Ihe planet is burning, but the company TotalEnergies is preparing to announce new record profits, a consequence of inflation and the energy crisis, but also of a strategy of expansion in hydrocarbons. And while scientists are calling for lower hydrocarbon production and massive investment in renewable energies, many of the company’s shareholders will be pleased with these very good results.
Far from being reinvested in the world of tomorrow, these profits will above all bail out the pockets of the company’s shareholders and perpetuate the pursuit of an economic model that only benefits an extreme minority. TotalEnergies is often under fire for its historical responsibility for climate change and its contribution to human rights violations, including because of its association with authoritarian regimes.
But behind TotalEnergies are many financial actors, whose support and services make all these misdeeds possible. Among them are the group’s shareholders, starting with Amundi – the Crédit Agricole group’s asset management company – and the American BlackRock. Both are known for supporting the company’s management at every general meeting in its economic development choices, whatever the cost for the planet and human rights.
Less than 15% of its energy mix
Others, banks, insurers and bond investors, also provide the services essential to the pursuit of an energy model centered on the exploitation of hydrocarbons. Insurance coverage, advice, loans, bond issues and investments, without the help of financial players, none of TotalEnergies’ projects could see the light of day.
The expansion strategy pursued by TotalEnergies in fossil fuels is described as “economic and moral madness” by the Secretary General of the United Nations. But many financial players defend and finance it, unconditionally and despite their climate commitments.
According to them, TotalEnergies would be in “transition”. TotalEnergies certainly foresees 100 gigawatts (GW) of renewable energies in 2030 but remained, in 2021, the first European company and the fifth company in the world to plan the most new oil and gas production projects judged by the International Energy Agency. energy as having no place in a 1.5°C trajectory. In 2030, renewable energies will represent less than 15% of its energy mix.
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