What is the Oil and Gas Policy Tracker?
More and more banks, insurers and investors are implementing policies to restrict support to the oil and gas industry. But are these policies robust enough?
The Oil and Gas Policy Tracker 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. Play with the filters to select the financial institutions of your choice and easily compare them!
The Tracker was last updated on : April 12th 2023.
This financial institution has one of the best practices with the adoption of a robust oil and gas policy.
NA The criteria does not apply to this type of financial institution.
Reclaim Finance could not give a definite score and have contacted the financial institution for clarification.
This financial institution has informed Reclaim Finance that it is working on a new policy which is expected to be published soon.
How to read your results
Disclaimer: Reclaim Finance is currently in the process of updating the Oil & Gas Policy Tracker’s methodology in order to better take into account the specificities of each type of financial institution. The goal of this update is to better consider the impact of each exclusion depending on the type of institution. From April 2023, the banks will have their own new methodology, while the previous methodology will still be used for investors and insurers. In June 2023, we will publish the new methodology for investors and insurers, and update their scores accordingly. Finally, each type of financial institution (banks, insurers, and investors) will have its own methodology.
Banks
This criterion rates the immediate exclusion of financial services dedicated to oil and gas projects.
Grade | Projects |
---|---|
0 | No public policy |
1 | Exclusion of financial services dedicated to upstream projects in 1 or 2 unconventional sectors. |
2 |
Exclusion of financial services dedicated to upstream projects in 3 unconventional sectors. OR Exclusion of financial services dedicated to oil & gas field exploration projects. |
3 |
Exclusion of financial services dedicated to all unconventional oil & gas upstream projects. OR Exclusion of some conventional and unconventional oil & gas projects: geographic disparities, potentially large exceptions, partial value chain, new oil OR gas fields, etc. |
4 |
Exclusion of financial services dedicated to all unconventional oil & gas upstream and midstream projects. OR Exclusion of financial services dedicated to only oil OR gas upstream projects. |
5 | Exclusion of financial services dedicated to new oil & gas fields. |
6 | Exclusion of financial services dedicated to all oil & gas upstream projects. |
7 | Exclusion of financial services dedicated to new oil & gas fields and some midstream projects. |
8 | Exclusion of financial services dedicated to new oil & gas fields and all midstream projects. |
9 | Exclusion of financial services dedicated to all oil & gas upstream projects and some midstream projects. |
10 | Exclusion of financial services dedicated to all oil & gas upstream projects and all midstream projects. |
Bonus & penalties
-
[Unconventional] Bonus +1 if midstream projects (infrastructure exclusively or mostly dedicated to unconventional) are excluded.
-
[Unconventional] Bonus +1 when the definition of unconventional sectors is complete according to Urgewald’s Global Oil & Gas Exit List. Excluding oil & gas extraction located in the Amazon can also be considered.
-
Bonus +1 when some downstream projects (fossil fuel-fired power plants, refineries, petrochemical projects, etc.) are excluded.
-
[Unconventional] Penalty -1 when the exclusion of unconventional projects is linked to the company’s involvement in oil & gas activities (1).
-
[Unconventional] Penalty -1 when the exclusion is limited by a restrictive definition of the unconventional sector (e.g. limited/no definition of the Arctic region, offshore or onshore, oil or gas, etc.).
-
Penalty -1 when the definition of “new oil & gas field” is much more restrictive than “any oil & gas field not yet in production” (2).
-
Penalty -1 when exceptions are minimal, -2 when exceptions are significant.
-
Penalty -1 when the policy does not cover all financial services dedicated to a specific project.
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.
Remarks
Our assessment considers the following 4 unconventional sectors: Arctic oil & gas, shale oil & gas, tar sands, ultra-deep water oil & gas activities. The OGPT will also consider as a bonus a broader definition of unconventional oil & gas, as specified in the Global Oil & Gas Exit List: Arctic oil & gas, shale oil & gas, tar sands, ultra-deep water oil & gas, coalbed methane and extra-heavy oil. Excluding oil & gas extraction located in the Amazon can also be considered.
We define upstream oil & gas projects as:
- Oil & gas exploration;
- Development of a new oil & gas field*;
- Expansion or redevelopment of any field.
We define midstream oil & gas projects as:
- Infrastructure directly related to new oil & gas fields*;
- Any new Liquefied Natural Gas (LNG) infrastructure;
- Capacity increase of existing infrastructure.
*New oil & gas fields which are not producing yet.
