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TotalEnergies is significantly expanding its oil and gas production and LNG export capacity in the United States, with production in the US expected to grow by 8.3% annually until 2030. This strategy includes developing fields in the Barnett Shale, Eagle Ford, and the Gulf of Mexico, as well as expanding the Cameron LNG terminal and building Rio Grande LNG. Reclaim Finance highlights that this expansion is supported by several European and US banks and investors, and warns that the Rio Grande LNG project alone could emit 191 million tons of CO2e annually while violating the rights of the Carrizo/Comecrudo tribe.

Wells Fargo has withdrawn from the Net-Zero Banking Alliance (NZBA) and subsequently dropped its 2030 sectoral financed emission targets and its 2050 net zero goal. While other major North American, Japanese, and Australian banks have also left the NZBA, most have stated they remain committed to their climate goals. Reclaim Finance argues that banks must continue to address financed emissions regardless of their membership in the NZBA.

Reclaim Finance warns that proposed carbon offset protocols for replacing coal plants with renewables risk overestimating emission reductions and allowing polluters to avoid their own decarbonization. The author asserts that large-scale coal phase-outs require governments and financial institutions to accept investment losses and provide significant support for sustainable energy deployment.

Reclaim Finance criticizes ArcelorMittal for contradictions between its public decarbonization claims and its actual financial and operational actions. The organization highlights delayed hydrogen-based steel projects in Europe, insufficient capital expenditure for decarbonization, and misleading emissions reporting. It calls on investors to pressure the company to publish an updated Climate Action Report (CAR3) with a clear timeline to phase out coal globally.

Reclaim Finance argues that ArcelorMittal is failing to implement sincere decarbonization actions despite its public commitments. The organization calls on investors to demand a solid climate strategy, specifically requesting the long-awaited third climate action report (CAR3) to include a commitment and timeline for exiting coal across all global operations.

The document analyzes the EU Omnibus proposal, characterizing it as a "massive deregulation project" that weakens corporate sustainability and due diligence requirements. It compares the proposal's specific changes to the demands of industry lobbies—including the French Banking Federation (FBF), Medef, BDI, Confindustria, the American Chamber of Commerce, and Business Europe—concluding that the Commission's proposal closely aligns with these corporate interests, suggesting "corporate capture."

The document criticizes Blackrock and Vanguard for temporarily halting engagement activities with companies after the US Securities and Exchange Commission (SEC) introduced new reporting requirements for investors holding more than 5% of a US company. Reclaim Finance asserts that these transparency rules are not a legal barrier to engagement and that the asset managers' reactions reflect a broader retreat from ESG commitments. The text highlights the firms' continued investment in fossil fuels and their withdrawal from international climate alliances, urging clients to demand stronger climate engagement or switch managers to protect their portfolios from systemic climate risks.

The European Commission's proposed 'Omnibus' directive is criticized by several civil society organizations as a 'massive and unprecedented' deregulation. The proposal seeks to reduce the scope and effectiveness of the Corporate Sustainability Due Diligence Directive (CSDDD) and the Corporate Sustainability Reporting Directive (CSRD), potentially allowing companies to avoid accountability for environmental and human rights abuses while limiting the transparency of climate transition data.

A joint statement by several civil society organizations criticizing the European Commission's 'Omnibus' directive proposal for drastically reducing the scope and effectiveness of the Corporate Sustainability Due Diligence Directive (CSDDD) and the Corporate Sustainability Reporting Directive (CSRD), which they claim prioritizes corporate profits over human rights and climate goals.

A group of French environmental and human rights organizations warns that the European Commission's proposed 'Omnibus' legislation threatens to undermine the Corporate Sustainability Due Diligence Directive (CSDDD) by limiting corporate vigilance to direct partners, removing mandatory climate transition plans, and rolling back civil liability for failures.

Reclaim Finance criticizes the Fédération bancaire française (FBF) for seeking to weaken European directives on corporate sustainability due diligence and extra-financial reporting through a proposed 'omnibus' deregulation law. The FBF is accused of attempting to shield banks from legal risks associated with financing companies that violate human rights or environmental standards, while also seeking to eliminate requirements for climate transition plans. Reclaim Finance notes that while the FBF has lobbied European Commission officials, the 320 member banks have remained largely silent, creating a contradiction with their public images as supporters of ambitious climate regulation.

