The first-ever international conference on the contentious topic of “overshoot” was held last week in a palace in the small town of Laxenburg in Austria.
The three-day conference brought together nearly 200 researchers and legal experts to discuss future temperature pathways where the Paris Agreement’s “aspirational” target to limit global warming to 1.5C is met “from above, rather than below”.
Overshoot pathways are those which exceed the 1.5C limit – before being brought back down again through techniques that remove carbon from the atmosphere.
The conference explored both the feasibility of overshoot pathways and the legal frameworks that could help deliver them.
Researchers also discussed the potential consequences of a potential rise – and then fall – of global temperatures on climate action, society and the Earth’s climate systems.
Speaking during a plenary session, Prof Joeri Rogelj, a professor of climate science and policy at Imperial College London, said that “moving into a world where we exceed 1.5C and have to manage overshoot” was an exercise in “managing failure”.
He said that it was “essential” that this failure was acknowledged, explaining that this would help set out the need to “minimise and manage” the situation and clarify the implications for “near-term action” and “long-term [temperature] reversal”.
Below, Carbon Brief draws together some of the key talking points, new research and discussions that emerged from the event.
- Defining overshoot
- Mitigation ambition and 1.5C viability
- Carbon removal
- Impacts of overshoot
- Adaptation
- Legal implications and loss and damage
- Communication challenges and next steps
Defining overshoot
The study of temperature overshoot has grown in recent years as the prospects of limiting global temperature rise to 1.5C have dwindled.
Conference organiser Dr Carl-Friedrich Schleussner – a senior research scholar at the International Institute for Applied Systems Analysis (IIASA) – explained the event was designed to bring together different research communities working on a “new field of science”.
He told Carbon Brief:
“If we look at [overshoot] in isolation, we may miss important parts of the bigger picture. That’s why we also set out the conference with very broad themes and a very interdisciplinary approach.”
The conference was split between eight conference streams: mitigation ambition; carbon dioxide removal (CDR); Earth system responses; climate impacts; tipping points; adaptation; loss and damage; and legal implications.
There was also a focus on how to communicate the concept of overshoot.
In simple English, “overshoot” means to go past or beyond a limit. But, in climate science, the term implies both a failure to meet a target – as well as subsequent action to correct that failure.
Today, the term is most often deployed to describe future temperature trajectories that exceed the Paris Agreement’s 1.5C limit – and then come back down.
(In the Intergovernmental Panel on Climate Change’s (IPCC’s) fifth assessment cycle, completed in 2014, the term was used to describe a potential rise and then fall of CO2 concentrations above levels recommended to meet long-term climate goals. A recent “conceptual” review of overshoot noted this was because, at the time, CO2 concentrations were the key metric used to contextualise emissions reductions).
The plot below provides an illustration of three overshoot pathways. The most pronounced pathway sees global temperatures rise significantly above the 1.5C limit – before eventually falling back down again as carbon dioxide is pulled from the atmosphere at scale.
In the second and third pathways, global temperature rise breaches the limit by a smaller margin, before either falling enough just to stabilise around 1.5C, or dropping more dramatically due to larger-scale carbon removals.

In an opening address to delegates, Prof Jim Skea, who is the current chair of the IPCC, acknowledged the scientific interpretation of overshoot was not intuitive to non-experts.
“The IPCC has mainly used two words in relation to overshoot – “exceeding” and “limiting”. To a lay person, these can sound like opposites. Yet we know that a single emissions pathway can both exceed 1.5C in the near term and limit warming to 1.5C in the long term.”
Noting that different research communities were using the term differently, Skea urged researchers to be precise with terminology and stick to the IPCC’s definition of overshoot:
“We should give some thought to communication and keep this as simple as possible. When I look at texts, I hear more poetic words like “surpassing” and “breaching”. I would urge you to keep the range of terms as small as possible and make sure that we’re absolutely using them consistently.”
In the glossary for its latest assessment cycle, AR6, the IPCC defines “overshoot” pathways as follows:

IIASA’s Schleussner stressed that not all pathways that go beyond 1.5C qualify as overshoot pathways:
“The most important understanding is that overshoot is not any pathway that exceeds 1.5C. An overshoot pathway is specific to this being a period of exceedance. It is going to come back down below 1.5C.”
Mitigation ambition and 1.5C viability
Perhaps the most prominent topic during the conference was the implications of overshoot for global ambition to cut carbon emissions and the viability of the 1.5C limit.
Opening the conference, IIASA director general Prof Hans Joachim Schellnhuber shared his personal view that “1.5C is dead, 2C is in agony and 3C is looming”.
In a pre-recorded keynote speech, Ralph Regenvanu, Vanuatu’s minister for climate change, called for a rejection of the “normalisation of overshoot” and argued that “we must treat 1.5C as the absolute limit that it is” and avoid backsliding. He added:
“Minimising peak warming must be our lodestar, because every tenth of a degree matters.”
Prof Skea opened his keynote with some theology:
“I’m going to start with the prayer of St Augustine as he struggled with his youthful longings: ‘Lord grant me chastity and continence, but not yet.’ And it does seem that this is the way that the world as a whole is thinking about 1.5C: ‘Lord, limit warming to 1.5C above pre-industrial levels, but not yet.’”
Referencing the “lodestar” mentioned by Regenvanu, Skea warned that it is light years away and, “unless we act with a sense of urgency, [1.5C is] likely to remain just as remote”.
Speaking to Carbon Brief on the sidelines of the conference, Skea added:
“We are almost certain to exceed 1.5C and the viability of 1.5C is now much more referring to the long-term potential to limit it through overshoot.”
Schleussner told Carbon Brief that the framing of 1.5C in the conference is “one that further solidifies 1.5C as the long-term limit and, therefore, provides a backstop against the idea of reducing or backsliding on targets”.
