{"id":17872,"date":"2022-01-19T16:05:27","date_gmt":"2022-01-19T15:05:27","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=17872"},"modified":"2023-02-08T15:45:08","modified_gmt":"2023-02-08T14:45:08","slug":"weo-2021-three-principles","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2022\/01\/19\/weo-2021-three-principles\/","title":{"rendered":"WEO 2021: the three principles for financial institutions"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><p align=\"justify\"><b style=\"color: #8ac56b;\"><span class=\"TextRun SCXW86296650 BCX4\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86296650 BCX4\">The World Energy Outlook (WEO) 2021 was intended to be the International Energy Agency\u2019s (IEA) \u201cguidebook\u201d to COP26. Published just weeks before the <\/span><span class=\"NormalTextRun SCXW86296650 BCX4\">global <\/span><span class=\"NormalTextRun SCXW86296650 BCX4\">climate <\/span><span class=\"NormalTextRun SCXW86296650 BCX4\">summit<\/span><span class=\"NormalTextRun SCXW86296650 BCX4\">, it centered the IEA\u2019s \u201cNet Zero by 2050\u201d (NZE) scenario and highlighted the gaps between this 1.5\u00b0C trajectory and the current international and national pledges and policies. <\/span><span class=\"NormalTextRun SCXW86296650 BCX4\">In<\/span> <span class=\"NormalTextRun SCXW86296650 BCX4\">doing so, the IEA set the new normal for the energy sector: a swift shift from fossil fuels to renewable energies, with an immediate end to new fossil fuel supply projects and a power system <\/span><span class=\"NormalTextRun SCXW86296650 BCX4\">that swiftly reaches<\/span><span class=\"NormalTextRun SCXW86296650 BCX4\"> carbon neutrality. <\/span><span class=\"NormalTextRun SCXW86296650 BCX4\">H<span style=\"color: #8ac56b;\">ere, <\/span><\/span><span class=\"NormalTextRun SCXW86296650 BCX4\"><u><a style=\"color: #8ac56b;\" href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2022\/01\/Report-IEA-Net-Zero-2050-RF.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Reclaim Finance analyzes the WEO 2021<\/a><\/u><span style=\"color: #8ac56b;\"> and derive<\/span><\/span><span class=\"NormalTextRun SCXW86296650 BCX4\" style=\"color: #8ac56b;\">s three principles<\/span><span class=\"NormalTextRun SCXW86296650 BCX4\"><span style=\"color: #8ac56b;\"> that any financial institution that wish to reach car<\/span>bon neutrality or align with a 1.5\u00b0C trajectory should follow.<\/span><\/span> <\/b><\/p>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-2\"><p align=\"justify\"><span data-contrast=\"auto\">States, companies and financial institutions have long used the IEA\u2019s scenarios to build their energy strategies and investment decisions. In recent years, major financial players \u2013 like JP Morgan Chase, BNP Paribas or ING \u2013 have used the IEA\u2019s Sustainable Development Scenario (SDS) to claim that they were aligning with the Paris Agreement and engage with energy companies. If these institutions were genuine in their desire to limit global warming and\/or meet their own carbon neutrality pledges, they must now turn to the NZE that has been described by the IEA as the normative scenario in its WEO 2021.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<\/div><div class=\"fusion-title title fusion-title-1 fusion-title-text fusion-title-size-one\" style=\"--awb-text-color:#59bc6d;--awb-margin-bottom:15px;--awb-font-size:16px;\"><div class=\"title-sep-container title-sep-container-left fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><span class=\"awb-title-spacer fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><\/span><h1 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;font-size:1em;--fontSize:16;--minFontSize:16;line-height:1.4;\"><b><span data-contrast=\"auto\">Three main principles can be derived from the analysis of the WEO 2021 for any financial institutions that commit to align with a 1.5\u00b0C trajectory.