PARIS (Reuters) – A group of investors has tabled a resolution ahead of TotalEnergies’ general meeting on May 25 demanding that the French oil group’s emissions targets comply with the Paris Climate Accord.
This UN agreement, reached in Paris in December 2015, requires its signatories to keep the temperature increase “well below” 2.0 degrees Celsius, and preferably 1.5 degrees, by compared to the pre-industrial level.
“Despite improvements, TotalEnergies has failed to meet investors’ expectations regarding the alignment of its reduction targets with the Paris Agreement,” said the group of 11 investors, which represents about 0.8% of the capital of the company. the company, in a statement Wednesday.
TotalEnergies did not immediately respond to a request for comment.
Bas Bijleveld, Responsible Investment and Governance Advisor at MN, leads the initiative.
“With this resolution, we encourage the company to become the first oil and gas giant to fully align its 2030 targets to (a limit of) 1.5 degrees and to be an example for others in the sector,” said he declared.
The other investors submitting the resolution are Achmea Investment Management, Aegon Asset Management, APG, BPL Pensioen, DPAM, Edmond de Rothschild Asset Management, Greater Manchester Pension Fund, La Financière de l’Echiquier, PGGM Investments and Van Lanschot Kempen.
(Reporting Toby Sterling and Benoit Van Overstraeten; French version Valentine Baldassari; editing by Kate Entringer)
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