If warming is going to surpass 1.5C, the next question is when temperatures are going to be brought back down again, Schleussner added, noting that there has been no “direct” guidance on this from climate policy:
“The [Paris Agreement’s] obligation to “pursue efforts” [to limit global temperature rise by 1.5C] points to doing it as fast as possible. Scientifically, we can determine what this means – and that would be this century. But there’s no clear language that gives you a specific date. It needs to be a period of overshoot – that is clear – and it should be as short as possible.”
In a parallel session on the “highest possible mitigation ambition under overshoot”, Prof Joeri Rogelj, professor of climate science and policy at Imperial College London, outlined how the recent ruling from the International Court of Justice (ICJ) provides guidance to countries on the level of ambition in their climate pledges under the Paris Agreement, known as “nationally determined contributions” (NDCs). He explained:
“[The ruling] highlights that the level of NDC ambition is not purely discretionary to a state and that every state must do its utmost to ensure its NDC reflects the highest possible ambition to meet the Paris Agreement long-term temperature goal.”
Rogelj presented some research – due to be published in the journal Environmental Research Letters – on translating the ICJ’s guidance “into a framework that can help us to assess whether an NDC indeed is following a standard of conduct that can represent the highest level of ambition”. He showed some initial results on how the first two rounds of NDCs measure up against three “pillars” covering domestic, international and implementation considerations.
In the same session, Prof Oliver Geden, senior fellow and head of the climate policy and politics research cluster at the German Institute for International and Security Affairs and vice-chair of IPCC Working Group III, warned that the concept of returning temperatures back down to 1.5C after an overshoot is “not a political project yet”.
He explained that there is “no shared understanding that, actually, the world is aiming for net-negative”, where emissions cuts and CDR together mean that more carbon is being taken out of the atmosphere than is being added. This is necessary to achieve a decline in global temperatures after surpassing 1.5C.
This lack of understanding includes developed countries, which “you would probably expect to be the frontrunners”, Geden said, noting that Denmark is the “only developed country that has a quantified net-negative target” of emission reductions of 110% in 2050, compared to 1990 levels. (Finland also has a net-negative target, while Germany announced its intention to set one last year. In addition, a few small global-south countries, such as Panama, Suriname and Bhutan, have already achieved net-negative.)
Geden pondered whether developed countries are a “little bit wary to commit to going to net-negative territory because they fear that once they say -110%, some countries will immediately demand -130% or -150%” to pay back a larger carbon debt.
Carbon removal
To achieve a decline in global temperatures after an initial breach of 1.5C would require the world to reach net-negative emissions overall.
There is a wide range of potential techniques for removing CO2 from the atmosphere, such as afforestation, direct air capture and bioenergy with carbon capture and storage (BECCS). Captured carbon must be locked away indefinitely in order to be effective at reducing global temperatures.
However, despite its importance in achieving net-negative emissions, there are “huge knowledge gaps around overshoot and carbon dioxide removal”, Prof Skea told Carbon Brief. He continued:
“As it’s very clear from the themes of this conference, we don’t altogether understand how the Earth would react in taking carbon dioxide out of the atmosphere. We don’t understand the nature of the irreversibilities. And we don’t understand the effectiveness of CDR techniques, which might themselves be influenced by the level of global warming, plus all the equity and sustainability issues surrounding using CDR techniques.”
Skea notes that the seventh assessment cycle of the IPCC, which is just getting underway, will “start to fill these knowledge gaps without prejudging what the appropriate policy response should be”.

Prof Nebojsa Nakicenovic, an IIASA distinguished emeritus research scholar, told Carbon Brief that his “major concern” was whether there would be an “asymmetry” in how the climate would respond to large-scale carbon removal, compared to its response to carbon emissions.
In other words, he explained, would global temperatures respond to carbon removal “on the way down” in the same way they did “on the way up” to the world’s carbon emissions.
Nakicenovic noted that overshoot requires a change in focus to approaching the 1.5C limit “from above, rather than below”.
Schleussner made a similar point to Carbon Brief:
“We may fail to pursue [1.5C] from below, but it doesn’t relieve us from the obligation to then pursue it from above. I think that’s also a key message and a very strong overarching message that’s going to come out from the conference that we see…that pursuing an overshoot and then decline trajectory is both an obligation, but it also is well rooted in science.”
Reporting back to the plenary from one of the parallel sessions on CDR, Dr Matthew Gidden, deputy director of the Joint Global Change Research Institute at the Pacific Northwest National Laboratory, also noted another element of changing focus:
“When we’re talking about overshoot, we have become used to, in many cases, talking about what a net-zero world looks like. And that’s not a world of overshoot. That’s a world of not returning from a peak. And so communicating instead about a net-negative world is something that we could likely be shifting to in terms of how we’re communicating our science and the impacts that are coming out of it.”
On the need for both CDR and emissions cuts, Gidden noted that the discussions in his session emphasised that “CDR should not be at the cost of mitigation ambition”. But, he added, there is still the question of how “we talk about emission reductions needed today, but also likely dependence on CDR in the future”.
In a different parallel session, Prof Geden also made a similar point, noting that “we have to shift CDR from being seen as a barrier to ambition to an enabler of even higher ambition, but not doing that by betting on ever more CDR”.
Among the research presented in the parallel sessions on CDR was a recent study by Dr Jay Fuhrman from the JGCRI on the regional differences in capacity to deploy large-scale carbon removal. Ruben Prütz, from the Potsdam Institute for Climate Impact Research, presented on the risks to biodiversity from large-scale land-based CDR, which – in some cases – could have a larger impact than warming itself.
In another talk, the University of Oxford’s Dr Rupert Stuart-Smith explored how individual countries are “depending very heavily on [carbon] removals to meet their climate targets”. Stuart-Smith was a co-author on an “initial commentary” on the legal limits of CDR, published in 2023. This has been followed up with a “much more detailed legal analysis”, which should be published “very soon”, he added.
Impacts of overshoot
Since the Paris Agreement and the call for the IPCC to produce a special report on 1.5C, research into the impacts of warming at the aspirational target has become commonplace.