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/b><\/h1><span class=\"awb-title-spacer\"><\/span><div class=\"title-sep-container title-sep-container-right\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><\/div><ul style=\"--awb-size:20px;--awb-line-height:34px;--awb-icon-width:34px;--awb-icon-height:34px;--awb-icon-margin:14px;--awb-content-margin:48px;--awb-circlecolor:#8ac56b;--awb-circle-yes-font-size:17.6px;\" class=\"fusion-checklist fusion-checklist-1 fusion-checklist-default type-icons\"><li class=\"fusion-li-item\" style=\"\"><span class=\"icon-wrapper circle-yes\"><i class=\"fusion-li-icon fa-chevron-circle-right fas\" aria-hidden=\"true\"><\/i><\/span><div class=\"fusion-li-item-content\">\n<h5><b><span style=\"line-height: 10px;\" data-contrast=\"auto\" data-fusion-font=\"true\">Immediately rule out support to fossil fuel supply projects, LNG and unabated fossil fuel power plants and the companies that develop them (see 1.a in the report).<\/span><\/b><\/h5>\n<\/div><\/li><\/ul><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;flex-grow:4;margin-top:00px;margin-bottom:00px;width:100%;max-width:100%;\"><\/div><div class=\"fusion-text fusion-text-3\"><p style=\"text-align: justify;\"><span data-contrast=\"auto\">According to the IEA, \u201cno new oil and natural gas fields are required beyond those that have already been approved for development\u201d in a 1.5\u00b0C trajectory. This means that <\/span><b><span data-contrast=\"auto\">all projects that have not reached a \u201cfinal investment decision\u201d by the end of 2021 are not compatible with limiting global warming to 1.5\u00b0C and thus financial institutions should not support such projects or \u2013 because much of the necessary fund come from corporate funding \u2013 the companies that develop them<\/span><\/b><span data-contrast=\"auto\">.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">Similarly, the IEA underlines that most of the liquefied natural gas (LNG) projects already planned are \u201cnot necessary\u201d. Following current industry plans, the LNG liquefaction capacity would be twice the demand by 2030 and most of the LNG projects would \u201cnot recover their invested capital\u201d, resulting in $75 billion in stranded capital. LNG is also a major source of GHG emissions with a GHG footprint twice as big as that produced by the combustion of fossil gas, making development plans especially incompatible with climate targets. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">As the NZE requires the power sector to reach carbon neutrality as soon as 2035 in \u201cadvanced economies\u201d and by 2040 worldwide, <\/span><b><span data-contrast=\"auto\">new \u201cunabated\u201d fossil fuel power plants should not be supported<\/span><\/b><span data-contrast=\"auto\">. The IEA notably underlines that no new unabated coal power plants must be approved, and that unabated coal must be phased out altogether by 2040. Gas power generation also declines: gas electricity production is less than a third of 2020\u2019s levels in 2040, with unabated gas falling by 90%. Furthermore, considering the high cost of CCUS, the current failures to develop CCUS plants and the overall uncertainties around CCUS deployment, abated gas plant development is likely to remain lower than the IEA\u2019s expectations. <\/span><\/p>\n<\/div><div class=\"fusion-separator\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:00px;margin-bottom:00px;width:100%;max-width:30px;\"><\/div><div class=\"fusion-text fusion-text-4\" style=\"--awb-line-height:20px;\"><blockquote>\n<p><a class=\"fusion-no-lightbox\" href=\"https:\/\/gogel.org\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"size-fusion-600 wp-image-17902 alignright\" src=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2022\/01\/df59cb0a14514c4aa2527b96ae2e81cf9WDWJCE487KlmWQu-0-600x338.png\" alt=\"\" width=\"600\" height=\"338\" srcset=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2022\/01\/df59cb0a14514c4aa2527b96ae2e81cf9WDWJCE487KlmWQu-0-200x113.png 200w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2022\/01\/df59cb0a14514c4aa2527b96ae2e81cf9WDWJCE487KlmWQu-0-300x169.png 300w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2022\/01\/df59cb0a14514c4aa2527b96ae2e81cf9WDWJCE487KlmWQu-0-400x225.png 400w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2022\/01\/df59cb0a14514c4aa2527b96ae2e81cf9WDWJCE487KlmWQu-0-600x338.png 