• Reclaim Finance will assess each policy on oil and gas expansion based on the Global Oil & Gas Exit List. We will contact each financial institution in order to get precise information. If there are any doubts, we reserve the right to apply the following penalties:
• Penalty -1 when the exclusion does not cover companies that plan to develop new oil and gas capacity through the purchase of existing oil and gas assets without a clear commitment to close or sell them.
• Penalty -1 when the policy is not applied to all assets/financial services.
• Penalty -1 when bonds are not sold or when it only concerns new coverage/investments.
• Penalty -1 when the exclusion is limited to offshore OR onshore activities.
• Penalty -1 when the exclusion is limited on a specific geographic scope (e.g. limited definition of the Arctic region).
• Penalty -1 when the exclusion is limited to oil OR gas.
• Penalty -1 when exceptions are minimal, -2 when exceptions are significant.
• Penalties do not apply below score 1 and apply only if the initial calculation of excluded expansion plans does not already take this information into account.

• Penalty -1 if phase-out commitment from unconventional sectors apply between 2031 and 2040. Phase-out after 2040 for unconventional sectors are not considered.
• Penalty -1 if phase-out commitment applies only partially along the value chain ; applying only to unconventional sectors.
• Penalty -1 when exceptions are minimal, -2 when exceptions are significant.
• Penalty -2 if phase-out commitment only covering lending and not underwriting or only a small part of the assets owned/managed.
• Penalty -1 if phase-out commitment applies only to new financing/coverage and not existing financing/coverage.
• Penalty -2 if commitment only applies to financed companies and not to the financial player itself.
• Penalty -2 if financial services dedicated to oil or gas projects are still allowed.
• Penalties do not apply below score 1.
• The total penalties in a sector cannot exceed the number of points earned by the financial institution regarding this specific sector.

Grade	UNCONVENTIONAL SECTOR POLICY
	No public policy regarding this sector.
	Very partial exclusion of oil AND/OR gas activities in this sector: relative or absolute threshold too high, phase-out date too far away, no exclusion of companies with expansion plans and limited exclusion of projects in this sector, etc.
	One of the following four conditions: Exclusion threshold below 10% of revenues or any equivalent cumulative threshold for upstream AND midstream activities in this sector; Exclusion threshold below 20% of reserves or production or any equivalent cumulative threshold for upstream activities in this sector; Complete exclusion of financial services dedicated to upstream AND midstream projects in this sector; Explicit partial exclusion of companies planning to develop new oil and/or gas capacity in this sector. OR  has announced a phase-out strategy from oil and gas upstream OR midstream activities in this sector by 2030 AND one of the following two conditions: Has adopted at least a relative exclusion threshold; Partial exclusion of projects in this sector.
	Two of the following three conditions: Exclusion of some companies planning to develop new oil AND gas capacity in this sector; Has announced a phase-out strategy from oil and gas upstream AND midstream activities in this sector by 2030; Exclusion threshold below 10% of reserves or production or any equivalent cumulative threshold for upstream activities in this sector. AND For relevant financial institutions, exclusion of financial services dedicated to upstream and midstream projects in this sector. AND Has adopted an exhaustive definition of the Arctic area: AMAP* definition or another definition covering at least 75% of the AMAP region. OR Exclusion of all companies planning to develop new upstream oil AND gas capacity in all unconventional sectors according to the Global Oil and Gas Exit List or any equivalent database
	Exclusion of all companies planning to develop new oil AND gas capacity in this sector : upstream AND midstream. AND Has announced a phase-out strategy from oil and gas upstream and midstream activities in this sector by 2030. AND For relevant financial institutions, exclusion of financial services dedicated to upstream and midstream projects in this sector. AND Has adopted an exhaustive definition of the Arctic area: AMAP* definition or equivalent in terms of geographical coverage.

* Scope defined and used by the Arctic Monitoring Assessment Programme (AMAP).
Penalties of projects, expansion and phase-out criteria will be taken into account and could lead to the downgrading of the financial institution in the concerned sector.