TotalEnergies: position of Crédit Mutuel Asset Management on the company’s climate report

Photo credit © TotalEnergies

( — Adhering to the status of Crédit Mutuel Alliance Fédérale’s company with a mission, Crédit Mutuel Asset Management works for a more sustainable society. “Based on the mandate received from its clients to contribute to the energy and environmental transition of our economy, Crédit Mutuel Asset Management considers shareholder dialogue to be an essential tool of its investment policy to promote a sustainable transition. Through constructive shareholder dialogue, regular and respectful, Crédit Mutuel Asset Management encourages companies to follow a path to reduce their carbon footprint, with sufficiently ambitious intermediate objectives to limit global warming, in accordance with the Paris Agreement”.

“For almost three years, a quality shareholder dialogue has been engaged with TotalEnergies” continues the establishment. “Crédit Mutuel Asset Management welcomes the productive exchanges with the group’s teams and its positive developments, which have notably led the group to commit to carbon neutrality by 2050 and to reduce its investments in exploration and the oil sands”.

“Despite these advances and this fruitful dialogue, Crédit Mutuel Asset Management will vote against resolution 16 proposed to shareholders. .
However, fossil fuels should precisely be the target of a significant reduction in accordance with the long-term objectives of the Paris Agreement. TotalEnergies’ trajectory appears to be out of step with that desirable at the global level and is likely to increase its transition risk”.

“In addition, Crédit Mutuel Asset Management regrets the virtual stability of scope 3 world hydrocarbons over the period 2020-2030 announced by the group.”


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