- Example: exclusion of financial services dedicated to oil and gas projects carried out by companies deriving more than X% of their production from the Arctic region.
- A financial institution will not be penalized if it defines “new oil & gas fields” as “any fields approved for development after December 31st, 2021”, as the definition is aligned with the IEA”s recommendation. However, a financial institution will be penalized if its definition of “new oil & gas fields” is very restrictive, e.g. any oil & gas field that received its Final Investment Decision after December 31st, 2022.
This criterion rates how banks condition financial services to the end of oil & gas expansion plans.
Grade | EXPANSION COMPANIES |
---|---|
0 | No policy. |
1 | When assessing companies, “oil & gas expansion” is a criterion that can lead to undefined sanctions. |
2 | Conditions financial services to the end of new oil & gas projects, but no timeline specified or only applied to new clients. |
3 |
Conditions financial services to the end of new oil & gas projects, but weak coverage of the O&G industry (exceptions, 1 unconventional sector, etc.) by the end of 2023. OR Conditions financial services to the end of new oil & gas projects, but applied between 2026 and 2030. |
4 |
Conditions financial services to the end of new oil & gas upstream projects in some unconventional sectors by the end of 2023. OR Conditions financial services to the end of new oil & gas upstream projects by the end of 2025, with exceptions for some undefined companies. |
5 | Conditions financial services to the end of new unconventional oil & gas upstream projects by the end of 2023. |
6 | Conditions financial services to the end of new oil & gas upstream projects by the end of 2025. |
7 | Conditions financial services to the end of new oil & gas upstream projects by the end of 2024. |
8 |
Conditions financial services to the end of new oil & gas upstream projects by the end of 2023. OR Conditions financial services to the end of new oil & gas upstream and midstream projects by the end of 2025. |
9 | Conditions financial services to the end of new oil & gas upstream and midstream projects by the end of 2024. |
10 | Conditions financial services to the end of new oil & gas upstream and midstream projects by the end of 2023. |
- Bonus +1 the end of some downstream expansion (fossil fuel-fired power plants, refineries) is a request leading to financing restrictions.
- [Unconventional] Penalty -1/2 if commitment only applied by 2024/2025.
- [Unconventional] Penalty -1 when the definition of the unconventional sector is restrictive (e.g. limited/no definition of the Arctic region, offshore or onshore, oil or gas, etc.).
- [For scores between 1 and 8] Penalty -2 if commitment only applies to oil or gas.
- Penalty -1 when a delimited number of companies benefit from an exception.
- Penalty -1/2 when new oil & gas upstream projects are defined as oil & gas upstream projects that received their Final Investment Decision after December 31st, 2021/a later date.
- Penalty -1 when a commitment only applies to some oil & gas upstream expansion plans or to oil & gas upstream and some midstream expansion plans.
- Penalty -2 when the policy does not cover lending and underwriting.
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.
Remarks
We define upstream oil & gas projects as:
- Oil & gas exploration;
- Development of a new oil & gas field*;
- Expansion or redevelopment of any field.
We define midstream oil & gas projects as:
- Infrastructure directly related to new oil & gas fields*;
- Any new Liquefied Natural Gas (LNG) infrastructure;
- Capacity increase of existing infrastructure.
We recommend that exclusion policies targeting companies expanding their oil & gas production be based on the Global Oil & Gas Exit List (GOGEL), and especially on the short-term expansion metric relying on resources under development and field evaluation (in mmboe) per company. This metric allows financial institutions to identify oil and/or gas resources that will come into production in the near future.
This criterion rates the quality of oil & gas phase-out commitments (considering both long-term and medium-term commitments).
