to remedy fundamental problems like the lack of harmonized methodologies. Reclaim Finance proposes that the regulation be amended to include mandatory baseline standards—specifically aligning the 'E' factor with the 1.5°C Paris Agreement target—and minimum weighting thresholds (33% for E, 25% for S and G) to ensure ratings are not used as greenwashing tools.

Reclaim Finance assesses the transition of Climate Action 100+ (CA100+) into its second phase (running until 2030), claiming the initiative's first phase was a failure. The organization highlights that most target companies have not aligned capital expenditure with a 1.5°C trajectory and that investors have failed to use voting power to sanction inadequate climate strategies. While noting new accountability requirements for lead investors, Reclaim Finance argues the framework remains too focused on disclosure rather than implementation and calls for robust escalation strategies and systematic sanctions for non-compliant companies.

Reclaim Finance criticizes the second phase of Climate Action 100+ (CA100+), stating that the coalition failed in its first phase to secure comprehensive net-zero targets or align corporate capital expenditure with 1.5°C goals. While welcoming new transparency requirements for lead investors, Reclaim Finance argues that the benchmark remains too focused on transparency rather than implementation and lacks systematic sanctions or exclusion mechanisms for non-compliant members and companies.