Similarly, there is an abundance of research into the potential impacts at other thresholds, such as 2C, 3C and beyond.
However, there is comparatively little research into how impacts are affected by overshoot.
The conference included talks on some published research into overshoot, such as the chances of irreversible glacier loss and lasting impacts to water resources. There were also talks on work that is yet to be formally published, such as the risks of triggering interacting tipping points under overshoot.
Speaking in a morning plenary, Prof Debra Roberts, a coordinating lead author on the IPCC’s forthcoming special report on climate change and cities and a former co-chair of Working Group II, highlighted the need to consider the implications of different durations and peak temperatures of overshoot.
For example, she explained, it is “important to know” whether the impacts of “overshoot for 10 years at 0.2C above 1.5C are the same as 20 years at 0.1C of overshoot”.
Discussions during the conference noted that the answer may be different depending on the type of impact. For heat extremes, the peak temperature may be the key factor, while the length of overshoot will be more relevant for cumulative impacts that build up over time, such as sea level rise.
Similarly, if warming is brought back down to 1.5C after overshoot, what happens next is also significant – whether global temperature is stabilised or net-negative emissions continue and warming declines further. Prof Schleussner told Carbon Brief:
“For example, with coastal adaptation to sea level rise, the question of how fast and how far we bring temperatures back down again will be decisive in terms of the long-term outlook. Knowing that if you stabilise that around 1.5C, we might commit two metres of sea level rise, right? So, the question of how far we can and want to go back down again is decisive for a long-term perspective.”
One of the eight themes of the conference centred specifically on the reversibility or irreversibility of climate impacts.
In his opening speech, Vanuatu’s Ralph Regenvanu warned that “overshooting 1.5C isn’t a temporary mistake, it is a catalyst for inescapable, irreversible harm”. He continued:
“No level of finance can pull back the sea in our lifetimes or our children’s. There is no rewind button on a melted glacier. There is no time machine for an extinct species. Once we cross these tipping points, no amount of later ‘cooling’ can restore our sacred reefs, it cannot regrow the ice that already vanished and it cannot bring back the species or the cultures erased by the rising tides.”
As an example of a “deeply, deeply irreversible” impact, Dr Samuel Lüthi, a postdoctoral research fellow in the Institute of Social and Preventive Medicine at the University of Bern, presented on how overshoot could affect heat-related mortality.
Using mortality data from 850 locations across the world, Lüthi showed how projections under a pathway where warming overshoots 1.5C by 0.1-0.3C, before returning to 1.5C by 2100 has 15% more heat-related deaths in the 21st century than a pathway with less than 0.1C of overshoot.
His findings also suggested that “10 years of 1.6C is very similar [in terms of impacts] to five years of 1.7C”.
Extreme heat also featured in a talk by Dr Yi-Ling Hwong, a research scholar at IIASA, on the implications of using solar geoengineering to reduce peak temperatures during overshoot.
She showed that a world where a return to 1.5C had been achieved through geoengineering would see different impacts from a world where 1.5C was reached through cutting emissions. For example, in her modelling study, while geoengineering restores rainfall levels for some regions in the global north, significant drying “is observed in many regions in the global south”.
Similarly, a world geoengineered to 1.5C would see extreme nighttime heat in some tropical regions that is more severe than in a 2C world with no geoengineering, Hwong added.
In short, she said, “this implies the risk of creating winners and losers” under solar geoengineering and “raises concerns about equity and accountability that need to be considered”.
After describing how overshoot features in the outlines of the forthcoming AR7 reports in his opening speech, Prof Skea told Carbon Brief that he expects a “surge of papers” on overshoot in time to be included.
But it was important to emphasise that a “lot of the science that people have been carrying out is relevant within or without an overshoot”, he added:
“At points in the future, we are not going to know whether we’re in an overshoot world or just a high-emissions world, for example. So a lot of the climate research that’s been done is relevant regardless of overshoot. But overshoot is a new kind of dimension because of this issue of focus on 1.5C and concerns about its viability.”
Adaptation
The implications of overshoot temperature pathways for efforts to prepare cities, countries and citizens for the impacts of climate change remains an under-researched field.
Speaking in a plenary, Prof Kristie Ebi – a professor at the University of Washington’s Center for Health and the Global Environment – described research into adaptation and overshoot as “nascent”. However, she stressed that preparing society for the impacts associated with overshoot pathways was as important as bringing down emissions.
She told Carbon Brief that there were “all kinds of questions” about how to approach “effective” adaptation under an overshoot pathway, explaining:
“At the moment, adaptation is primarily assuming a continual increase in global mean surface temperature. If there is going to be a peak – and, of course, we don’t know what that peak is – then how do you start planning? Do you change your planning? There are places, for instance when thinking about hard infrastructure, [where overshoot] may result in a change in your plan.”
IIASA’s Schleussner told Carbon Brief that the scientific community was only just “beginning to appreciate” the need to understand and “quantify” the implications of different overshoot pathways on adaptation.
In a parallel session, Dr Elisabeth Gilmore, associate professor in environmental engineering and public policy at Carleton University in Canada, made the case for overshoot modelling pathways to take greater account of political considerations.
“Not just, but especially, in situations of overshoot, we need to start thinking about this as much as a physical process as a socio-political process…If we don’t do this, we are really missing out on some key uncertainties.”
Current scenarios used in climate research – including the Shared Socioeconomic Pathways and Representative Concentration Pathways – are “a bit quiet” when it comes to thinking about governance, institutions and peace and conflict, Gilmore said. She added:
“Political institutions, legitimacy and social cohesion continue to shift over time and this is really going to shape how much we can mitigate, how much we adapt and especially how we would recover when adding in the dimension of overshoot.”
