TotalEnergies: The GA validates the climate strategy, despite the activists

PARIS, May 26 (Reuters) – The general meeting of shareholders of TotalEnergies once again validated the company’s climate strategy on Friday, while rejecting the resolution of a group of investors asking it to do more to reduce its greenhouse gas emissions.

This resolution intended for the group to align its 2030 objectives for emissions linked to the products used by its customers – known as “scope 3” – with the Paris Agreement on the climate was rejected in accordance with what TotalEnergies wanted but all the same obtained 30.44% of favorable votes. A similar resolution only got 17% in 2020.

The annual meeting of shareholders of the oil and gas company, also very present in renewable energies, was able to take place despite demonstrations by environmental activists, led in particular by Greenpeace, who tried to block access.

Another resolution on the progress in the implementation of TotalEnergies’ objectives in terms of sustainable development and the transition to carbon neutrality, submitted to an advisory vote by shareholders, was approved by 88.76% of the votes, i.e. a level roughly comparable to that of the 2022 and 2021 GAs (89% and 92% respectively).

In March, the group confirmed its “scope 3” emissions target for 2030, which would be less than 400 million tonnes of CO2 equivalent (Mt CO2e) by this deadline, compared to 389 Mt in 2022.

“Scope 3” represents approximately 91% of TotalEnergies’ emissions. For several years, NGOs and certain investors have been asking it to set itself more restrictive reduction targets for this indicator.

According to the scientific consensus, the world must reduce its greenhouse gas emissions by around 43% by 2030 compared to 2019 levels to hope to meet the Paris Agreement goal of keeping global warming well. below 2oC compared to pre-industrial levels.

Several associations, including Friends of the Earth France and Attac France, had called for a blocking of the GA on the grounds of a “dangerous expansionist strategy” by TotalEnergies, “leading towards ever more new fossil projects and climate chaos”. . (Report Benjamin Mallet; edited by Bertrand Boucey)

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