Grade | PHASE OUT |
---|---|
0 | No policy. |
1 | Demands an immediate commitment to reduce oil & gas production. |
2 | Demands an immediate commitment to reduce oil & gas production by 2030. |
3 |
Has announced a phase-out date for unconventional oil & gas by 2030. OR Has announced a phase-out date for oil & gas upstream activities by 2050. |
4 | Has announced a phase-out date for oil & gas upstream activities by 2050. AND Demands an immediate commitment to reduce oil & gas production. |
5 | Has announced a phase-out date for oil & gas upstream activities by 2050. AND Demands an immediate commitment to reduce oil & gas production by 2030. |
6 | Has announced a phase-out date for oil & gas upstream activities by 2050. AND Demands an immediate commitment to reduce oil & gas production by 2030, aligned with a 1.5°C scenario with no or low overshoot*. |
7 | Has announced a phase-out date for oil & gas upstream activities by 2050. AND In the short term, conditions financial services to an immediate commitment to reduce both oil & gas production by 2030.OR Has announced a phase-out date for oil & gas upstream activities by 2050. AND Conditions financial services to an immediate commitment to end new oil & gas upstream projects. |
8 | Has announced a phase-out date for oil & gas upstream activities by 2050. AND In the short term, conditions financial services to an immediate commitment to reduce both oil & gas production by 2030, aligned with a 1.5°C scenario with no or low overshoot**. |
9 | Has announced a phase-out date for oil & gas upstream and midstream activities by 2050. AND In the short term, conditions financial services to an immediate commitment to reduce both oil & gas production by 2030, aligned with a 1.5°C scenario with no or low overshoot**.ORHas announced a phase-out date for oil & gas upstream and midstream activities by 2050. AND In the short term, conditions financial services to an immediate commitment to end new oil & gas upstream and midstream projects. |
10 | Has announced a phase-out date for oil & gas upstream and midstream activities by 2050. AND In the short term, conditions financial services to both:
|
Bonus & penalties
- Bonus +1/2 if additional commitments to phase out from oil & gas-fired power generation activities by 2040 worldwide/and by 2030 in OECD countries.
- [Unconventional] Penalty -1 if phase-out commitment from unconventional sectors applies between 2031 and 2040.
- [Unconventional] Penalty -1 if phase-out commitment only covers a few unconventional sectors.
- [For scores between 1 and 8] Penalty -2 if commitment only applies to oil or gas.
- Penalty -1 when exceptions are minimal, -2 when exceptions are significant.
- Penalty -2 if financial services dedicated to oil & gas projects are still allowed.
- Penalty -2 when the policy does not cover lending and underwriting.
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.
Remarks
* The company has committed not to develop new oil and gas upstream projects.
** The company has committed not to develop new oil and gas upstream and midstream projects, as production reduction in the IEA 1.5°C Scenario relies on production decline from existing assets.
A phase-out from unconventional sectors exceeding 2040 is not considered.
“Reclaim Finance reserves the right to equate a long-term commitment with the adoption of robust relative and/or absolute thresholds in the short term.
- Unconventional thresholds considered as phase-out: a relative threshold of 5% based on a production metric or an absolute threshold of 2 mmboe.
- Conventional oil & gas upstream thresholds considered as phase-out: an absolute threshold of 20 mmboe.
- Conventional oil & gas upstream & midstream thresholds: a relative threshold of 5% fossil fuel share of revenues.”
Reclaim Finance reserves the right to equate a phase-out applied to the financial institution itself with the request for a phase-out to financed companies. The request for a phase-out strategy to the company must be done within a well-defined framework (well-defined duration of engagement, restriction of financing in case of engagement failure). If the exclusion does not apply within 3 years, then a penalty -1 will be applied.
This criterion rates the immediate exclusion of financial services dedicated to oil & gas projects.
Grade | PHASE OUT |
---|---|
0 | No policy. |
1 | Weak commitments against this unconventional sector: very partial exclusion of the sector, weak engagement commitments, etc. |
2 |
One of the following criteria:
|
3 |
Condition financial services to the end of unconventional oil & gas expansion.* OR Exclusion of financial services dedicated to upstream and midstream projects in this unconventional sector
[Arctic] Adoption of an exhaustive definition of the Arctic area: AMAP definition or another definition covering at least 75% of the AMAP region. [Ultradeep water] Adoption of an exhaustive definition of “ultradeep”: offshore wells below 1500 meters. |
4 |
Three criteria:
[Arctic] Adoption of an exhaustive definition of the Arctic area: AMAP definition or equivalent in terms of geographical coverage. [Ultradeep water] Adoption of an exhaustive definition of “ultradeep”: offshore wells below 1500 meters. |
Bonus & penalties
Bonus and penalties of projects, expansion and phase-out criteria may apply and lead to the downgrading of the financial institution in the concerned sector.
Remarks
*This criterion does not apply to one unconventional sector, but to a complete definition of the unconventional sectors (shale oil & gas, tar sands, Arctic oil & gas, ultra-deep water oil & gas, extra-heavy oil, coalbed methane).
When scoring commitments targeting Arctic oil & gas activities, the definition of the region is considered. Reclaim Finance recommends using the Arctic Monitoring Assessment Programme’s (AMAP) definition, which is the most extensive one, and is based on environmental and climate factors.
When scoring commitments targeting ultradeep water oil & gas activities, the depth is considered. We define ultradeep water as offshore wells below 1,500 meters.
