The Oil and Gas Policy Tracker, developed by Reclaim Finance and endorsed by over 15 organisations, is designed to track good practices by financial institutions worldwide, as well as detect loopholes and flaws to ensure the financial sector is effectively contributing to the 1.5°C climate goal.
The number of investors, insurers and banks with policy guidelines restricting their support to the oil and gas industry sector is growing rapidly, particularly since the publication of the International Energy Agency’s Net-Zero scenario in 2021. However, not all policies are equal, and there are often comparable loopholes.
The Tracker is not just about counting and comparing policies. Its main goal is to encourage high-quality oil and gas exclusion policies. As banks, insurers and investors consider new policies or seek to revise existing policies, understanding the details of these policies is critical to ensure they deliver on the Paris Agreement goal to limit global warming to a maximum of 1.5°C above pre-industrial levels.
In a nutshell, the Oil and Gas Policy Tracker is a tool designed to answer a critical question: will this policy help us stay within the 1.5°C limit? Thanks to a detailed scoring and analysis, the Tracker detects gaps in each policy and points them in the right direction, listing the next steps each financial institution should focus on.
Reclaim Finance also developed the Coal Policy Tracker, a dedicated tool to assess and support the adoption of robust coal exit policies by financial institutions.