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Reclaim Finance criticizes the Royal Bank of Canada (RBC) for becoming the top global financier of fossil fuels, providing US$40.6 billion in financing last year. The organization highlights significant loopholes in RBC's October 2020 coal policy, which excludes only new clients and uses high revenue thresholds (60%) that fail to capture the majority of coal mining and power companies. The document details RBC's continued support for coal developers like Glencore and RWE, as well as utilities in the US and Canada that lack credible coal phase-out plans, urging the bank to adopt a mandatory coal exit by 2030 in the OECD and 2040 globally.

The Royal Bank of Canada (RBC) is identified as the top financier of fossil fuels globally, providing $40.6 billion in funding last year. The text argues that RBC's weak coal policy contradicts its membership in the Net-Zero Banking Alliance and demands the bank cease financing coal expansion to align with climate science.

The document critiques the upcoming Summit for a New Global Financing Pact in Paris, highlighting the failure of Northern governments to meet the 100 billion dollar annual climate finance promise. It advocates for 'polluter-pays' taxes on shipping, aviation, and fossil fuel companies, and calls for a cessation of private financial services for fossil fuel expansion in the Global South.

The document critiques the upcoming Summit for a New Global Financial Pact, arguing that current climate finance is woefully inadequate and often delivered as debt-increasing loans. It advocates for 'polluter pays' taxes on shipping, aviation, and fossil fuel companies, and calls for a 'climate version of the Hippocratic Oath' for private investors to stop financing fossil fuels in the Global South while attempting to fund the energy transition.

The statement criticizes a Ceres paper titled "Key Elements for a Net Zero Transition at Oil and Gas Exploration and Production Companies," claiming it fails to require absolute emission reductions or alignment with 1.5°C pathways. The authors argue that because Ceres advises the Glasgow Financial Alliance on Net Zero (GFANZ), this weak framework could erode established norms for net-zero finance by favoring the interests of the oil and gas industry, specifically citing the involvement of companies like ConocoPhillips and Pioneer Natural Resources in the paper's development.

Reclaim Finance analyzes the Ceres document "Key Elements for a Net Zero Transition at Oil and Gas Exploration and Production Companies," concluding that it favors "business as usual" for the fossil fuel industry. The analysis identifies seven key weaknesses, including the failure to require Scope 3 targets, the reliance on intensity-based rather than absolute emission targets, and a lack of restrictions on carbon offsets. Reclaim Finance asserts that the Ceres framework is influenced by industry players like ConocoPhillips and fails to meet the standards set by GFANZ, the IPCC, and the IEA, which necessitate absolute production cuts to maintain a 1.5°C pathway.

The document addresses the mass exit of insurers from the Net Zero Insurance Alliance (NZIA) following threats of antitrust legal action from 23 US state attorneys general. It asserts that climate change is already destabilizing the insurance business model through soaring catastrophe losses, particularly in North America, and urges insurers to stop funding climate-denying politicians and phase out fossil fuel support.

NGOs have condemned the treatment of community representatives and activists at French bank annual general meetings, reporting that speakers—including those testifying on the impacts of oil and gas projects—faced booing, racist comments, and poor treatment by security, particularly at the BNP Paribas meeting on 16 May 2023.

A group of NGOs, including Urgewald and Oxfam France, denounced the hostile environment at French banks' annual general meetings, where community representatives testifying on the impacts of oil and gas projects faced booing, racist comments, and security misconduct. The statement specifically highlights the BNP Paribas meeting on May 16, 2023, and calls for the bank's management to ensure respectful debate and issue apologies to the affected representatives.

Reclaim Finance reports on the 2023 annual general meetings of six French financial actors, noting a generally hostile reception but highlighting specific outcomes. While Crédit Agricole acknowledged the need to stop increasing fossil fuel capacities to limit warming to 1.5°C, and SCOR committed to stop covering risks for new gas fields, BNP Paribas refused to set 'red lines' for its financing of oil and gas majors. AXA remains the last major European (re)insurer supporting new gas fields, defending the practice via the European taxonomy.