600w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2022\/01\/df59cb0a14514c4aa2527b96ae2e81cf9WDWJCE487KlmWQu-0-768x432.png 768w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2022\/01\/df59cb0a14514c4aa2527b96ae2e81cf9WDWJCE487KlmWQu-0-800x450.png 800w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2022\/01\/df59cb0a14514c4aa2527b96ae2e81cf9WDWJCE487KlmWQu-0-1024x576.png 1024w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2022\/01\/df59cb0a14514c4aa2527b96ae2e81cf9WDWJCE487KlmWQu-0-1200x675.png 1200w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2022\/01\/df59cb0a14514c4aa2527b96ae2e81cf9WDWJCE487KlmWQu-0-1536x864.png 1536w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\"><b><span data-contrast=\"auto\">Using the Global Oil and Gas Exit List<\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">The <u><a href=\"https:\/\/gogel.org\" target=\"_blank\" rel=\"noopener noreferrer\">Global Oil and Gas Exit List (GOGEL)<\/a><\/u> identifies companies that are developing new fossil fuel projects. The list features a \u201cfuture development\u201d category based on projects that have entered the development phase \u2013 after the final investment decision \u2013 or are in field evaluation \u2013 just before the final investment decision. Projects that are in field evaluation already require significant investments and are likely to reach a final investment decision. Therefore, the GOGEL can be used to identify which companies do not comply with the NZE. <\/span><\/p>\n<\/blockquote>\n<\/div><div class=\"fusion-separator\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:00px;margin-bottom:20px;width:100%;max-width:30px;\"><\/div><ul style=\"--awb-size:20px;--awb-line-height:34px;--awb-icon-width:34px;--awb-icon-height:34px;--awb-icon-margin:14px;--awb-content-margin:48px;--awb-circlecolor:#8ac56b;--awb-circle-yes-font-size:17.6px;\" class=\"fusion-checklist fusion-checklist-2 fusion-checklist-default type-icons\"><li class=\"fusion-li-item\" style=\"\"><span class=\"icon-wrapper circle-yes\"><i class=\"fusion-li-icon fa-chevron-circle-right fas\" aria-hidden=\"true\"><\/i><\/span><div class=\"fusion-li-item-content\">\n<h5><b><span style=\"line-height: 10px;\" data-contrast=\"auto\" data-fusion-font=\"true\">Ensure the fossil fuel companies they support swiftly and drastically reduce their fossil fuel production and methane emissions (see 1.b, 2.a and 2.b in the report).<\/span><\/b><\/h5>\n<\/div><\/li><\/ul><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;flex-grow:4;margin-top:00px;margin-bottom:00px;width:100%;max-width:100%;\"><\/div><div class=\"fusion-text fusion-text-5\"><p style=\"text-align: justify;\"><span data-contrast=\"auto\">The NZE allows for substantially more coal and gas use than the 2021 UN Production Gap Report in the short term (see 2.a). In the NZE, coal supply declines by 56.7%, gas supply by 7% and oil supply by 19.8% from 2020 to 2030. The Production Gap report requires coal supply to be 31% lower and gas supply 21% lower than in the NZE in 2030. If gas supply drops by 42.3% from 2030 to 2040 in the NZE, <\/span><b><span data-contrast=\"auto\">the NZE fails to match the decline in gas outlined in other 1.5\u00b0C compatible pathways<\/span><\/b><span data-contrast=\"auto\">. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">However, despite these shortcomings, <\/span><b><span data-contrast=\"auto\">the NZE still requires a drastic change in fossil fuel production plans for coal, oil and gas. For fossil fuel companies, merely aligning with the NZE means immediately initiating a swift reduction of fossil fuel production<\/span><\/b><span data-contrast=\"auto\">, thus shifting from model based on the growth of their fossil-based business to one where fossil fuel production is progressively phased-out and replaced by renewable energies. Financial institutions must ensure that the fossil fuel companies they support follow this trend and stop supporting those that do not.