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The statement calls for the Glasgow Financial Alliance on Net Zero (GFANZ) and the global financial sector to cease hesitation regarding fossil fuels and support the transition to renewable energy, echoing warnings from UN Secretary-General Antonio Guterres that fossil fuels are an environmental and economic dead end.

The statement calls for the Glasgow Financial Alliance on Net Zero (GFANZ) to end its support for fossil fuel expansion, citing scientific evidence from the IPCC and IEA that new coal, oil, and gas projects are incompatible with limiting global warming to 1.5°C. It criticizes GFANZ leaders and CEOs from member institutions, such as Citigroup and Standard Chartered, for downplaying the urgency of a transition and for continuing to enable the development of 'carbon bombs'—large-scale projects that threaten the global carbon budget.

Reclaim Finance analyzes the voting results of TotalEnergies' 2022 general meeting, highlighting that 89% of shareholders supported a climate plan the organization deems incompatible with climate urgency. The statement specifically condemns investors like BlackRock and Allianz Global Investors for supporting the plan despite their own public climate commitments, while noting a slight decrease in support for board directors and the emergence of a minority group of climate-engaged shareholders.

Reclaim Finance criticizes TotalEnergies' climate plan as incompatible with the 1.5°C warming limit, noting that the company remains a leading developer of hydrocarbons. The statement highlights a growing opposition from investors, including Crédit Mutuel, and urges shareholders to reject the plan and oppose the reelection of directors to hold the company accountable for its continued fossil fuel expansion.

Reclaim Finance asserts that Crédit Agricole's claim to be a "green bank" is contradicted by its continued support for oil and gas expansion, which violates the International Energy Agency's Net Zero scenario and IPCC findings.

Reclaim Finance criticizes Crédit Agricole for continuing to support oil and gas expansion despite its claim to be a "green bank" and its commitment to carbon neutrality by 2050. The organization highlights that the bank provided $33 billion to the 100 largest fossil fuel developers since the Paris Agreement and remains the primary financial supporter of TotalEnergies, including a recent $8 billion revolving loan. Reclaim Finance calls on the bank to use its general assembly and upcoming strategic plan to end support for new fossil fuel projects and to vote against incompatible climate plans of oil majors through its subsidiary Amundi.

Reclaim Finance reports a decline in shareholder support for ambitious climate resolutions and a contradictory tendency for investors to approve 'pseudo-climate plans' that are incompatible with a 1.5°C warming limit. The organization highlights specific voting trends at European oil and gas majors and calls for a shift toward voting against companies continuing fossil fuel development.

Reclaim Finance criticizes BNP Paribas for being the top European supporter of the 100 largest fossil fuel developers, providing $55.6 billion since the Paris Agreement. The organization argues that the bank's current policies still allow for the financing of new oil and gas fields incompatible with a 1.5°C scenario and calls for the bank to vote against the flawed climate plans of major energy companies like TotalEnergies and Shell.

Reclaim Finance argues that Société Générale's 2022 policy is inadequate and allows the bank to continue funding major fossil fuel developers, noting that the bank provided $34 billion to the top 100 fossil fuel developing companies.

Reclaim Finance identifies BNP Paribas as a leading European supporter of fossil fuel expansion and calls for the bank to cease funding new oil and gas fields and infrastructures to align with a 1.5°C scenario.

Reclaim Finance criticizes Société Générale for continuing to finance fossil fuel expansion despite its 2050 net-zero commitment. The organization highlights loopholes in the bank's policies that allow continued support for conventional oil and gas, shale oil and gas, liquefied natural gas (LNG) infrastructure, and coal mining through diversified companies.

The report analyzes BP's decarbonization targets and investment strategies, claiming they are insufficient to meet 1.5°C goals. It highlights that BP's scope 3 emission targets cover only a fraction of total emissions and that the company continues to invest in new oil and gas fields, including unconventional sources. The author recommends that shareholders vote against BP's advisory 'Say on Climate' vote, support a shareholder resolution for Paris-aligned targets, and vote against the reelection of the Board of Directors.

Reclaim Finance argues that Shell's climate plan is insufficient to meet a 1.5°C trajectory, predicting the company will exceed its carbon budget by 40.9% by 2050 and consume 80.2% of it by 2030.

Reclaim Finance argues that BP's 'Net Zero ambition' plan is insufficient, as the company is projected to exceed its carbon budget by 50.9% by 2050 and consume 83.9% of that budget by 2030. The organization calls for shareholders to vote against the plan and the directors responsible for the company's continued focus on oil and gas expansion.

Reclaim Finance asserts that Shell's climate strategy is fundamentally flawed, predicting the company will overshoot its 1.5°C carbon budget by 40.9% by 2050 and exhaust it entirely by 2034. The organization criticizes Shell's reliance on carbon intensity metrics, nature-based offsets, and continued expansion into new oil and gas fields, including unconventional sectors like the Arctic and fracking. Consequently, it recommends that shareholders vote against the company's climate resolution, support a shareholder-led resolution for Paris-aligned targets, and vote against the reelection of 10 Board Directors.

Reclaim Finance argues that Equinor's energy transition plan, submitted for a 'Say on Climate' vote on May 11, 2022, fails to align with the 1.5°C warming limit. The organization claims the company will exceed its carbon budget by 25.6% by 2050 and will have consumed 69.1% of its remaining carbon budget by 2030 due to a continued reliance on oil field production and development.

Reclaim Finance asserts that Repsol's climate targets are inadequate, noting the company will overshoot its carbon budget by 78.7% by 2050. The statement highlights that Repsol plans to maintain oil and gas production at approximately 650 kboe/day through 2025 and allocate over 65% of CAPEX to fossil fuels, including high-risk projects in the Arctic and fracking. Despite goals for 20 GW of renewable capacity by 2030, the author argues this does not offset the lack of absolute emission reductions. Consequently, the document recommends shareholders vote against the 'Say on Climate' advisory vote and the reappointment of four directors responsible for fossil expansion.

Reclaim Finance argues that Repsol's energy transition strategy is insufficient, projecting that the company will exceed its carbon budget by 78.7% by 2050 and consume 82% of it by 2030.

Reclaim Finance asserts that Equinor's climate plan is insufficient to meet 1.5°C targets, noting that the company will exceed its carbon budget by 2037. The statement criticizes Equinor for continuing to develop new fossil fuel resources, including unconventional and Arctic projects, and for relying on unproven CCUS scalability. It recommends that shareholders reject the company's transition plan and support resolutions calling for absolute GHG reduction targets and a cessation of exploration.

A coalition of NGOs argues that TotalEnergies' climate strategy is incompatible with the 1.5°C goal, citing insufficient decarbonization targets and continued fossil fuel expansion. They call on investors to vote against the company's climate strategy and the reappointment of specific directors at the May 2022 Annual General Meeting, and to suspend new financial services to the company.