Reclaim Finance reserves the right to equate the above relative thresholds with other equivalent relative or absolute thresholds.
Investors & insurers
This criterion rates the immediate exclusion of oil and gas projects.
Grade | Projects |
---|---|
0 | No public policy |
1 | Exclusion of financial services dedicated to upstream projects in 1 unconventional sector*. |
2 | Exclusion of financial services dedicated to upstream projects in 2 unconventional sectors*. OR Exclusion of financial services dedicated to oil and gas field exploration projects. OR Exclusion of financial services dedicated to upstream and midstream (infrastructure exclusively or mostly dedicated to unconventional) projects in 1 unconventional sector*. |
3 | Exclusion of financial services dedicated to upstream projects in 3 unconventional sectors*. OR Exclusion of financial services dedicated to upstream and midstream (infrastructure exclusively or mostly dedicated to unconventional) projects in 2 unconventional sectors*. |
4 | Exclusion of financial services dedicated to all unconventional* oil AND gas upstream projects. OR Exclusion of some conventional and unconventional oil AND/OR gas projects: geographic disparities, potentially large exceptions, partial value chain, new fields only. OR Exclusion of financial services dedicated to upstream and midstream (infrastructure exclusively or mostly dedicated to unconventional) projects in 3 unconventional sectors*. |
5 | Exclusion of financial services dedicated to all unconventional* oil and gas upstream and midstream projects. OR Exclusion of financial services dedicated to upstream oil OR gas projects. |
6 | Exclusion of financial services dedicated to oil and gas upstream projects. OR Exclusion of financial services dedicated to oil OR gas upstream and midstream projects. |
7 | Exclusion of financial services dedicated to oil and gas projects: upstream projects and midstream projects with minimal exceptions. |
8 | Exclusion of financial services dedicated to oil and gas projects: upstream projects and midstream projects. |
9 | Exclusion of financial services dedicated to oil and gas projects: upstream projects, midstream projects, refineries, some oil-fired power plants and some gas power plant. |
10 | Exclusion of financial services dedicated to oil and gas projects: upstream projects, midstream projects, refineries, oil-fired power plants and gas power plants. |
*Our assessment considers the following 4 unconventional sectors: Arctic oil and gas, shale oil and gas, tar sands, ultra-deep water oil and gas activities.
- Bonus +1 when petrochemical projects – or other oil and gas downstream projects – are excluded
- Bonus +1 when another unconventional sector (except the 4 defined in the OGPT) such as extra heavy oil, coal to liquids, coal to gas, coalbed methane, etc. is completeley excluded (upstream and midstream)
- Penalty -1 when the exclusion of unconventional projects is linked to the company involvment in oil and gas activities.
- Penalty -1 when the exclusion is limited to a restricted geographical scope (e.g. limited/no definition of the Arctic region, offshore or onshore…).
- Penalty -1 when the exclusion of upstream activities is limited to the exclusion of exploration projects in the unconventional sub-sectors.
- Penalty -1 when the exclusion of an unconventional sector is limited to oil OR gas.
- Penalty -1 when exceptions are minimal, -2 when exceptions are significant.
- Penalty -1 when the policy is not applied to all assets/financial services.
- Penalty -1 when refinancing an existing project is still possible.
- 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.
This criterion rates the exclusion of companies with oil and gas expansion plans.
Grade | EXPANSION COMPANIES |
---|---|
0 | No public policy. OR The policy does not explicitly mention the exclusion of companies with expansion plans. |
1 | Exclusion of companies accounting for at least 10% of global resources under development. OR Weak exclusion of companies with oil and gas expansion plans (no details provided, large exceptions, only for new clients, indirect* exclusion of companies with expansion plans accounting for at least 25% of global resources under development, etc.). |
2 | Exclusion of companies accounting for at least 20% of global resources under development. OR Indirect* exclusion of companies with oil and gas expansion plans accounting for at least 50% of global resources under development. |
3 | Exclusion of companies accounting for at least 30% of global resources under development. |
4 | Exclusion of companies accounting for at least 40% of global resources under development. |
5 | Exclusion of companies accounting for at least 50% of global resources under development. OR Exclusion of all companies developing pipelines and LNG terminals. |
6 | Exclusion of companies accounting for at least 60% of global resources under development. |
7 | Exclusion of companies accounting for at least 70% of global resources under development. |
8 | Exclusion of companies accounting for at least 80% of global resources under development & some pipelines and LNG terminals under development. |
9 | Exclusion of companies accounting for at least 90% of global resources under development & many pipelines and LNG terminals under development. |
10 | Exclusion of 100% of the companies with upstream and/or midstream expansion plans. OR Exclusion of all companies listed in the Global Oil & Gas Exit List. |
Only support for companies with expansion plans is considered; support at the project level is addressed in the ‘Projects’ criterion.