Gilmore argued that, from a social perspective, adaptation needs are greatest “before the peak” of temperature rise – because this is when society can build the resilience to “get to the other side”. She said:
“Orthodoxy in adaptation [research] that you always want to plan for the worst [in the context of adaptation, peak temperature rise]… But we don’t really know what this peak is going to be – and we know that the politics and the social systems are much more messy.”
Dr Marta Mastropietro, a researcher at Politecnico di Milano in Italy, presented the preliminary results of a study that used emulators – simple climate models – to explore how human development might be impacted under low, medium and high overshoot pathways.
Mastropietro noted how, under all overshoot scenarios studied, both the drop to the human development index (HDI) – an index which incorporates health, knowledge and standard of living – and uncertainty increases as the peak temperature increases.
However, she said “the most important takeaway” from the preliminary results was around society’s constrained ability to recover from damage.
“This percentage of damages that are absorbed is always less than 50%. So, even in the most optimistic scenarios of overshoot, we will not be able to reabsorb these damages, not even half of them. And this is considering a damage function which does not consider irreversible impacts like sea level rise.”
Meanwhile, Dr Inês Gomes Marques from the University of Lisboa in Portugal, shared the results of an as-yet-unpublished study investigating whether the Lisbon metropolitan area holds enough public spaces to offer heatwave relief to the population under overshoot scenarios. The 1,900 “climate refugia” counted by researchers included schools, museums and churches.
Marques noted that most of the population were found to be within one kilometre of a “climate refugia” – but noted that “nuances” would need to be added to the analysis, including a function which considers the limited mobility of older citizens.
She explained that the researchers were aiming to “establish a framework” for this type of analysis that would be relevant to both the science community and municipalities tasked with adaptation. She added:
“The main point is that we need to think about this now, because we will face some big problems if we don’t”.

Legal implications and loss and damage
Significant attention was given throughout the conference to the legal considerations of the breach of – and impetus to return to – the Paris Agreement’s 1.5C warming limit.
This included discussions about how the international legal frameworks should be updated for an “overshoot” world where countries would need to pursue “net-negative” strategies to bring temperatures down to 1.5C.
There were also discussions around governance of geoengineering technologies and the fairness and justice considerations that arise from the real-world impacts of breached targets.
The conference was being held just months after the ICJ’s advisory decision that limiting temperature increase to 1.5C should be considered countries’ “primary temperature goal”.
IIASA’s Shleussner told Carbon Brief that the decision provided “clarity” that countries had a “clear obligation to bring warming back to 1.5C”. He added:
“We may fail to pursue it from below, but it doesn’t relieve us from the obligation to then pursue it from above.”
Prof Lavanya Rajamani, professor of international environmental law at the University of Oxford, insisted that “1.5C was very much alive and well in the legal world”, but noted there were “very significant limits” to what could be achieved through the UN Framework Convention for Climate Change (UNFCCC) – the global treaty for coordinating the response to climate change – both today and in the future.
Summarising discussions around how countries can be pushed to deliver the “highest possible ambition” in future climate plans submitted to the UN, Rajamani urged delegates to be “tempered in [its] expectations of what we’re going to get from the international regime”. She added:
“Changing the narratives and practices at the national level are far more likely to filter up to the international level than trying to do it from a top-down perspective.”
In a parallel session, Prof Christina Voigt, a professor of international law at the University of Oslo, pointed out that overshoot would require countries to aspire beyond “net-zero emissions” as “the end climate goal” in national plans.
Stabilising emissions at “net-zero” by mid-century would result in warming above 1.5C, she explained, whereas “net-negative” emissions are required to deliver overshoot pathways that return temperatures to below the Paris Agreement’s aspirational limit. She continued:
“We will need frontrunners. Leaders, states, regions would need to start considering negative-emission benchmarks in their climate policies and laws from around mid-century. There will be an expectation that developed country parties take the lead and explore this ‘negativity territory’.”
Voigt added that it was “critical” that nations at the UNFCCC create a “shared understanding” that 1.5C remains the “core target” for nations to aim for, even after it has been exceeded. One possible place for such discussions could be at the 2028 global stocktake, she noted.
She said there would need to be more regulation to scale up CDR in a way that addresses “environmental and social challenges” and an effort to “recalibrate policies and measures” – including around carbon markets – to deliver net-negative outcomes.
In a presentation exploring governance of solar radiation management (SRM), Ewan White, a DPhil student in environmental law at the University of Oxford, said the ICJ’s recent advisory opinion could be interpreted to be “both for and against” solar geoengineering.
Countries tasked with drawing up global rules around SRM in an overshoot world would need to take a “holistic approach to environmental law”, White said. In his view, this should take into account international legal obligations beyond the Paris Agreement and consider issues of intergenerational equity, biodiversity protection and nations’ duty to cooperate.
Dr Shonali Pachauri, research group leader at IIASA, provided an overview of the equity and justice implications that might arise in an overshoot world.
First, she said that delays to emissions reductions today are “shifting the burden” to future generations and “others within this generation” – increasing the need for “corrective justice” and potential loss-and-damage payments.
Second, she said that adaptation efforts would need to increase – which, in turn, would “threaten mitigation ambition” given “constrained decision-making”.
Finally, she pointed to resource consumption issues that might arise in a world of overshoot:
“The different technologies that one might use for CDR often depend on the use of land, water, other materials – and this, of course, then means competing with many other uses [of resources].”
A separate stream focused on loss and damage. Session chair Dr Sindra Sharma, international policy lead at the Pacific Islands Climate Action Network, noted that the concept of loss and damage was “fundamentally transformed” by overshoot – adding there were “deep issues of justice and equity”.
However, Sharma said that the literature on loss and damage “has not yet deeply engaged with the specific concept of overshoot” despite it being “an important, interconnected issue”.
Sessions on loss and damage explored the existence of “hard social limits” under future overshoot scenarios, insurance and the need to bring more factors into assessments of habitability, including biophysical and social-economic constraints.
Communication challenges and next steps
At the conference, scientists and legal experts collaborated on a series of statements that summarised discussions at the conference – one for each research theme and an overarching umbrella statement.