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">Furthermore, the IEA emphasizes the need to cut methane emissions by 75% by 2030, notably through putting in place methane abatement measures and reducing fossil fuel production. It is worth noting that<\/span><b><span data-contrast=\"auto\"> unconventional fossil fuels disproportionately contribute to methane emissions, notably when they are extracted through fracking.<\/span><\/b><span data-contrast=\"auto\"> Financial institutions should therefore also ensure that companies swiftly reduce unconventional oil and gas production and quickly abate their methane emissions. <\/span><\/p>\n<\/div><ul style=\"--awb-size:20px;--awb-line-height:34px;--awb-icon-width:34px;--awb-icon-height:34px;--awb-icon-margin:14px;--awb-content-margin:48px;--awb-circlecolor:#8ac56b;--awb-circle-yes-font-size:17.6px;\" class=\"fusion-checklist fusion-checklist-3 fusion-checklist-default type-icons\"><li class=\"fusion-li-item\" style=\"\"><span class=\"icon-wrapper circle-yes\"><i class=\"fusion-li-icon fa-chevron-circle-right fas\" aria-hidden=\"true\"><\/i><\/span><div class=\"fusion-li-item-content\">\n<h5><b><span style=\"line-height: 10px;\" data-contrast=\"auto\" data-fusion-font=\"true\">Ensure the companies they support do not rely on unproven technologies and improbable large-scale negative emissions to build their climate plans and favor renewable energies instead (see 2.a, 3.a and 3.b in the report).<\/span><\/b><\/h5>\n<\/div><\/li><\/ul><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;flex-grow:4;margin-top:00px;margin-bottom:00px;width:100%;max-width:100%;\"><\/div><div class=\"fusion-text fusion-text-6\"><p style=\"text-align: justify;\"><b><span data-contrast=\"auto\">The NZE largely rely on carbon capture and storage and biomass, two choices that could derail it from a 1.5\u00b0C trajectory and have significant negative sustainability effects<\/span><\/b><span data-contrast=\"auto\">. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">While identifying CCS deployment as one of the main technological challenges to be overcome, <\/span><b><span data-contrast=\"auto\">the IEA bets the house on large levels of CCS in the NZE to abate the remaining emissions of fossil fuels.<\/span><\/b><span data-contrast=\"auto\"> 1665 MtCO2 are captured as soon as 2030, more than three times the level of the IPCC\u2019s P2 pathway and more than 41 times current levels. Historically, CCS capacity only slightly increased from 2010 to 2021 and only a very small fraction of planned CCS capacity entered operation. Concretely, only 27 CCS facilities are operational today with 4 under construction, and several major CCS projects costing billions that have failed in the past few years. As the Climate Action 100+ acknowledges, the high cost of CCS makes it a very costly decarbonization option, especially compared to increasingly competitive renewable energies. Furthermore, carbon capture consumes significant amounts of energy, thus having an uncertain effect on overall emissions. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">In the NZE, biomass becomes a major energy source by 2050, rising from 62 EJ in 2020 to 102 EJ in 2050, with more than half coming from forest and wood (55 EJ). This level of biomass used greatly exceeds the levels seen in IPCC P1 and P2 scenarios. It disregards the fact that biomass use for power generation can emit large quantities of CO2 and have other negative environmental impact. The total land area dedicated to bioenergy production therefore increases from 330 million hectares (Mha) in 2020 to 410 Mha in 2050, the size of India and Pakistan combined and more than a fourth of total available cropland.<\/span><\/p>\n<\/div><div class=\"fusion-text fusion-text-7\"><p style=\"text-align: justify;\"><span data-contrast=\"auto\"><span class=\"TextRun SCXW88667566 BCX4\" lang=\"EN-US\" style=\"font-weight: bold;\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW88667566 BCX4\">These elements should drive financial institutions to adopt a precautionary approach to CCS and biomass, ensuring that companies do not rely on them to achieve their climate target<\/span><\/span><span class=\"TextRun SCXW88667566 BCX4\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW88667566 BCX4\" style=\"font-weight: bold;\">s. Financial institution<\/span><span class=\"NormalTextRun SCXW88667566 BCX4\" style=\"font-weight: bold;\">s<\/span><span class=\"NormalTextRun SCXW88667566 BCX4\" style=\"font-weight: bold;\"> should instead push companies to develop renewable energies<\/span><span class=\"NormalTextRun SCXW88667566 BCX4\" style=\"font-weight: bold;\"> and lower their own energy needs<\/span><span class=\"NormalTextRun SCXW88667566 BCX4\" style=\"font-weight: bold;\">.