An analysis by Reclaim Finance reveals that in 2020, Crédit Agricole, BNP Paribas, BPCE, Société Générale, and the Fédération bancaire française (FBF) unanimously supported the CSRD. These institutions advocated for mandatory common standards, climate transition plans aligned with European goals, and the extraterritorial application of reporting rules to ensure comparability. They also supported lowering the reporting threshold to companies with 250 employees to facilitate green financing. The report contrasts these past positions with current industry efforts to simplify or weaken the regulation.

Reclaim Finance critiques the Dutch bank ING for implementing a 'double standard' in its climate policy. While ING is the first major international bank to announce an end to direct project financing for new LNG export terminals starting in 2026, it continues to provide corporate financial services to the companies developing these projects. Between 2021 and 2023, ING provided over $5 billion to LNG expansion, ranking it as the second-largest European financier of the sector. The document highlights that corporate financing, which remains permitted under ING's new policy, accounts for 96% of financing allocated to the fossil fuel industry. Specific examples of continued support include $3 billion provided to Venture Global and the bank's role in the company's January 2025 IPO, as well as bond issuances for Cheniere Energy in early 2024.

Reclaim Finance criticizes ING for a 'double standard' in its climate policy: while the bank is the first major international bank to announce an end to direct project financing for new LNG export terminals starting in 2026, it continues to provide corporate financing to major LNG developers. Between 2021 and 2023, ING provided over US$5 billion to LNG expansion, making it the second-largest European financier in this sector. The document highlights ING's significant financial ties to Venture Global, including US$3 billion allocated between 2021 and 2023 and participation in its January 2025 initial public offering, as well as its role in issuing bonds for Cheniere Energy in early 2024.

A coalition of civil society organisations and experts calls on Commissioner Albuquerque to implement recommendations from a November 2024 EIOPA report by reviewing the Solvency II framework. The authors argue that underpricing transition risks for fossil fuels distorts insurer investment decisions, increasing the likelihood of a disorderly transition and threatening broader financial stability.

Reclaim Finance argues that Europe is developing excessive LNG import capacity despite falling gas consumption, leading to a high risk of stranded assets. The document specifically criticizes energy companies like ENGIE, Enel, and RWE for expanding infrastructure and signing long-term contracts that lock in fossil fuel dependency. It highlights that US-sourced LNG, which accounted for 46% of European imports in 2023, is particularly damaging due to hydraulic fracturing and methane leaks. The author calls on financial institutions, including Société Générale and BNP Paribas, to demand that these companies stop developing new terminals and cease signing long-term import contracts incompatible with a 1.5°C warming limit.

The document warns that Europe is creating substantial LNG import overcapacities despite declining gas consumption, risking the creation of stranded assets and locking the continent into a polluting energy system. It specifically calls out power utilities ENGIE, Enel, and RWE, and urges their financial backers to demand a halt to new terminal projects and long-term contracts.

Reclaim Finance examines the 2020 consultation responses from Crédit Agricole, BNP Paribas, BPCE, Société Générale, and the French Banking Federation (FBF) regarding the Corporate Sustainability Reporting Directive (CSRD). The analysis finds that these five financial actors were unanimous in their support for replacing the Non-Financial Reporting Directive (NFRD) with a common, mandatory reporting standard to improve data comparability and reliability. The banks specifically advocated for the inclusion of climate transition plans, the application of 'double materiality,' and the extraterritorial application of the rules to non-EU companies operating in Europe. The report contrasts these historical positions with more recent criticisms, such as the CEO of BNP Paribas describing the CSRD as a "bureaucratic delusion."

The French Financial Markets Authority (AMF) is adopting ESMA guidelines on ESG fund naming starting May 21, 2025, but Reclaim Finance argues these rules create uneven requirements that risk 'transition-washing'. The document notes a 24% decrease in 'Article 9' funds under SFDR due to reclassification to 'Article 8' to avoid sanctions. To combat greenwashing, the author proposes that the 2025 SFDR revision should mandate the exclusion of companies developing new fossil fuel projects for all funds claiming environmental or social objectives.

Reclaim Finance critiques the new ESMA guidelines adopted by the AMF for ESG fund naming, arguing they create unequal requirements that risk 'transitionwashing'. The organization urges that the 2025 revision of the Sustainable Finance Disclosure Regulation (SFDR) must mandate the exclusion of companies involved in fossil fuel expansion to ensure genuine sustainability and protect investors from misleading claims.