IIASA’s Schleussner told Carbon Brief that the statements represented a “key outcome of the conference” that could provide a “framework” to guide future research.
Nevertheless, he noted that statements are a “work in progress” and set to be “further refined” following feedback from experts not able to attend the conference.
At the time of going to press, the overarching conference statement read as follows:
“Global warming above 1.5C will increase irreversible and unacceptable losses and damages to people, societies and the environment.
“It is imperative to minimise both the maximum warming and duration of overshoot above 1.5C to reduce additional risks of human rights violations and causing irreversible social, ecological and Earth system changes including transgressing tipping points.
“This is required by international law and possible by removing CO2 from the atmosphere and further reducing remaining greenhouse emissions.”
Conference organisers also pointed delegates to an open call for research on “pathways and consequences of overshoot” in the journal Environmental Research Letters. The special issue will be guest edited by a number of scientists who played a key role in the conference.
Meanwhile, communications experts at the conference discussed the challenges inherent in conveying overshoot science to non-experts, noting potential confusion around the word “overshoot” and the difficulties in explaining that the 1.5C limit, while breached, was still a goal.
Holly Simpkin, communications manager at the Potsdam Institute for Climate Impact Research, urged caution when communicating overshoot science to the general public:
“I don’t know whether ‘overshoot’ is an effective communication framing. It is an important scientific question, but when it comes to near-term action and the requirements that an ambitious overshoot pathway would ask of us, emissions are what are in our control.
“We could spend 10 more years defining this and, actually, it’s quite complex…I think it’s better to be honest about that and to try to be more simple in that frame of communication, knowing that this community is doing a wealth of work that provides a technical basis for those discussions.”
The post Overshoot: Exploring the implications of meeting 1.5C climate goal ‘from above’ appeared first on Carbon Brief.
Overshoot: Exploring the implications of meeting 1.5C climate goal ‘from above’
Climate Change
Big banks behind “net zero” alliance continued lending to coal firms
Several major banks that helped set up the UN’s now-defunct Net-Zero Banking Alliance (NZBA) in 2021 have since continued to lend money to coal companies, a new report has revealed.
Bank of America, Barclays, Citibank, Deutsche Bank and Santander were heavily involved in the NZBA and the associated Glasgow Financial Alliance for Net Zero (GFANZ) when it was launched by Mark Carney, then a UN climate envoy and now Canada’s leader, in the run-up to the COP26 climate summit in Glasgow.
Despite their involvement, data released this week shows those banks and some others did not reduce the amount of money they lent, nor the value of their underwriting, to coal activities between 2022 and 2025. Around half of the NZBA members who were engaged in coal financing over that time increased it and half cut it, according to the report by German environmental research group Urgewald.
Ana Botín, executive chair of Santander, was a member of the GFANZ CEO principals’ group and said at the time of the NZBA launch that her Spanish bank was “proud to be part of the founding members of this new alliance and to accelerate progress towards net zero”.
Since then, the report’s data documents that Santander has provided loans and underwriting worth hundreds of millions of dollars each year to coal companies, particularly American coal-power plant operators Duke Energy and the Southern Company. Santander did not respond to a request for comment.
Urgewald’s research adjusts the value of loans and underwriting provided to coal companies based on how much of a company’s revenues come from the most polluting fossil fuel. So a hypothetical $100 million loan to German utility RWE is valued at $21 million, as 21% of RWE’s revenue is from coal.
The research does not take account of whether companies are expanding their coal business or phasing it out for greener alternatives. Some banks have said their coal clients need to put in place transition plans by a certain date. Some also say that, by a certain date, they will stop lending money to clients that get more than a set percentage of their revenue from coal.
Most companies expanding coal are in Asian nations like China, India and Indonesia and are largely financed by banks from their own countries. But there are examples of NZBA founding members supporting companies that are actively prolonging the life of their coal businesses.
For example, Glencore, a Switzerland-based multinational that gets 4% of its revenue from coal, has just won preliminary regulatory approval to keep on coal mining in Australia’s Hunter Valley until 2045. Last year, the company was supported by loans and underwriting from Bank of America, Citigroup, Santander, Barclays, Deutsche Bank, HSBC and Standard Chartered.
Good and bad news
Some NZBA founding members like Swiss giant UBS have reduced their loans and underwriting for coal companies, the data suggests. Others – like Triodos and Kenya Commercial Bank – have provided no support for coal companies since at least 2021.
Urgewald researcher Hannah O’Neill told Climate Home News that “the banking sector is not moving in one direction. There is a growing divide between banks that are tightening their coal policies and reducing their exposure, and those where coal policies remain weak or where financing continues.”
Unlike the UN’s Race to Zero campaign, with which it partnered, the NZBA did not require its members to end financing for fossil fuels like coal, leading to accusations by climate campaigners that its rules were too weak.
Despite this, after Donald Trump’s re-election as US president in November 2024, several North American banks quit the alliance and the NZBA’s requirements were diluted in April 2025. After further withdrawals, the group shut itself down in October 2025.
Globally, the Urgewald report found that many banks in the European Union, Thailand, Malaysia, India and Taiwan have reduced their coal finance since governments agreed at COP26 to phase down coal power.
But with Chinese, American, Indonesian and South Korean banks increasing their support, total bank financing for the coal industry has remained broadly the same each year since 2022.
“Coal financing is not disappearing – but it is concentrating in banks and markets where coal policies are either missing or weak,” said Heffa Schücking, director of Urgewald.
Urgewald’s definition of coal companies includes firms and their subsidiaries that explore for, process, trade, transport and mine coal, or burn it in power plants to produce electricity, or manufacture equipment for the coal industry. It does not include companies that use coal to make cement or steel – and an adjustment is made to account for how much of the business model is coal-related.