<\/span><span class=\"NormalTextRun SCXW88667566 BCX4\"> Despite potentially overestimating the cost of renewable energy, t<\/span><span class=\"NormalTextRun SCXW88667566 BCX4\">he IEA<\/span> <span class=\"NormalTextRun SCXW88667566 BCX4\">itself writes that \u201clow technology costs and<\/span> <span class=\"NormalTextRun SCXW88667566 BCX4\">the availability of low-cost financing in many<\/span> <span class=\"NormalTextRun SCXW88667566 BCX4\">markets means that policy makers could<\/span> <span class=\"NormalTextRun SCXW88667566 BCX4\">establish enabling conditions in which up to<\/span> <span class=\"NormalTextRun SCXW88667566 BCX4\">60% of the additional generation of solar<\/span> <span class=\"NormalTextRun SCXW88667566 BCX4\">and wind in the NZE could be achieved at no<\/span> <span class=\"NormalTextRun SCXW88667566 BCX4\">additional cost to consumers\u201d.<\/span> <\/span> <\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-8\"><p align=\"justify\"><b style=\"color: #8ac56b;\"><span class=\"TextRun SCXW81902612 BCX4\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW81902612 BCX4\">While the IEA is yet to chart a fully sustainable and low risk pathway to achieve carbon neutrality and limit global warming to 1.5\u00b0C, its NZE allows states, <\/span><span class=\"NormalTextRun SCXW81902612 BCX4\">companies<\/span><span class=\"NormalTextRun SCXW81902612 BCX4\"> and financial institutions to clearly establish what is not compatible these objectives. Reclaim Finance urges financial institutions to follow the three principles laid out above, thus taking advantage of the NZE to ensure their own operations are not at odds with a 1.5\u00b0C pathway. These principles should shape both the exclusion and engagement policies of financial institutions.<\/span><\/span><span class=\"EOP SCXW81902612 BCX4\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/b><\/p>\n<\/div><div style=\"text-align:center;\"><a class=\"fusion-button button-flat fusion-button-default-size button-default fusion-button-default button-1 fusion-button-default-span fusion-button-default-type\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2022\/01\/Report-IEA-Net-Zero-2050-RF.pdf\"><span class=\"fusion-button-text\">OUR FULL REPORT<\/span><\/a><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-3 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-bottom:0px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#59bc6d;--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-9\"><p><b><span style=\"text-decoration: underline;\"><span style=\"color: #59bc6d; text-decoration: underline;\">Learn more<\/span><span style=\"color: #59bc6d; text-decoration: underline;\"> :<\/span><\/span><u><br \/>\n<\/u><\/b><\/p>\n<ul>\n<li><u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2022\/01\/19\/world-energy-outlook-2021-new-normal-iea\/\" target=\"_blank\" rel=\"noopener noreferrer\">Read our blog that summarizes the WEO 2021 and NZE 2050<\/a><\/u>.<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":17901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[222],"tags":[828,1588,1639,629,238,337,1592,1580,1578,240,624,1582,1576],"acteurs_financiers":[],"thematique":[2423,2425],"webinar_type":[],"programme":[],"class_list":["post-17872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog_en","tag-biomass","tag-carbon-neutrality","tag-financial-institutions","tag-fossil-fuel","tag-gas-en","tag-iea","tag-methane-emissions","tag-net-zero-by-2050","tag-nze","tag-oil-en","tag-scenario-en","tag-weo","tag-world-energy-outlook-2021","thematique-fossil-fuels","thematique-renewable-energy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - 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