Reclaim Finance


Like a cat among the pigeons, the IEA writes that “beyond projects already committed as of 2021, there are no new oil and gas fields approved for development in our pathway, and no new coal mines or mine extensions are required”.
This came as a surprise to the many financial players who have until now hidden behind the recommendations of an agency historically known for its positions in favor of increased coal, gas, and oil production. Total’s shareholders obviously did not receive the memo in time: they voted overwhelmingly for the French major’s bogus climate plan.
While these same shareholders voted for climate action at the AGMs of the US oil and gas majors, their votes at the AGMs of Total and Shell show that they are content with the appearance of climate action. Exxon and Chevron will only need to increase their investments in renewables without giving up their increased production of hydrocarbons to secure the loyal support of investors.
But perhaps we can give them the benefit of the doubt and assume that they haven’t had time to read and digest the IEA’s conclusions? AXA, Scor, and other insurers launching the Net-Zero Insurance Alliance in the fall have a golden opportunity to prove that yes, they intend to implement the IEA’s recommendations and offer a token of their sincerity by committing to not insure Total’s highly controversial EACOP oil project.
As for the banks, our new report shows that they are not equipped to protect themselves from a potential devaluation of fossil assets. It is therefore in their own interests to as soon as possible stop aggravating the situation through the development of new fossil fuels and to reduce their exposure to the riskiest oil and gas sectors.
Lucie Pinson
Founder and Executive Director, Reclaim Finance


This report reveals European banks’ lack of preparation for risks relating to their fossil fuel-linked assets.
Read our report

Lucie Pinson, founder and director of Reclaim Finance, offers some reflections following shareholders’ decision to back Total’s so-called ‘climate plan’.

The new 1.5°C scenario from the IEA marks a turning point: it confirms that the development of fossil fuels is incompatible with our remaining carbon budget.

Monthly selection

Aiming to understand and lay out the oil & gas commitments of French financial players, we undertook a comparative analysis of their policies in these sectors.
To avoid climate catastrophe and limit global warming to 1.5°C, it’s essential to put an end to the extraction of hydrocarbons.
Unicredit went from being a golden star when it comes to strong coal policies, to fallen angel, after helping to finance EPH.
With several organizations, we publish a note defining four axes where progress is needed to avoid climate and financial catastrophe.

The latest policies





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