Banks defend delays
At the time of publication, most of the banks named in the report for increasing their coal finance had not responded to requests for comment. But a spokesperson for Deutsche Bank pointed Climate Home News to its May 2026 announcement that it was delaying its requirement for existing clients to present it with transition plans and cut their coal exposure.
Instead of having to present these plans by the end of 2025, the bank has given them until the end of 2027. They will also have to ensure that their revenue share from thermal coal falls below half by then, the bank added. New clients need energy transition plans to access finance.
Deutsche Bank said at the time it was delaying its requirements because of the “increasingly complex regulatory environment as well as differing speeds of energy transition in various regions beyond what was anticipated by Deutsche Bank in 2023”.
Big banks’ lending to coal backers undermines Indonesia’s green plans
A spokesperson for Barclays told Climate Home News: “Many companies in this report are diversified energy or mining companies. We do not provide financing to companies that generate more than 30% of revenues from thermal coal mining or power generation, and we will phase out all financing by 2035.”
The Barclays spokesperson added: “Barclays is financing an energy sector in transition, providing finance to meet current energy needs and also financing the scaling of clean energy. Over the past three years, we have facilitated more than $300 billion of sustainable and transition finance, including billions to cleaner energy projects, and invested millions into climate tech.”
The post Big banks behind “net zero” alliance continued lending to coal firms appeared first on Climate Home News.
Big banks behind “net zero” alliance continued lending to coal firms
Climate Change
As COP31 co-host, Australia should make its polluters pay for climate damage
Harjeet Singh is the global convenor of the Fill the Fund campaign and founding director of the Satat Sampada Climate Foundation. Julie-Anne Richards is strategic campaign lead for the Make Big Polluters Pay campaign in Australia.
This year, a glacier collapse in Nepal’s Himalayan valleys swept away the lives of at least 1,500 people, with recovery costs of US$5 billion, or 10% of national GDP. But this was not a tragedy for which no one can be blamed. This was a crime with a balance sheet – one whose costs are paid by people who did nothing to cause it, and whose profits are booked by polluting corporations that did everything.
Across the Pacific, the calculation of injustice is now brutally clear. According to Oxfam Australia, the average yearly GDP loss of Pacific countries from climate disasters has increased four-fold over the last decade, reaching 14.3% of GDP. The number of Pacific people battered by climate disasters has risen by 700% in a decade. Whole villages are being packed up and moved as the sea takes the land beneath them.
Let’s look at the other ledger. This year, as climate change and an oil shock drove up the cost of living for ordinary families, Woodside – touted as “one of Australia’s biggest winners” from the war in the Middle East – reported revenues jumping nearly 30% to AUD$6 billion in just three months.
In Australia, Oxfam finds that in 2023-2024, fossil fuel corporations paid only AUD$22.8 billion in corporate income tax – just 5% of their AUD$436 billion in total reported income – while 26 out of 80, or one in every three large fossil fuel corporations, did not pay corporate income tax at all.
The polluters are not struggling to pay for the damage they cause. They are choosing not to.
This is the moral obscenity at the heart of the climate crisis: the money exists. It is simply flowing in the wrong direction. And nowhere is that clearer than in the funds the world built to protect the vulnerable, now left to languish.
Funds struggle to fill their coffers
The Fund for Responding to Loss and Damage (FRLD) has received US$2.8 billion in requests from 119 countries. And Nepal has sought an urgent US$20 million for immediate needs. Yet the Fund has only US$342 million in total to give.
The Pacific Resilience Facility – a fund the Pacific designed for itself, to prepare its own communities – sits well short of even its modest US$500 million capitalisation target. And the Adaptation Fund is running on empty. While adaptation needs in developing countries could reach US$387 billion a year by 2030, according to the latest UNEP Adaptation Gap report, the Fund’s resource mobilisation target of a modest US$300 million for 2025 fell far short, with only US$135 million pledged.
This is a matter of priorities, not of resources. For decades, the world has accepted a simple principle – the polluter pays principle – whether through the OECD, of which Australia is a member, or Europe’s carbon pricing. New York and Vermont have already passed laws to make Big Oil pay into climate superfunds, and ten more US states are moving to follow.
The idea is neither radical nor new. It’s time to make big polluters pay.
Comment: After Hormuz, Nepal and wildfires, people want action to make polluters pay
What is urgently needed is the courage to apply it to the fossil fuel corporations that have spent decades avoiding it. In November, Australia takes up the presidency of the COP31 negotiations, committing to stand shoulder to shoulder with its Pacific neighbours.
Australia, together with the Turkish COP31 Presidency, must guide and inspire progress at the upcoming climate conference, including on new climate finance pledges by developed countries (which agreed to mobilise at least $300 billion by 2035) and triple the funds available to the FRLD, the Adaptation Fund and the other UN climate funds.
Rich countries agreed to these goals two years ago at COP29. Yet, the reality is that developing countries’ need for climate finance is in the trillions annually, while developed countries continue to delay providing even what they have already committed. A clear signal recognising the importance of delivering the promised climate finance must come at next week’s Pre-COP in the Pacific, and COP31 in Antalya must go on to deliver against existing promises or risk an irreparable breakdown in trust.
Time for a climate pollution levy
Countries must also ensure funding for loss and damage takes its rightful place as the third pillar of climate finance, alongside mitigation and adaptation, in negotiations regarding the UNFCCC climate finance work programme and Article 9 on shifting finance flows towards a low-carbon, resilient world.
Australia, as President of Negotiations and as a Pacific nation, cannot ask the world to fill these funds while it lets its own coal and gas giants off the hook. Australia should not only stop approving new and expanded coal and gas mines, it should also introduce a Climate Pollution Levy on big coal, oil and gas corporations – a charge on every tonne of carbon pollution they extract and profit from. Independent analysis shows such a levy could raise tens of billions of dollars a year, and can be designed so the cost falls on the corporations, not on households.
This is not charity – it is compensation. It is the beginning of accountability. And the public is far ahead of its leaders: eight in 10 people worldwide, and a clear majority of Australians, want fossil fuel firms taxed to pay for the damage they cause.