A coalition of NGOs and unions welcomes the European Parliament's vote on the corporate due diligence directive but warns that the text has been weakened by private sector lobbies. They specifically highlight the removal of the reversal of the burden of proof, which they argue hinders access to justice for affected communities and workers, and note weaknesses regarding the financial sector and civil liability.

The report finds that 30 major asset managers invested at least $3.5 billion in newly issued bonds from fossil fuel developers, with Vanguard and BlackRock as the top investors. It argues that existing engagement activities are insufficient, noting that only 20% of coal and oil and gas companies engaged by the CA100+ initiative have set net-zero ambitions by 2050. The analysis reveals a lack of robust sector policies, with only one manager (Ostrum) having measures to induce oil and gas companies to stop expansion plans. The report concludes that asset managers often prioritize short-term gains over the long-term interests of asset owners and recommends immediate cessation of support for coal and oil and gas expansion.

Reclaim Finance argues that the proposed ISR label framework lacks sufficient guarantees for investors and requires stronger sectoral exclusions, particularly for unconventional fossil fuels and coal. The organization calls for the label to mandate alignment with a 1.5°C warming scenario, the use of specific scientific benchmarks for transition plans, and increased transparency in shareholder engagement and voting policies.

Reclaim Finance critiques the current proposal of the Corporate Sustainability Due Diligence Directive (CSDDD), arguing that it contains loopholes that could exempt financial institutions from accountability. The author specifically highlights the need for a broader definition of 'value chain' to include all financial services and more rigorous, science-based requirements for climate transition plans under Article 15.

Reclaim Finance evaluates the revised Climate Action 100+ benchmark, noting that while it now incorporates IEA Net Zero Emissions by 2050 scenarios and requires disclosure of capital expenditures on carbon-intensive assets, it remains flawed. Key limitations include an over-reliance on disclosure over alignment, a lack of prioritization among indicators, and insufficient requirements for absolute emission reductions and scope 3 emissions in certain sectors.

BNP Paribas has announced new restrictions on financing new oil and gas fields and floating production storage and offloading (FPSO) units, as well as a commitment to stop financing companies specialized in oil production. However, Reclaim Finance argues these measures are inadequate because they do not cover liquefied natural gas (LNG) terminals or corporate bonds, and they allow the bank to continue providing general financial services to major integrated oil and gas companies. Since 2016, BNP Paribas has provided over $45 billion to nine major European and US oil and gas firms, representing 27% of its total sector financing.

Reclaim Finance criticizes the French government's "Industrie verte" bill, specifically its financing measures, for lacking strict criteria to prevent public and private savings from funding fossil fuel projects. The organization argues that new initiatives like the "Avenir climat" savings plan for minors and changes to life insurance regulations do not guarantee alignment with the 1.5°C warming limit and may exacerbate inequalities. Reclaim Finance proposes mandatory transparency indicators for controversial activities, minimum investment criteria for public-supported products, and preferential loan rates for ecological transition projects.

Reclaim Finance criticizes the French "Green Industry" bill for lacking strict investment criteria and restrictive filters, which may allow public and private savings to continue supporting carbon-based activities. The organization proposes introducing transparency indicators for controversial activities and establishing minimum investment criteria to ensure alignment with the 1.5°C global warming limit.

Reclaim Finance argues that major French banks are failing to support the energy transition, continuing to provide significant funding to fossil fuels while lacking transparent perimeters and sufficient targets for sustainable energy investment. The analysis highlights a gap between the banks' public references to the IEA's Net-Zero Emission scenario and their actual financial commitments, which do not meet the required 5:1 ratio of clean energy to fossil fuel investment by 2030.

Reclaim Finance argues that major French banks—BNP Paribas, Crédit Agricole, Société Générale, and BPCE/Natixis—are failing to support the energy transition. Despite referencing the IEA's Net-Zero Emissions (NZE) scenario, these banks continue to provide significant funding to fossil fuels (over US$ 47 billion in 2022 for the top 100 fossil fuel companies) and lack transparent definitions of what constitutes 'sustainable' or 'clean' energy. The report highlights that none of these banks have committed to the IEA-recommended 5:1 ratio of clean energy investment versus fossil fuel investment by 2030, nor have they established transparent perimeters that exclude non-sustainable solutions like biomass or waste-to-energy.