*By indirect exclusion, we refer to diversification plans or the exclusion of some expansion companies but no explicit mention of oil and gas development
- 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.
This criterion rates the quality of oil and gas phase-out commitments (considering both long-term commitments and immediate exclusion criteria).
Grade | PHASE OUT |
---|---|
0 | Has not announced an oil AND/OR gas phase-out. |
1 | Has announced a phase-out strategy from at least 1 unconventional sector for oil and gas upstream AND midstream activities by 2040 at the latest. OR Has announced an incomplete phase-out strategy from oil and gas not aligned with principles of equity and a 1.5°C timeline. |
2 | Has announced a phase-out strategy from 1 unconventional sector for oil and gas upstream AND midstream activities by 2030. |
3 | Has announced a phase-out strategy from 2 unconventional sectors for oil and gas upstream AND midstream activities by 2030. OR has announced an incomplete phase-out strategy from oil and gas aligned with principles of equity and a 1.5°C timeline. |
4 | Has announced a phase-out strategy from 3 unconventional sectors for oil and gas upstream AND midstream activities by 2030. OR has announced a phase-out strategy from oil OR gas upstream and midstream activities aligned with principles of equity and a 1.5°C timeline. OR has adopted restrictive exclusion criteria (exclusion of companies with an oil and gas production >500mmboe) regarding oil AND gas upstream activities. |
5 | Has announced a phase-out strategy from all unconventional oil AND gas upstream AND midstream activities by 2030 ; exclusion of some companies with unconventional oil and gas expansion plans. |
6 | Has announced a phase-out strategy from oil OR gas upstream OR midstream activities aligned with principles of equity and a 1.5°C timeline, with an intermediate date of 2030 for all unconventional oil AND gas ; exclusion of some companies with unconventional oil and gas expansion plans. OR Has announced phase-out strategy from oil AND gas upstream and midstream activities aligned with principles of equity and a 1.5°C timeline. OR Has adopted very restrictive exclusion criteria (exclusion of companies with an oil and gas production >100mmboe) that imply an almost immediate full phase out from oil AND gas upstream activities. |
7 | Has announced a phase-out strategy from oil OR gas upstream and midstream activities aligned with principles of equity and a 1.5°C timeline, with an intermediate date of 2030 for all unconventional oil AND gas ; exclusion of some companies with unconventional oil and gas expansion plans. OR Has announced a phase-out strategy from oil AND gas upstream OR midstream activities aligned with principles of equity and a 1.5°C timeline, with an intermediate date of 2030 for all unconventional oil AND gas ; exclusion of some companies with unconventional oil and gas expansion plans. OR Has adopted very restrictive exclusion criteria (exclusion of companies >5% of fossil share of revenue) that imply an almost immediate full phase out from oil AND gas upstream and midstream activities. |
8 | Has announced a phase-out strategy from oil AND gas upstream and midstream activities aligned with principles of equity and a 1.5°C timeline, with an intermediate date of 2030 for all unconventional oil AND gas ; exclusion of all companies with unconventional oil and gas expansion plans. OR Has announced a complete phase-out strategy from oil AND gas aligned with principles of equity and a 1.5°C timeline ; exclusion of all companies with expansion plans. |
9 | Has announced a phase-out strategy from oil AND gas upstream and midstream activities aligned with principles of equity and a 1.5°C timeline, with an intermediate date of 2030 for all unconventional oil AND gas ; exclusion of all companies with expansion plans ; demand of an exit plan. |
10 | Has announced a complete phase-out strategy from oil AND gas aligned with principles of equity and a 1.5°C timeline, with an intermediate date of 2030 for all unconventional oil AND gas ; exclusion of all companies with expansion plans ; demand of a closure plan and exclusion process if companies fail to adopt a closure plan. |
- 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.
Our assessment considers the following 4 unconventional sectors: Arctic oil and gas, shale oil and gas, tar sands, ultra-deep water activities.
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:
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:
|
![]() |
Two of the following three conditions:
AND For relevant financial institutions, exclusion of financial services dedicated to upstream and midstream projects in this sector. |
![]() |
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.
Read more about the methodology