Fossil fuel expansion threatens COP31 hosts’ credibility, experts warn
The money must go where the harm lands. A Climate Pollution Levy should feed the funds frontline communities are relying on – fully capitalising the Pacific Resilience Facility this year, replenishing the Adaptation Fund, and delivering the billions the loss and damage fund needs.
It is essential for these funds to be able to provide grant-based finance that reaches communities directly, not more loans that push drowning nations deeper into debt. With Nepal’s recovery costs estimated at around 10% of the country’s GDP, if we leave it to fend for itself without loss and damage funding, Nepal will likely be saddled with debt and could fail to recover adequately, increasing poverty and inequality.
We have heard enough empty pledges. We have watched enough funds announced with fanfare, only then to be starved in silence. The era of asking polluters politely is over. Australia, as COP31 president, has a rare chance to prove that the polluter pays principle means something and apply it to those who have profited the most.
The post As COP31 co-host, Australia should make its polluters pay for climate damage appeared first on Climate Home News.
As COP31 co-host, Australia should make its polluters pay for climate damage
Climate Change
What’s on the climate calendar for October 2026?
This is a republication of October’s edition of The Climate Agenda – a subscriber-only newsletter designed to keep you informed of the key events, negotiations and announcements happening every month. If you want to receive The Climate Agenda straight to your inbox at the start of each month, sign up as a subscriber today.
This month, we’ll be on the ground reporting from the Convention on Biological Diversity summit in Yerevan, Armenia later this month and following all the developments as we build towards COP31 in Antalya, Türkiye next month. Here’s what you need to know for October, why it matters and what to expect.

Brazilian Election
First round: Sunday 4 October – Second round: Sunday 25 October
This poll is being closely watched by Brazilian environmentalists as it’s likely to make a big difference to Brazil’s international climate politics and the health of the Amazon rainforest.
The two clear front-runners are current left-wing President Lula and right-wing Flávio Bolsonaro. Flávio is the son of Jair Bolsonaro, who ruled from 2019 to 2023 but was declared ineligible to hold public office because of his attacks on the electoral system and is now under house arrest.
In the unlikely event that either candidate wins more than half the votes in the first round, they will be elected as the country’s leader. Latest polls have Lula on 39% and Bolsonaro on 35% (though the numbers are shifting) with several minor candidates in the single-digits. If none of them get a majority, there will be a one-on-one run-off on October 25.
The Latin American nation is set to record its lowest-ever level of deforestation, as efforts to rein in illegal clearing and restore Indigenous rights progressed under Lula. But Brazilian experts are warning that the huge agribusiness lobby in Congress, whose interests shape what happens in the Amazon, will be emboldened if Bolsonaro takes power, with the Supreme Court also risking a turn to the right.
As for climate politics, some seasoned watchers fear that Flávio – a climate change denier like his dad – could even try to pull Brazil out of the Paris Agreement. That would leave other countries to take forward Brazil’s COP30 global roadmaps on transitioning away from fossil fuels (TAFF) and ending deforestation – both of which are due to be delivered by COP31.
For Brazil’s own TAFF roadmap – commissioned earlier this year but so far nowhere to be seen – the election may have less of an impact, given Lula is as keen as any other politician to extract oil and gas from the Amazon, amid cross-party support for fossil fuel production.
Read more: Brazil leads “encouraging” decline in global rainforest destruction in 2025

Pre-COP
Monday 5 October – Thursday 8 October – Fiji and Tuvalu
The annual Pre-COP meeting is usually a business-like gathering of government negotiators, sounding out each other’s positions and laying the groundwork for deals at the main COP summit. But this year’s “pre” has been jazzed up by Australia’s partnership with Pacific governments keen to elevate their climate issues on the international stage.
“We will bring the eyes of the world to our region, highlight the threat that climate change poses to it, and show how Pacific voices are shaping global action to counter it,” Australian PM Anthony Albanese said of the event.
On Monday, before the Pre-COP officially starts, a group of senior government figures – including a handful of leaders – will visit the world’s second lowest-lying nation Tuvalu, as UN boss Antonio Guterres did in 2019.
They will visit areas affected by sea level rise, see climate resilience projects and meet local communities before flying 2.5 hours south to Fiji to join up with the Pre-COP – which starts on Tuesday – and speak at a “Leaders’ plenary session” that evening.
The Pre-COP runs until Thursday. Governments are expected to try to advance on some kind of a roadmap for protecting oceans from climate change, while Fiji says Pacific nations will emphasise the need to follow science and step up efforts to limit warming to 1.5C.
Australia is also due to present an action plan to improve access to climate finance for small island nations and least-developed countries, so that governments, development banks and climate funds can endorse it ahead of the Antalya summit.
Alongside the official Pre-COP discussions, a “green zone” will host talks organised by civil society on topics like public transport, carbon markets and the International Court of Justice advisory opinion. Unfortunately, these events won’t be available to follow online.
Read more: Threatened by rising seas, small islands secure right to keep their statehood
Read more: At regional summit, Pacific islands ask for COP31 support for clean energy and finance

Article 6.4 Supervisory Body
Monday 5 October – Friday 9 October – Bonn, Germany
The UN carbon market’s rule-making body meets for one last jam-packed session ahead of COP31, with decisions pending on several high-stakes issues that could shape the future of the new crediting mechanism.
Top of the agenda is a rulebook for clean cooking projects, which aim to cut greenhouse gas emissions by distributing more efficient cookstoves. These projects generate some of the most popular carbon credits but have also drawn some of the heaviest criticism for overstating their climate benefits through lax accounting.
Technical experts have recommended the Supervisory Body tighten the rules compared to existing crediting programmes, including by forcing cookstove project developers for the first time to guard against the risk of the climate benefits of their credits – the trees saved from becoming cooking fuel – being wiped out by fire, drought or logging.
