“NGOs and shareholders call for more ambitious climate objectives”

Ihe general assembly (GA) season has begun, and some companies are already showing the color: green. You are not doing enough for the climate fight, say NGOs and militant shareholders determined to disrupt these meetings. By pastiche Shakespeare, members of Fossil Free London burst into the London high mass of Barclays on Wednesday May 3, accused of being the “Europe’s largest fossil fuel financier”. The same who, six days earlier, had spoiled the party at BP, some shareholders of which are also contesting the decision to slow down the pace of its energy transition.

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“Everything is good to continue supporting companies that are still planning to develop new oil and gas production and transportation projects”contrary to the recommendations of the United Nations or the International Energy Agency to respect the Paris agreement on the climate, of 2015, denounces Reclaim Finance.

Blocked access

The association invites protest during general meetings and highlights representatives of communities affected by fossil fuels (United States, Philippines, Senegal, etc.), who have come to defend the “social and climate justice”. It targets the heavyweights of finance: BNP Paribas, Crédit Agricole, Société Générale, AXA, the reinsurer Scor and the asset manager Amundi, convinced that the economy will not be able to do without hydrocarbons before 2050 at the earliest.

But the target remains TotalEnergies, the leading French company by turnover. Its CEO is used to disturbed general meetings. As in 2022, when he had to chair the meeting in an almost empty Salle Pleyel with blocked access. On May 26, Patrick Pouyanné will not refuse the debate: he will submit to the vote a minority resolution demanding more ambitious objectives on CO2 emissions.2 related to products sold to its customers (Scope 3), “in the interest of shareholder dialogue”. While calling to reject it… in the interest of the company.

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