The proposal on the so-called reversal risk assessment has sparked a “coordinated” lobbying campaign from the industry, some conservation NGOs and UNEP, arguing that stronger protections could hike project costs and restrict the supply of credits.
Read more: Industry and NGOs lobby to weaken UN carbon credit rules in “coordinated” push
Intergovernmental Panel on Climate Change (IPCC) plenary
Monday 12 October – Friday 16 October – Addis Ababa, Ethiopia
Scientists and government officials will try, once again, to agree on a timeline to produce the highly influential AR7 assessment report from the UN’s climate science body.
The faultlines that have blocked a deal at several previous sessions are well established: a large group of predominantly developed countries, small island and progressive Latin American states and the poorest nations want the reports to be ready in time to inform the UN’s next global assessment of climate action, due to be completed in November 2028.
A small group of primarily big emerging economies disagree, claiming this timeline would put a burden on developing countries with limited resources and restrict their ability to provide scientific input into the process.
Three options will be on the table in Addis Ababa. Two of them would see all three flagship assessment reports approved by July 2028 and September 2028 respectively, just in time to feed into the second Global Stocktake.
The third, based on proposals from Saudi Arabia and India, would deliver only the Working Group 1 report, on the physical science of climate change, by May 2028. The reports from Working Groups 2 and 3, covering climate impacts and ways to cut emissions, would not be approved until mid-2029, well after the stocktake concludes at COP33.
Delegates are also expected to discuss the IPCC’s increasingly strained budget, made worse by a funding gap left by the withdrawal of the United States. The panel has warned that, without a sustained increase in contributions, its trust fund’s cash balance would run out by the end of 2028, putting the delivery of the AR7 set of reports at risk and forcing cuts to in-person meetings, translation and outreach.
Read more: Science ‘under attack’ from fossil fuel interests at UN climate talks
Read more: As science comes under attack at UN talks, climate movement splits over how to respond

World Bank & IMF Annual Meetings
Tuesday 12 October – Sunday 18 October – Bangkok, Thailand
With their biggest shareholder – the US – resolutely opposed to climate action, the World Bank and International Monetary Fund (IMF) are likely to try to avoid mentioning climate change at their annual meetings in Bangkok – and there are no headline events on the subject.
But they aren’t in complete control of the agenda. Thailand will host a discussion on financing a green resilient economy and World Bank President Ajay Banga is likely to be challenged on climate at a live-streamed civil society townhall on October 12.
With tricky negotiations on the World Bank’s climate finance target concluded earlier this year (it was dropped), talks are moving on to the sustainability framework of the World Bank’s International Finance Corporation, which invests in the private sector. Civil society is calling for its rules on protecting people and the planet to be maintained and strengthened.
The IMF’s guidance note to staff – which shapes the circumstances under which climate can be included in IMF programmes – will also be negotiated. Longer term, the Resilience and Sustainability Trust, which channels funding to green projects, will be reviewed but not before 2028 at the earliest.
Read more: World Bank’s climate work can endure without finance target, experts say
Convention on Biological Diversity (CBD) COP17
Monday 19 October – Friday 30 October – Yerevan, Armenia
The biodiversity COP – a sister convention to the UN climate process – will for the first time take stock of progress towards key goals in its 2022 landmark agreement, the Global Biodiversity Framework (GBF). These include a headline target to protect and conserve at least 30% of the planet’s land and marine ecosystems by 2030.
A draft report prepared by a scientific panel warns that “unless collective implementation accelerates rapidly, the 2030 targets and mission will not be achieved”. In fact, governments are failing on 22 out of 23 targets. The final report is expected to be published ahead of COP17, where governments are expected to react strongly.
UN biodiversity chief Astrid Schomaker told journalists earlier this month that the most significant progress is expected to occur towards the end of the decade, as 174 countries took the first four years to develop national targets.
Finance, meanwhile, is set to become a contentious issue, as the draft report says developed countries fell short on a target to provide $20bn per year in international public finance for nature protection, reaching only about $17bn per year from 2020 to 2023. They have also yet to meet a wider goal to mobilise $200bn per year counting all kinds of finance.
Much like in climate talks, the EU has proposed to broaden the base of donors to include emerging economies who want to “voluntarily assume the obligations” of developed countries. Saudi Arabia and Qatar want nothing to do with this proposal. China has said bringing in new contributors should not weaken the obligations of developed countries. Expect a fight in Yerevan.
A preliminary meeting in Nairobi in August resulted in a heavily bracketed text that delegates will have to unravel in Armenia. One observer said countries had “overall missed the level of urgency” needed.
Keep an eye out for our webinar live from Yerevan later this month, where we’ll provide an update on the talks and how governments are responding to science’s demands for quicker action.
Read more: Mombasa ocean summit drives progress on marine protection, but threats persist
Read more: UN biodiversity talks agree finance roadmap, postponing decision on a new fund
European Climate Resilience & Risk Management Framework
Wednesday 28 October – Brussels, Belgium
Following a torrid summer beset by recurring heatwaves, drought and outbreaks of forest fires across the continent, the European Commission will present its keenly awaited climate resilience and risk management framework to help member states protect their populations from worsening climate change impacts.
As part of the policy package, the Commission will identify 100 of Europe’s most climate-vulnerable territories. And alongside an assessment of the risks, there will be guidance at which level they should be managed – regional, national or by the EU. Currently, confusion often arises over who is responsible for preventing, preparing for and managing disasters across the bloc.
The framework will also aim to make Europe a “champion in adaptation technologies” – such as drought-resistant crops, flood prevention or energy-efficient cooling – which have been described by EU President Ursula von der Leyen as “a huge emerging market”.
With only around a quarter of catastrophe losses in Europe covered by private insurance, the Commission also plans to set up a Climate Insurance Alliance to boost that figure.
READ MORE: WHO issues new guidance on heat-health action plans, as El Niño sets in
The post What’s on the climate calendar for October 2026? appeared first on Climate Home News.
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